Perseus Mining Limited: Preliminary Quarterly Results

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Perseus Mining Limited ("Perseus" or the "Company") (TSX:PRU)(ASX:PRU) is
pleased to announce preliminary operating highlights at its Edikan Gold Mine in
Ghana ("Edikan") during the three months and six months ending 31 December 2013
(the "December Quarter" and the "December Half Year" respectively).


Full details of activities in the December Quarter, including reconciled
production and all-in site cash costs, will be included in the Company's
December 2013 Quarterly Activities Report that is scheduled to be released to
the market on 28 January 2014.


Preliminary Highlights



--  December Quarter gold production of 48,360oz, 6% higher than the
    previous quarter as a result of significant improvement in operating
    efficiency. All-in site costs of US$1,228/oz for the Quarter, were 8.5%
    lower than the previous quarter. 
    
--  Gold production of 94,190oz for the December Half Year was in line with
    guidance of 91,000 to 101,000oz, while at US$1,283/oz, December Half
    Year all-in site costs were 2.7% above guidance. 
    
--  Improved gold production and all-in site costs reflect materially
    improved operating performance by the team at Edikan. 
    
--  At 31 December 2013, available cash and bullion valued at A$28.2M
    (September 30, 2013: A$27.3M) and a hedge position valued at US$31.6M. 
    
--  Material progress made towards resolution of an outstanding VAT
    liability of GHC93.0M (or US$39.4M) owed to Perseus Mining (Ghana)
    Limited by the Ghanaian Government. 
    
--  Bank credit committee approval of terms for a US$25M working capital
    facility. Perseus is re-evaluating merits of using debt finance in
    current gold price environment. 



Comments from Perseus's Managing Director, Jeff Quartermaine 

"The trend of steadily improving operating performance at Edikan continued
during the December Quarter, resulting in 6% more gold production and 8.5% lower
all-in site costs compared to the September 2013 quarter. This meant that our
gold production for the December Half year is in line with production guidance
and perhaps more importantly, our costs are steadily reducing and are now
tracking within the cost guidance range as well.  


This pleasing outcome is the result of a significant improvement in the
operating performance of our team at Edikan who have remained focussed on
managing those things that they can control. 


If this performance continues as expected, the Company will be very well
positioned to meet challenges arising from a weaker gold price should this
occur, and also create a solid foundation on which to build when the gold price
recovers." 


Jeffrey A Quartermaine 

Managing Director and Chief Executive Officer

Caution Regarding Forward Looking Information: This report contains
forward-looking information which is based on the assumptions, estimates,
analysis and opinions of management made in light of its experience and its
perception of trends, current conditions and expected developments, as well as
other factors that management of the Company believes to be relevant and
reasonable in the circumstances at the date that such statements are made, but
which may prove to be incorrect. Assumptions have been made by the Company
regarding, among other things: the price of gold, continuing commercial
production at the Edikan Gold Mine without any major disruption, development of
a mine at Tengrela, the receipt of required governmental approvals, the accuracy
of capital and operating cost estimates, the ability of the Company to operate
in a safe, efficient and effective manner and the ability of the Company to
obtain financing as and when required and on reasonable terms. Readers are
cautioned that the foregoing list is not exhaustive of all factors and
assumptions which may have been used by the Company. Although management
believes that the assumptions made by the Company and the expectations
represented by such information are reasonable, there can be no assurance that
the forward-looking information will prove to be accurate. Forward-looking
information involves known and unknown risks, uncertainties, and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any anticipated future results, performance or
achievements expressed or implied by such forward-looking information. Such
factors include, among others, the actual market price of gold, the actual
results of current exploration, the actual results of future exploration,
changes in project parameters as plans continue to be evaluated, as well as
those factors disclosed in the Company's publicly filed documents. The Company
believes that the assumptions and expectations reflected in the forward-looking
information are reasonable. Assumptions have been made regarding, among other
things, the Company's ability to carry on its exploration and development
activities, the timely receipt of required approvals, the price of gold, the
ability of the Company to operate in a safe, efficient and effective manner and
the ability of the Company to obtain financing as and when required and on
reasonable terms. Readers should not place undue reliance on forward-looking
information. Perseus does not undertake to update any forward-looking
information, except in accordance with applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Perseus Mining Limited
Jeff Quartermaine
Managing Director
+61 8 6144 1700
jeff.quartermaine@perseusmining.com
(Perth)


Nathan Ryan
Investor Relations
+61 (0) 420 582 887
nathan.ryan@nwrcommunications.com.au
(Melbourne)
Perseus Mining (TSX:PRU)
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