WEST AFRICAN EXPLORATION UPDATE

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

Drilling Delivers More Strong Results

PERTH, Western Australia, Dec. 7 /CNW/ - Perseus Mining Limited (ASX /TSX: PRU) ("Perseus" or the "Company") is pleased to provide a drilling update on the Company's gold projects in Ghana and Côte d'Ivoire, West Africa.

Perseus is continuing active and systematic infill and exploration drill programs on its Central Ashanti Gold Project ("CAGP") in Ghana and the Tengrela Gold Project in Côte d'Ivoire, to test a number of targets and to facilitate several resource and reserve upgrades during the next 12 months. Details are provided below.

Highlights

• Exceptional infill and extensional drill intercepts at Esuajah South deposit, Central Ashanti Gold Project (CAGP), Ghana, included:

				Hole ESDD006	- 39m at 6.5g/t Au from 301m and 16m at 3.7g/t Au from 240m
				Hole ESDD007	- 111m at 2.0g/t Au from 140m
				Hole ESDD008	- 151m at 2.8g/t Au from 136m
				Hole ESDD010	- 78m at 2.1g/t Au from 216m and 13m at 3.7g/t Au from 306m
				Hole ESDD011	- 68m at 3.3g/t Au from 167m
				Hole AKRDD247	- 58m at 4.0g/t Au from 239m
				Hole AKRDD249	- 101.9m at 2.6g/t Au from 262m to the end of the hole

• Infill resource drilling results from the Fetish deposit, CAGP in Ghana, included:

EFDD040

- 13m at 13.3g/t Au from 187m

EFDD062

- 10m at 7.6g/t Au from 178m

• Significant intercepts from exploration drilling at CAGP, Ghana, included:

				Chirawewa						- hole CHDD006	- intercepted multiple zones including 31m at 3.0g/t Au from 105m, 10m at 2.0g/t Au from 142m, 4m at 9.5g/t Au from 159m and 1m at 30.8g/t Au from 288m
				Bokitsi SE						- hole BKRC24	- 8m at 11.8g/t Au from 68m
										- hole BKRDD007	- 12m at 5.4g/t Au from 84m Au and 12m at 2.7g/t Au from 120m
										- hole BKRDD009	- 12m at 5.0g/t Au from 124m

• Continued strong infill drill results from Sissingue, part of the Tengrela Gold Project in Côte d'Ivoire, included:

				Hole SD129				- 65.8m at 4.0g/t Au from 26.2m
				Hole SGC024				- 20m at 8.5g/t Au from 48m to the end of the hole.
				Hole SGC027				- 22m at 5.1g/t Au from 18m to the end of the hole.
				Hole SGC021				- 7m at 13.1g/t Au from 21m and 6m at 10.7g/t Au from 34m.
				Hole SGC029				- 9m at 9.8g/t Au from 56m to the end of the hole.
				Hole SGC020				- 14m at 5.9g/t Au from 7m.

Perseus Managing Director, Mark Calderwood's said:

"The latest results continue the trend of significant mineralised widths at the CAGP and will be the final ones included in the updated resource and reserve estimates for the Esuajah South and the Abnabna-Fobinso deposits in Ghana.  The intercepts from Sissingue, are also excellent."

"The Company has passed the 250,000m of drilling targeted for 2010 and has increased the number of priority drill targets."

Esuajah South, Central Ashanti Gold Project, Ghana

The current phase of drilling at Esuajah South has been completed and resource modelling will be undertaken as a precursor to the commencement of pit design work and reserve estimation in December.   The drill results highlight the potential for a significant increase to the 2009 Indicated mineral resource estimate of 6.9Mt at 1.7g/t Au containing 377,000 ounces of gold.

The Esuajah South granite body gradually increases in average width from less than 30m at surface to more than 80m from 400m depth. This wide, higher grade, granite has excellent potential for combined open pit and bulk underground mining. 

Abnabna-Fobinso, Central Ashanti Gold Project, Ghana

Deep drilling is currently testing downward extensions to known gold mineralised shoots.  Resource modelling has been completed based on drilling to the end of September and pit design work is currently underway with the aim of releasing an updated reserve estimate. 

