Perseus Mining Limited

Exploration Success for Perseus Near Sissingue

PERTH, WESTERN AUSTRALIA--(Marketwired - May 14, 2017) -

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

Perseus Mining Limited ("Perseus") (ASX:PRU) (TSX:PRU) wishes to announce significant results from exploration drilling at the Papara prospect, located approximately 20 kilometres north-northwest of the Sissingué Gold Mine ("Sissingué") on Perseus's mining permit in northern Côte d'Ivoire. (Refer to Figure 1.) Development of Sissingué is on target for first gold to be poured in the March 2018 quarter when it will become Perseus's second operating gold mine. The associated JORC Table 1 is included in the release available for download from www.perseusmining.com and www.asx.com.au.

HIGHLIGHTS

Significant initial reverse circulation ("RC") and diamond drilling results returned to date included:

• Hole PADD019 (799,600E; 1,172,611N) - 11.18m at 4.36g/t Au from 135.82m, including 1m at 24.7g/t Au.

• Hole PADD017 (799,598; 1,172,495) - 46m at 1.11g/t Au from 109m, including 14m at 2.37g/t Au from 141m (incl 1m at 13.3g/t Au).

• Hole PRC171 (799,540E; 1,172,500N) - 15m at 1.66g/t Au from 30m.

• Hole PRC181 (799,793E; 1,1729,72N) - 10m at 1.07g/t Au from 30m.

• Hole PADD010 (799,598E; 1,172,553N) - 20.1m at 1.02 g/t Au from 20.9m and 20m at 1.23 g/t Au from 66m.

• Hole PARD012 (799,525E; 1,172,480N) - 3m at 3g/t Au from 45m; 12.7m at 1.84 g/t Au from 60.3m including 1m at 9.32 g/t Au; and 35m at 1 g/t Au from 76m.

• Hole PRC184 (799,363E; 1,173,222N) - 2m at 4.5g/t Au from 10m.

• Hole PADD015 (799,627E; 1,172,522N) - 1m at 10.81 g/t Au from 62m.
  
  

Perseus's Chief Executive Officer and Managing Director, Mr Jeff Quartermaine said:

"The drilling results at Papara point to the potential for a significant additional inventory of mineable, mineralised material being discovered within trucking distance of Sissingué, the construction of which is currently 53% complete with first gold due to be poured in early 2018.

Assay results from several holes in the current drilling programme are still pending and follow-up drilling is planned once all results are received and fully assessed.

The results from this next phase of drilling, if positive, could lead to an upgrade of the current Life of Mine Plan for Sissingué that currently generates an attractive after tax internal rate of return (IRR) of close to 30% at a gold price of US$1,200 per ounce by processing ore for five years."

1. Drill Results