Perseus Mining Limited - Exploration Update West African Gold Projects

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

PERTH, Australia, March 19 /CNW/ - Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an update on exploration activities at the Company's flagship Central Ashanti Gold Project (CAGP) in Ghana and the Tengrela Gold Project in the Ivory Coast.

During February, exploration activities accelerated with a combined 26,400m of exploration drilling completed on the CAGP (formerly referred to as Ayanfuri) and the Tengrela Project, up from 5,000m in January.

The inflow of 2010 drill assay results has commenced with significant results highlighted below:

Tengrela

Core hole SD088 - 26.4m at 7.4g/t Au from 83m including 11m at 14.4g/t Au from 90m;

RC hole SLC157 - 26m at 9.7g/t Au from 84m to the end of the hole including 2m at 112.2g/t Au from 104m;

Core hole SD089 - 40.5m at 1.9g/t Au from 101m and 7.6m at 1.9g/t Au from 77m; and

Core hole SRCOX004 - 56m at 1.7g/t Au from 19.5m.

CAGP

Core hole FBDD060 - 22m at 6.4g/t Au from 191m including 1m at 112.9g/t Au from 200m; and

Core hole ABDD147 - 75m at 1.6g/t Au from 274m

Drill samples were assayed by 50g fire assays by Transworld Laboratories Ghana Limited, a part of the Intertek Genalysis group.

A complete tabulation of results is contained in a filing available at www.sedar.com and the Company's website, www.perseusmining.com.

Drilling for the past six months was predominantly focused on infill and extensional resource drilling on CAGP's western group of deposits, Abnabna, AF-Gap and Fobinso, and infill drilling on Tengrela Gold Project's Sissingue deposit. The programs targeting increases to reserves are ongoing but are nearing completion and are more results driven, allowing rigs to be moved to less explored deposits and new prospects.

Perseus Managing Director, Mark Calderwood said:

"2010 should be a busy year in terms of reserve growth and exploration of areas that were placed on the back-burner during the past 3 years as the Company focused on resource and reserve drilling for phase 1 of CAGP.

Whilst advancing towards production within 18 months, Perseus remains committed to rapidly growing the Company's current Proven and Probable reserves of 55.5Mt at 1.2g/t Au containing 2.1Moz of gold and Measured & Indicated resources of 49.2Mt at 1.2g/t Au containing 1.9Moz of gold. This year is set to be a record year in terms of drill metres completed by the Company"

    
    Mark Calderwood
    Managing Director
    

The information in this report that relates to exploration results is based on information compiled by Mr Mark Calderwood, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Calderwood is a Director and full-time employee of the Company. Mr Calderwood has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'") and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr Calderwood consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. For a description of Perseus' data verification process, quality assurance and quality control measures, the effective date of the mineral resource and mineral reserve estimates contained herein, details of the key assumptions, parameters and methods used to estimate the mineral resources and reserves set out in this report and the extent to which the estimate of mineral resources or mineral reserves set out herein may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues, readers are directed to the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated November 30, 2009 and the technical report entitled "Technical Report - Tengrela Gold Project, Ivory Coast" dated November 30, 2009 in respect of the Central Ashanti Gold Project and the Tengrela Gold Project, respectively.

Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on assumptions and judgments of management regarding future events and results. Such forward-looking information, includes but is not limited to information with respect to future exploration and drilling, procurement of financing, procurement of necessary regulatory approvals, the development of a mine at the Central Ashanti Gold Project and completion of a definitive feasibility study at Tengrela.

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: Perseus Mining Limited, ABN 27 106 808 986, 30 Ledgar Road, Balcatta, Western Australia, 6021, PO Box 717, Balcatta, WA, 6914, Telephone: [phone], Facsimile: (618) 9240 2406, Email address: [email protected], Website: www.perseusmining.com