Exploration Drilling, Central Ashanti Gold Project, Ghana

A number of anomalous to significant gold intercepts were recorded outside resource areas, including:

Chirawewa  - Hole CHDD006  intercepted new zones of mineralisation west of the main Chirawewa deposit.  Significant gold intercepts in the hole included 31m at 3.0g/t Au from 105m, 10m at 2.0g/t Au from 142m and 4m at 9.5g/t Au from 159m.  The same hole also intercepted 1m at 30.8g/t Au from 288m within the main Chirawewa zone.  Please refer to Table 2.

Bokitsi SE - The Bokitsi South area continues to produce significant drill intercepts, including BKRC24 - 8m at 11.8g/t Au from 68m, BKRDD007 - 12m at 5.4g/t Au from 84m Au and 12m at 2.7g/t Au from120m, and BKRDD009 - 12m at 5.0g/t Au from 124m, refer Table 2.

The Chirawewa South, Besem Gap, Esuajah NE and Mampong prospects also returned notable intercepts. These are contained in Table 2 below.

Sissingue, Tengrela Gold Project, Côte d'Ivoire

Drilling has slowed during October and November as a function of rig availability and a break for the presidential election process.   Drill results for the period, however, continue to underpin the quality of the project, with intercepts such as 65.8m at 4.0g/t, 20m at 8.5g/t, 22m at 5.1g/t, 7m at 13.1g/t and 9m at 9.8g/t Au.  Table 3 contains details of the intercepts.

Mark Calderwood
Managing Director

About Perseus Mining Limited

Perseus Mining Limited (ASX/TSX: PRU) has forged a reputation as one of the West Africa's most successful gold explorers. Focused on under-explored gold belts in West Africa, Perseus is on track to become a producer by the third quarter of 2011 at its Central Ashanti Gold Project in Ghana.  The Company plans to produce at the initial rate of 220,000 ounces of gold in year 1 in Ghana and plans to increase this to 300,000 ounces per annum by 2013.

Perseus is now also working on development of its Tengrela Gold Project in Côte d'Ivoire, with production targeted for late 2012. Tengrela has the potential to become a significant contributor in the Company's goal to develop into a 400,000 ounce per year gold producer by 2013.

With 25,000m of drilling planned each month across its projects, Perseus will continue its strategy of rapidly increasing its resource and reserve base during the development of the CAGP and Tengrela. 

In addition to its projects in Ghana and Côte d'Ivoire, Perseus retains a 28 per cent stake in Manas Resources Limited (ASX: MSR) which it spun off in 2008 as a focused Kyrgyz Republic gold explorer and developer. Perseus also has a 19.9% stake in, as well as a strategic alliance with, Burey Gold Limited (ASX: BYR), a listed exploration company focussed on Guinea, West Africa.

The information in this report that relates to exploration results, mineral resources or ore reserves 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's 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 September 02, 2010 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 development of a mine 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.

Table 1: CAGP, Ghana, Infill and Extensional Drilling

Hole		Deposit		East		North		Depth		Azm.		Incl.		From		To		Width		Au
				(m)		(m)		(m)		(°)		(°)		(m)		(m)		(m)		g/t
AKRDD247		Esuajah S.		1805		6320		309.3		90		-58		239		297		58		4.0
												incl.		269		270		1		39.1
												and		288		295		7		12.2
AKRDD248		Esuajah S.		1845		6140		282.4		90		-74		185		236		51		2.0
														244		261		17		1.4
														269		274		5		2.2
AKRDD249		Esuajah S.		1804		6140		363.3		90		-74		225		238		13		1.7
														262		363.9*		101.9		2.6
												incl.		270		271		1		89.8
AKRDD250		Esuajah S.		1860		6340		240.3		90		-60		186		195		9		3.1
												incl.		191		192		1		17.2
														208		227		19		3.2
												incl.		216		217		1		12.2
AKRDD251		Esuajah S.		1800		6260		363.3		90		-67		231		247		16		1.9
														259		288		29		1.7
														304		315		11		5.7
												incl.		304		306		2		16.6
														331		353		22		4.2
												incl.		331		334		3		18.2
ESDD001		Esuajah S.		1829		6180		256		90		-63		165		181		16		2.7
												incl.		179		180		1		10.6
														190		245		55		2.1
ESDD002		Esuajah S.		1828		6180		307		90		-73		202		251		49		2.1
														260		285		25		1.7
												incl.		279		280		1		14.9
														177		200		23		1.9
ESDD004		Esuajah S.		1830		6201		301		90		-70		191		267		76		1.8
												incl.		200		202		2		10.5
ESDD005		Esuajah S.		1785		6220		351		90		-66		249		262		13		1.8
														286		290		4		5.4
												incl.		287		288		1		15.0
														296		340		44		1.3
ESDD006		Esuajah S.		1789		6300		310		90		-57		240		256		16		3.7
												incl.		242		243		1		33.7
														262		301		39		6.5
												incl.		262		263		1		22.9
												and		272		273		1		12.8
												and		283		284		1		11.6
												and		289		294		5		17.3
												and		299		301		2		13.2
ESDD007		Esuajah S.		1839		6260		274		90		-60		140		251		111		2.0
												incl.		202		203		1		24.2
												and		213		214		1		12.1
ESDD008		Esuajah S.		1837		6260		301		90		-68		136		287		151		2.8
												incl.		259		260		1		29.9
												and		276		278		2		26.8
ESDD009		Esuajah S.		1784		6220		374		90		-71		249		261		12		2.9
														272		298		26		2.5
												incl.		292		293		1		11.0
														311		364		53		1.8
ESDD010		Esuajah S.		1800		6238		332		90		-65		216		294		78		2.1
												incl.		262		263		1		10.9
												and		285		286		1		17.8
														306		319		13		3.7
												incl.		306		307		1		10.0
												and		311		312		1		10.9

