Perseus Mining Limited: VAT Refunds Received

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


Perseus Mining Limited (TSX:PRU)(ASX:PRU) is very pleased to advise that
following our announcement on June 13, 2014 documenting the receipt of an
initial GH cents20.0M (USD6.7M) partial payment of the outstanding VAT debt owed
to the Company by the Government of Ghana, the two further payments of GH
cents10.0M (USD3.3M) and GH cents 17.6M (USD5.8M) have been received as
scheduled on June 24, 2014 and July 8, 2014 respectively. 


Following receipt of the agreed payments, the outstanding VAT position is as
follows:




                                            GH cents Million  USD Million(i)
                                            --------------------------------
Approved VAT claims                                  103.730          34.438
VAT claims pending audit                              21.563           7.159
Less: Cash refunds received to date                 (55.032)        (18.270)
Less: Offsets using Treasury Credit Notes            (8.987)         (2.984)
                                            --------------------------------
VAT Refunds Due and Payable                           61.274          20.843
Less: Statutory Tax payments deferred               (15.132)         (5.024)
                                            --------------------------------
Net Refund  Due for payment                           46.142          15.319
                                                                            
 (i)Assumes USD1.00=GH cents3.0121 as at July 8, 2014                       



The Company is continuing to work with the Government to agree a repayment
schedule for the balance of the outstanding debt and also to avoid the current
situation where a large VAT receivable has accumulated and remained unpaid for
an extended period. 


Comment from Managing Director, Jeff Quartermaine 

"We were very pleased to receive the payments totalling GH cents47.6million from
the Ghanaian government in accordance with the agreed schedule and we look
forward to reaching agreement on a plan for recovering the remainder of the
outstanding VAT debt in the not too distant future. 


At June 30, 2014, the Company had available cash and bullion on hand valued at
$48.7 million and the receipt of a further GH cents17.6million (USD5.8million)
on July 8, 2014 further strengthens our cash position and balance sheet."


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Perseus Mining Limited
Jeff Quartermaine
Managing Director
[phone]
[e-mail] (Perth)


Perseus Mining Limited
Nathan Ryan
Investor Relations
[phone]
[e-mail] (Melbourne)