Perseus Mining Limited

Revised Sissingue Gold Mine Feasibility Study

PERTH, WESTERN AUSTRALIA--(Marketwired - April 20, 2015) -

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 the results of its revised Feasibility Study ("the RFS") for the development of the Sissingué Gold Mine ("Sissingué" or the "SGM") in Côte d'Ivoire, West Africa. An executive summary is provided below. Full details, including a Table 1 as required by the JORC Code (2012) for the revised Mineral Resource and Mineral Reserve estimates, are included in the full report which is available for download from www.perseusmining.com, www.asx.com.au and www.sedar.com.

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 880,000ozs gold
• Proved and Probable Ore Reserve of 429,000oz of gold (using US$1,200 gold price pit design)
• Production of 385,000oz of gold during a 5.25 year mine life, at an average of approximately 75,000oz per year for the first 5 years
• Average all-in sustaining costs (AISC) of US$632/oz over the life of mine
• Start-up capital cost of US$106 million including contingency
• Project funding 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 fourteen months.
• Internal Rate of Return (IRR) of 27% (real) at a gold price of US$1,200/oz
• Project development adds materially to the value of Perseus:

NET PRESENT VALUE (US$M) OF SISSINGUÉ'S FORECAST CASHFLOWS
Real Discount Rate (%)	US$1,100/oz	Gold Price