Table 1: CAGP, Ghana, Infill and Extensional Drilling (continued)

Hole		Deposit		East		North		Depth		Azm.		Incl.		From		To		Width		Au
				(m)		(m)		(m)		(°)		(°)		(m)		(m)		(m)		g/t
ESDD011		Esuajah S.		1829		6220		254		90		-58		153		159		6		1.8
														167		235		68		3.3
												incl.		210		211		1		25.4
												and		228		232		4		11.6
ESDD018		Esuajah S.		1879		6100		165		90		-70		135		150		15		3.5
												incl.		145		146		1		12.8
ESDD019		Esuajah S.		1752		6300		396		90		-65		294		308		14		2.3
														336		352		16		2.4
														359		379		20		3.0
												incl.		368		369		1		17.2
ESDD020		Esuajah S.		1762		6260		404		90		-71		273		290		17		2.8
												incl.		275		277		2		13.9
														316		336		20		1.2
														350		385		35		2.0
												incl.		360		361		1		11.1
ESDD021		Esuajah S.		1793		6180		350		90		-72		243		298		55		1.9
												incl.		244		245		1		41.3
ESDD024		Esuajah S.		1790		6320		341		90		-63		274		292		18		4.0
												incl.		286		289		3		20.0
														296		300		4		7.4
												incl.		298		299		1		16.2
ESDD025		Esuajah S.		1723		6280		406		90		-67		290		296		6		4.1
												incl.		294		295		1		16.5
														301		307		6		1.9
														335		346		11		1.1
														378		403		25		1.8
												incl.		379		380		1		17.8
ESDD026		Esuajah S.		1767		6320		395		90		-66		318		335		17		3.9
												incl.		319		320		1		13.3
												and		328		329		1		16.2
														353		364		11		1.0
ESDD027		Esuajah S.		1727		6320		449		90		-66		372		377		5		5.0
												incl.		372		373		1		17.8
														383		403		20		2.3
												incl.		402		403		1		10.1
ESDD014		Esuajah S.		1780		6299		368		90		-64		270		302		32		2.4
														339		360		21		3.0
												incl.		344		345		1		23.3
												and		357		358		1		13.9
ESDD015		Esuajah S.		1812		6120		299		90		-71		221		243		22		1.3
														262		271		9		1.6
														280		284		4		9.1
												incl.		281		282		1		25.2
EFDD034		Fetish		3447		5260		322.6		270		-55		112		118		6		9.9
												incl.		112		113		1		16.4
												and		116		117		1		35.4
														154		162		8		1.9
														184		194		10		1.2
														210		224		14		1.1
														235		243		8		3.8
												incl.		242		243		1		20.5
														250		256		6		3.4
												incl.		254		255		1		11.2
														275		288		13		2.0

Table 1: CAGP, Ghana, Infill and Extensional Drilling (continued)

