Mr. Jeff Quartermaine reports

SUCCESSFUL EXPLORATION AT PERSEUS'S IVORIAN GOLD MINES

Perseus Mining Ltd. has provided an update on continuing exploration activities conducted at and around its two operating gold mines in Ivory Coast.

At the Yaoure gold mine, exploration drilling continues to demonstrate the down dip potential of the CMA underground mineral resource; and adds further confidence in opportunities to expand the Yaoure open pit mineral resource. While targeting the continuation of the CMA structure at depth, drilling has located previously unidentified shallow mineralization located immediately east of the CMA pit. This mineralization has been termed the Zain 1 prospect.

At the Sissingue gold mine and Fimbiasso satellite pits, continuing exploration continues to identify extensions to existing mineral deposits and other prospects that have significant potential to extend the life of the Sissingue operation.

Highlights are included herein and readers are referred to the full release with detailed results available on the company's website, the Australian Securities Exchange website and SEDAR+.

Highlights

Yaoure -- CMA Underground North extension -- The objective of this program is to infill the existing drilling to a nominal drill pattern of 25-metre-by-25-metre to target an upgrade of the mineral resource to higher confidence categories. A secondary objective is to complete stepout drilling to the north to test for extensions to the CMA mineralization. While the program is continuing, results to date include:

• YDD0594: 12 m at 4.58 grams per tonne gold from 325 m and three m at 6.27 g/t gold from 349 m;
• YDD0608: 14.25 m at 3.95 g/t gold from 566.75 m;
• YRC2359D: 10.4 m at 4.35 g/t gold from 362.6 m;
• YRC2360D: 13.6 m at 4.67 g/t gold from 431.4 m;
• YRC2361D: 17 m at 3.21 g/t gold from 446 m;
• YRC2362D: 12.1 m at 24.50 g/t gold from 480.9 m, including one m at 255.1 g/t gold from 487 m.

Yaoure open pit -- The program is designed to improve confidence in the mineral resource and to test for extensions along strike and down dip. The program is continuing with assays to date including:

• YDD0604: 16 m at 2.08 g/t gold from 171 m;
• YRC2367D: 18 m at 2.57 g/t gold from 109 m, including two m at 9.54 g/t gold from 124 m;
• YRC2379D: 4.95 m at 6.17 g/t gold from 111.8 m, and 12 m at 1.08 g/t gold from 119 m, and 18.2 m at 3.32 g/t gold from 134 m;
• YRC2380D: 12 m at 1.98 g/t gold from 159 m, and 29 m at 2.47 g/t gold from 174 m;
• YRC2382D: four m at 753.46 g/t gold from 130 m including one m at 3,008.89 g/t gold from 133 m, and 15 m at 1.28 g/t gold from 137 m;
• YRC2383D: 16 m at 1.58 g/t gold from 229 m.

Yaoure -- Zain 1 -- The program is continuing and is designed to assess near-surface mineralization identified during the CMA underground north extension drilling. Assay results have returned significant gold intercepts including:

• YRC2390: 13 m at 1.52 g/t gold from 10 m;
• YRC2396: 14 m at 2.27 g/t gold from 65 m and five m at 1.17 g/t gold from 90 m;
• YRC2397: 21 m at 1.13 g/t gold from 49 m;
• YRC2403: five m at 3.56 g/t gold from 24 m and three m at 2.65 g/t gold from 57 m;
• YRC2409: 18 m at 1.91 g/t gold from surface;
• YRC2411: seven m at 3.56 g/t gold from three m.

A review of the mineralization at Fimbiasso has identified potential to increase the mineral resource. A three-phase drilling program was designed to infill and extend the mineralization and is currently under way. Results to date are encouraging with the primary mineralized zone intersected down dip and along strike. Significant results include:

• FMRC0040: six m at 3.78 g/t gold from 118 m;
• FMRC0047: nine m at 2.10 g/t gold from 109 m;
• FMRC0061: five m at 9.69 g/t gold from zero m;
• FMRC0063: nine m at 3.95 g/t gold from 40 m;
• FMRC0064: 11 m at 5.47 g/t gold from two m;
• FMRC0071: six m at 5.62 g/t gold from 46 m;
• FMRC0072: 11 m at 3.97 g/t gold from 28 m;
• FMRC0088B: five m at 3.85 g/t gold from 156 m;
• FMRC0089: 12 m at 2.62 g/t gold from 143 m;
• FMRC0090: 13 m at 2.66 g/t gold from 142 m;
• FMRC0094: 15 m at 2.38 g/t gold from 130 m;
• FMRC0096: four m at 4.48 g/t gold from 115 m;
• FMRC0098: 18 m at 4.05 g/t gold from 132 m.

Sissingue -- Airport West -- RC drilling was conducted at Airport West and Binkadi to follow up on previous drill results. Some 3,890 m were drilled in 46 RC holes. More significant assays results include:

• SRC1405: three m at 6.51 g/t gold from 38 m and 28 m at 1.62 g/t gold from 66 m;
• SRC1407: 12 m at 1.77 g/t gold from 63 m;
• SRC1411: 11 m at 1.83 g/t gold from 35 m;
• SRC1412: eight m at 13.71 g/t gold from 20 m;
• SRC1413: two m at 23.38 g/t gold from 49 m and 13 m at 3.83 g/t gold from 52 m;
• SRC1434: seven m at 3.19 g/t gold from 41 m;
• SRC1442: five m at 3.87 g/t gold from seven m and five m at 5.85 g/t gold from 39 m;
• SRC1445: five m at 3.26 g/t gold from 12 m.

Perseus's chairman and chief executive officer, Jeff Quartermaine, said:

"Perseus considers that organic growth through successful exploration is the most cost-effective way to grow our business and to create value for stakeholders. To deliver this outcome, Perseus has been funding active exploration programs at all three of its operating sites including the Yaoure and Sissingue gold mines in Cote d'Ivoire and the Edikan gold mine in Ghana.

"The encouraging drilling results reported today from our latest exploration campaigns conducted, in and around the Yaoure and Sissingue gold mines, provide clear evidence that we are well on track to not only improve the quality of our existing asset base by extending the lives of each of these mines, but also maintaining Perseus's targeted levels of combined gold production of more than 500,000 ounces of gold per year to the end of the current decade and beyond."

Competent person statement

The information in this report and the attachments that relate to exploration drilling results is based on, and fairly represents, information and supporting documentation prepared by Daniel Saunders, a competent person who is a fellow of the Australasian Institute of Mining and Metallurgy.

Mr. Saunders is the group resource geologist of the company. Mr. Saunders has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken, to qualify as a competent person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC (Joint Ore Reserves Committee) code 2012) and to qualify as a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101).

Mr. Saunders consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

We seek Safe Harbor.