Debt Repayment Leaves Perseus Debt Free and Edikan Production Update

Debt Repayment Leaves Perseus Debt Free and Edikan Production Update 
PERTH, Western Australia, Nov. 23, 2012 /CNW/ - Perseus Mining Limited 
("Perseus" or the "Company") (TSX & ASX: PRU) provides an update on activities 
at its Edikan Gold Mine (EGM) in Ghana. 
Production Update - Edikan Gold Mine, Ghana 
A record 22,502 ounces of gold produced from EGM in October 2012 was ahead of 
budget and total costs for the month were below budget. 
Gold production for November has been on budget except for a 10 day period 
between November 8 and 17, when primary crusher issues restricted production. 
The crusher down time was caused by the failure of the couplings on the drive 
shaft. The last failed coupling was repaired and a new replacement shaft and 
couplings are now on site. Representatives of the crusher manufacturer are 
currently also on site reviewing all aspects of the crusher and crusher 
The oxide feed circuit has been successfully commissioned and has been 
operating at up to 300wmt/hr which is in excess of the Company's budget. For 
the month to 21 November the oxide circuit has fed 52,000wmt of ore to the 
At current production rates it is estimated that total gold produced from 
Edikan for the December 2012 Quarter may be between 5% and 10% below the lower 
end of December Quarter guidance of 65,000 to 70,000 ounces of gold. Every 
effort is being made to recover the projected shortfall. 
Debt Repayment 
On 16 November 2012, the Perseus Group repaid the outstanding balance of $54 
million from its restructured project debt facility. The debt repayment 
resulted in the Group being debt free and having an undrawn line of credit of 
$100M available for drawdown at the Group's discretion. The Group has 
available cash of A$43.46 million in addition to approximately 14,000 ounces 
of gold  bullion held in metal accounts and at the refinery. 
Perseus Managing Director, Mark Calderwood's Comments 
"It is an excellent result for the Company to be debt free within one year of 
declaring commercial production. Subject to approval of a development 
decision on the Sissingué project, the Company will draw on the line of 
credit at some point next year for capital expenditure requirements." 
"After a record month of gold production in October, we are working to resolve 
the problem with the crusher. The crusher manufacturer is actively assisting 
with the understanding of the abnormal issues over the past few months and a 
management plan moving forward. 
Mark Calderwood
Managing Director 
About Perseus Mining Limited 
Perseus Mining Limited(ASX/TSX: PRU)has forged a reputation as one of West 
Africa's most successful gold explorers focused on under-explored gold belts 
in West Africa. In August 2011 Perseus became a producer at its Edikan Gold 
Mine in Ghana. Details of the project and mine plan are set out in the 
technical report entitled "Technical Report - Central Ashanti Gold Project, 
Ghana" dated May 30, 2011. 
Perseus will make a final development decision in respect of its Sissingué 
Gold Project, part of the Tengrela Gold Project in Côte d'Ivoire, when 
clarity of the fiscal regime which will be applied to the project is 
achieved. Production from Sissingué could start in early 2014 subject to 
achieving such fiscal certainty. Sissingué and the broader Tengrela Gold 
Project have the potential to become a significant contributor to the 
Company's goal to develop into a 400,000-ounce per annum gold producer during 
2014. Details of the project are set out within "Technical Report - 
Tengrela Gold Project, Ivory Coast" dated December 22, 2010. 
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. 
To discuss any aspect of this announcement, please contact: Mark Calderwood at 
telephone +61 8 6144 1700 or Nathan 
Ryan at telephone +61 3 9622 2159 or (media) Rebecca Greco at telephone 
+1 416 822 6483 or (Toronto) 
SOURCE: Perseus Mining Limited 
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CO: Perseus Mining Limited
-0- Nov/23/2012 09:57 GMT
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