Hole		Deposit				East		North		Depth		Azm.		Incl.		From		To				Width		Au
						(m)		(m)		(m)		(°)		(°)		(m)		(m)				(m)		g/t
EFDD038		Fetish				3409		5300		263		270		-55		111		126				15		2.3
														incl.		119		120				1		11.8
																139		155				16		1.2
																167		189				22		1.7
														incl.		179		180				1		10.7
																207		230				23		1.9
EFDD039		Fetish				3388		5258		242.17		270		-50		78		86				8		1.5
																113		125				12		2.0
																188		219				31		1.4
EFDD040		Fetish				3410		5340		232		270		-55		117		129				12		1.1
																187		200				13		13.3
														incl.		196		197				1		157.1
EFDD041		Fetish				3400		5380		221		270		-55		159		169				10		1.7
																190		202				12		1.5
EFDD042		Fetish				3440		5380		266		270		-55		192		222				30		1.5
EFDD043		Fetish				3480		5380		296		270		-55		142		144				2		12.3
																253		275				22		3.6
														incl.		262		263				1		16.9
														and		270		271				1		15.4
														and		274		275				1		18.1
EFDD044		Fetish				3453		5300		283.6		270		-57		167		182				15		1.3
																201		209				8		1.3
																238		268				30		2.5
														incl.		242		243				1		13.1
														and		254		255				1		11.5
EFDD045		Fetish				3389		5300		228.4		270		-50		94		98				4		2.6
																177		192				15		2.2
																157		162				5		2.9
																229		243				14		2.8
														incl.		236		237				1		10.3
																252		258				6		3.4
EFDD046		Fetish				3410		5258		275.55		270		-55		230		248				18		2.7
														incl.		235		236				1		18.5
EFDD047		Fetish				3450		5340		274.58		270		-55		144		162				18		1.4
																229		245				16		2.5
														incl.		236		237				1		10.3
																252		258				6		3.4
EFDD048		Fetish				3493		5300		320.68		270		-55		220		244				24		1.6
																263		302				39		1.6
														incl.		294		295				1		10.8
EFDD049		Fetish				3492		5260		299.27		270		-55		177		178				1		12.4
																219		230				11		3.3
														incl.		225		226				1		13.9
																270		276				6		3.3
EFDD050		Fetish				3530		5300		355.59		270		-57		254		280				26		2.1
														incl.		279		280				1		30.2
																284		305				21		1.3
																312		349				37		1.5
														incl.		329		330				1		10.6
EFDD051		Fetish				3529		5260		338.45		270		-57		255		258				3		3.4
																292		311				19		3.3
														incl.		293		294				1		29.9
EFDD052		Fetish				3490		5340		326.34		270		-55		190		209				19		1.0
																224		248				24		1.6
																263		279				16		1.3
EFDD062		Fetish				3370		5420		211		270		-50		178		188				10		7.6
														incl.		184		188				4		17.7

Notes 

1)	All holes were core drilled through the mineralised zone.
2)	Core holes sampled at 1m intervals.
3)	Oxide samples or low sulphur fresh rock samples analysed using 50grm fire assays by independent laboratory, Intertek Minerals Limited in Ghana.
4)	High sulphide content samples analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.
5)	Only holes with combined intercepts of greater than 40 gram metres included.
6)	The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated November 30, 2009.
7)	The true width of intercepts from recent drilling at Esuajah South ranges from 55-80% of the intercept width.
8)	The true width of intercepts from recent drilling at Fetish ranges from 75-85% of the intercept width.

Table 2: Recent Anomalous Exploration Intercepts, CAGP, Ghana

Hole		Deposit		East		North		Depth		Azm.		Incl.		From		To		Width		Au
				(m)		(m)		(m)		(°)		(°)		(m)		(m)		(m)		g/t
CHDD006		Chirawewa		4005		4480		322		90		-50		105		136		31		3.0
														142		152		10		2.0
														159		163		4		9.5
												incl.		161		162		1		28.0
														286		287		1		30.8
CHRC006		Chirawewa S		3740		4000		90		270		-55		38		58		20		1.3
CHRC007		Chirawewa S		3780		3960		92		270		-55		46		56		10		3.8
BKRC024		Bokitsi SE		2776		4360		95		270		-55		68		76		8		11.8
BKRDDD007		Bokitsi SE		2850		4280		235		270		-55		84		96		12		5.4
												incl.		88		92		4		10.3
														120		132		12		2.7
BKRDD009		Bokitsi SE		2850		4320		210		270		-55		124		136		12		5.0
BGRC007		Besem Gap		1380		7480		120		270		-60		32		40		8		2.9
BKRDD013		Bokitsi SE		3064		4960		42		270		-50		36		42		6		3.5
ENS006		Esuajah NE		2881		7480		48		90		-60		28		32		4		5.4
ENS007		Esuajah NE		2840		7480		80		90		-60		0		4		4		3.3
FNS030		Fetish N.		3640		6630		80		90		-60		56		60		4		3.7
MPRC076		Mampong		24800		13400		55		180		-50		14		20		6		2.3
MPRC090		Mampong		24520		13515		144		180		-50		106		108		2		7.9
MPRC119		Mampong		24480		13467		89		180		-50		14		22		8		2.8
														52		62		10		2.7
MPRC120		Mampong		23840		13134		140		180		-50		94		108		14		1.8
MPRC121		Mampong		24000		13138		120		180		-50		82		90		8		1.5

