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## Notes to the Consolidated Financial Statements 

For the year ended 30 June 2011 

## 11. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD 

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## Manas Resources Limited (“Manas”) 

In December 2010 Manas announced a capital raising of A$11.5 million through the issue of 57.5 million shares at 20c. 

The share placement was completed in two parts, with tranche 1 for 13.4 million shares (A$2.68 million) allotted on 24 December 2010 and tranche 2 for 44.1 million shares (A$8.82 million) allotted in early February 2011. Perseus subscribed for 9 million shares for a consideration of A$1,800,000 under tranche 2 and as a result its interest in Manas reduced from 25.0% to 23.9%. The second tranche was allotted in early February 2011 following approval by Manas shareholders. 

In addition, 12,500,000 Manas options held by Perseus expired unexercised on 31 December 2010, leaving Perseus with 16,666,667 options, exercisable at $0.20, expiring on 30 September 2011. 

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