Mr. Jeff Quartermaine reports

PERSEUS MINING LIMITED: REVISED SISSINGUE GOLD MINE FEASIBILITY STUDY

Perseus Mining Ltd. has released the results of its revised feasibility study for the development of the Sissingue gold mine in Ivory Coast, West Africa. An executive summary is provided herein. Full details, including an attached table as required by the Joint Ore Reserves Committee code (2012) for the revised mineral resource and mineral reserve estimates, are included in the full report, which is available for download from the Perseus Mining website, the Australian Securities Exchange website and the SEDAR website.

In summary, the RFS confirms that the development of the SGM is both technically feasible and economically robust, and on this basis Perseus has decided to proceed with the development of the SGM.

Highlights:

• Revised measured and indicated mineral resource of 880,000 ounces gold;
• Proved and probable ore reserve of 429,000 ounces of gold (using $1,200 (U.S.) gold price pit design);
• Production of 385,000 ounces of gold during a 5.25-year mine life, at an average of approximately 75,000 ounces per year for the first five years;
• Average all-in sustaining costs (AISC) of $632 (U.S.) per ounce over the life of mine;
• Start-up capital cost of $106-million (U.S.), including contingency;
• Project financing to be a mix of existing cash and modest amount of third party debt;
• Targeting start of construction in September, 2015, quarter and first gold pour within 14 months;
• Internal rate of return of 27 per cent (real) at a gold price of $1,200 (U.S.) per ounce;
• Project development adds materially to the value of Perseus.

         NET PRESENT VALUE ($MM (U.S.)) OF SISSINGUE'S FORECAST CASH FLOWS         
                                                                            
Real discount rate                                  Gold price
(%)                       $1,100 (U.S.)/oz    $1,200 (U.S.)/oz    $1,300 (U.S.)/oz

6.50                                 $40.7               $70.0               $97.2
8.25                                  33.2                60.8                86.5
10.00                                 26.8                52.5                76.8

Comments from Jeff Quartermaine, managing director and chief executive officer:

"Our revised feasibility study presents a strong case on both technical and economic grounds for proceeding to full-scale development of our second gold mine at Sissingue in Cote d'Ivoire.

"Equally as important, we believe there is a compelling strategic case to be made for moving into development at a time when many in the gold industry are pulling back from such decisions.

"Consistent with our corporate strategy, the development of Sissingue will result in a second production source and income stream that will decrease our reliance on the Edikan gold mine in Ghana for liquidity and income and, through diversification, improve the consistency of our financial performance. It should also serve to materially reduce our overall risk profile because, in addition to reducing economic risk, the second operating mine will provide a spread of geopolitical risk as a result of being in a jurisdiction other than Ghana and a spread of technical risks.

"We consider that the development risk associated with this organic growth initiative is relatively low compared to the alternative of growing through acquisition given the amount of work that has been performed over the years leading up to the preparation of the revised feasibility study. The Sissingue gold deposit has been very well drilled out, and the mineral resource estimate has been confirmed by a number of different independent mining engineering consultants.

"The project itself has been the subject of two feasibility studies, involving a comprehensive metallurgical test work program that has delivered a strong understanding of the metallurgical properties of the orebody and a cost-efficient method of processing it. A very credible engineering firm, Lycopodium, has been used to perform engineering and cost estimation for feasibility study purposes, and they are well placed to assist us through the construction phase, given that they have an enviable record of successful developments in West Africa.

"Financing risk associated with the development is considered to be relatively modest given the current strength of Perseus's balance sheet. At March 31, 2015, Perseus had $149-million (Australian) of net working capital and no third party debt. While some of our existing cash is required for other projects, a portion of the cash will be allocated to fund Sissingue while the balance of development funding will be borrowed from debt financiers.

"It is not certain what will happen to the gold price going forward, but working on the premise that given the state of global economics, a rise in gold price in the next five years is more likely than not, it is timely that development of our next gold mine should start at this point in the cycle as it will place us in a position to produce gold in the event of a future uplift in gold price, rather than wait until gold prices have recovered and a trend of cost inflation has been re-established. Should the gold price fall, with an average all-in sustaining cost of $632 (U.S.) per ounce over the life of the mine, Sissingue should be positioned better than most mines to generate positive cash flow.

"In summary, the development of Sissingue represents a relatively low-cost, low-risk entry to doing business in French West Africa and in Cote d'Ivoire in particular. From experience gained from the development and operation of both Edikan and Sissingue, we will be well positioned to take advantage of other opportunities that become available in French West Africa in coming years."

Competent person statement

All production targets for the Sissingue gold mine (SGM) referred to in this report are underpinned by estimated ore reserves, which have been prepared by competent persons in accordance with the requirements of the JORC code.

We seek Safe Harbor.