Notes

1)	All CHRC, MPRC, BGRC and ENS holes are RC holes.
2)	All CHDD, BKRDD holes are core holes.
3)	RC holes were sampled at 1m intervals and composited to 2m intervals.
4)	Core holes were sampled at 1m intervals.
5)	Oxide samples or low sulphur fresh rock samples were analysed using 50grm fire assays by Intertek Minerals Limited in Ghana.
6)	High sulphide content samples were analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.
7)	Only holes with combined intercepts of greater than 10 gram metres are included.
8)	The true width of intercepts from recent drilling at the new Chirawewa, Chirawewa South, Fetish North and Esuajah NE occurrences is currently unknown. The true width of intercepts along the Bokitsi and Mampong zones is about 70% of the intercept width.
9)	The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated November 30, 2009.

Table 3: Significant Intercepts Sissingue Gold Deposit, Côte d'Ivoire

Hole		Deposit		East		North		Depth		Azm.		Incl.		From		To		Width		Au
				(m)		(m)		(m)		(°)		(°)		(m)		(m)		(m)		g/t
SD129		Sissingue		806690		1154500		147		272		-56		41.7		49.2		7.5		5.7
												incl.		48.7		49.2		0.5		50.0
SD130		Sissingue		806670		1154540		201.7		272		-56		27.7		42.7		15		1.5
														65.7		76		10.3		1.1
														92		103		11		2.5
												incl.		94		95		1		10.3
SD131		Sissingue		806670		1154560		168.2		277		-56		54.7		103		48.3		1.9
												incl.		61		62		1		14.1
SD132		Sissingue		806700		1154560		155.2		272		-56		59		60		1		17.2
														112		113		1		26.7
SD137		Sissingue		806665		1154550		215.7		274		-56		26.2		92		65.8		4.0
												incl.		32.2		33.7		1.5		18.1
												and		41.2		42.7		1.5		50.0
												and		55.15		56.7		1.55		23.4
SGC020		Sissingue		806655		1154510		62		270		-55		7		21		14		5.9
												incl.		16		17		1		48.4
SGC021		Sissingue		806668		1154510		58		270		-55		21		28		7		13.2
												incl.		22		23		1		55.9
												and		26		27		1		18.2
														34		40		6		10.7
												incl.		35		36		1		58.4
SGC024		Sissingue		806705		1154510		68		270		-55		48		68*		20		8.5
												incl.		57		61		4		36.1
												incl.		59		60		1		125.9
SGC026		Sissingue		806660		1154520		68		270		-55		11		28		17		3.8
												incl.		20		21		1		29.1
												and		26		27		1		13.0
SGC027		Sissingue		806673		1154520		40		270		-55		18		40*		22		5.1
												incl.		25		29		4		14.6
												and		31		32		1		13.4
SGC029		Sissingue		806698		1154520		56		270		-55		47		56*		9		9.8
												incl.		53		55		2		35.5

Notes

1)	SGC holes are reverse circulation drill holes; SD holes are core drill holes.
2)	The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report - Tengrela Gold Project, Ivory Coast" dated September 02, 2010.
3)	Drill samples were assayed by 50g fire assays by Intertek Minerals Limited, an independent laboratory in Ghana.
4)	True width of intercepts from the current program at the Sissingue deposit is about 55-77% of the intercept width.
5)	* denotes open ended intercept.
6)	Only holes from Sissingue with combined intercepts of greater than 40 gram metres are included.

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