Perseus Mining Appoints New Managing Director

PERTH, Western Australia, Jan. 21, 2013 /CNW/ - Perseus Mining Limited 
("Perseus" or the "Company") (TSX & ASX:PRU) is pleased to announce the 
appointment of Mr Jeff Quartermaine to replace Mr Mark Calderwood as the 
Company's Managing Director (MD) and Chief Executive Officer (CEO) as part of 
the Company's ongoing transition to an integrated gold exploration, 
development and production company. 
After nine years as MD and CEO, Mr Calderwood has decided to step down from 
these roles to take on a part-time technical role with the Company, focussing 
on his strengths in project generation, recognition and discovery, for which 
he has an excellent track record. 
Mr Quartermaine, who will formally start in the role on February 1, 2013, has 
held the position of Chief Financial Officer of Perseus since 2010 and has 
been a significant contributor to the team advancing Perseus's Edikan Gold 
Project in Ghana to production and preparing the Sissingué Gold Project, Cote 
d'Ivoire, for a development decision. 
Mr Quartermaine has more than 25 years of experience in senior financial and 
strategic management roles with ASX and TSX listed resources companies. He is 
a Certified Practising Accountant (CPA) who holds both business management 
(MBA) and engineering qualifications (BE). Prior to joining Perseus, his 
career encompassed roles with companies whose operations included gold and 
base metals exploration and mining in Australia and developing countries 
including Papua New Guinea, Philippines and Chile. 
During his career, Mr Quartermaine has served as director, alternate director 
or company secretary of a number of ASX listed and unlisted companies as well 
served on the joint venture management committees of several world class 
resources projects in Papua New Guinea. 
In his role as CEO and MD of Perseus, Mr Quartermaine will have the continued 
support of the existing strong executive management team which includes: 
Rhett Brans - Director since 2004 and Executive Director, Development since 
2008 Colin Carson - Executive Director since 2004 Kevin Thomson - Exploration 
Manager since 2007
Jon Yelland - Chief Operating Officer since October 2011 
Ms Elissa Brown will move from the role of Group Financial Controller to 
succeed Mr Quartermaine as Chief Financial Officer. 
Perseus Chairman Reg Gillard said: "Mark has done a great job in guiding the 
Company through the early stages of its corporate development. He has 
assembled a high quality asset base and a strong team of people and we are now 
in a very solid position to capitalise on Mark's outstanding work and to 
continue the Company's transition to becoming a multi-mine, mid-tier gold 
"Jeff has proven himself an excellent CFO and in the past year he has 
increasingly taken on management challenges passed on by Mark and the Board." 
Mark Calderwood said: "Over the past nine years I have had the privilege of 
being involved with a successful Company that has grown from an explorer to a 
successful gold producer. The Board and I have implemented this transition 
from day-to-day management to allow me to utilise my skill set in new project 
assessment and acquisition." 
"Jeff, the Board and the executive team have my full support as a continuing 
large individual shareholder of the Company." 
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 is currently considering the development of its Sissingué Gold 
Project, part of the Tengrela Gold Project in Côte d'Ivoire, with potential 
production from early 2014. Tengrela has 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, 
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. 
Remuneration of the chief executive officer 
Mr Jeffrey Quartermaine's appointment as managing director and chief executive 
officer becomes effective on 1 February 2013. Key terms of his service 
contract are noted below: 
Job Title                       Chief Executive Officer and Managing 
Employer                        Perseus Mining Limited 


Notice Period                   Six months. At Company's election, it
                                can pay in lieu of notice.

Fixed remuneration              A$850,000 per annum
(including base salary and

Short Term Incentives           Up to 25% of Fixed remuneration subject
                                to achievement of pre-agreed KPIs

Long Term Incentives            Performance Rights of value up to 25%
                                of Fixed Remuneration subject to
                                vesting and achievement of pre-agreed
                                Total shareholder return targets.

Termination Provision           Applicable on early termination by the
                                Company, including constructive
                                dismissal, following a change in
                                control. In that event, termination
                                benefit equivalent to 12 months total
                                fixed remuneration is payable to the
                                executive. Termination for cause
                                requires no notice.  Termination for
                                any other reason can be effected by
                                giving six months' notice.
    To discuss any aspect of this announcement, please contact:

Mark Calderwood at telephone +61 8 6144 1700 or Jeff Quartermaine 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

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