content_image/260210.jpg
<img src='content_image/260210.jpg'>

## Mineral Concession Interests 

At 30 September 2011 

## Mineral Concession Interests - continued 

Notes - 

1. The Governments of Ghana and Ivory Coast are entitled to a 10% equity interest in mining companies owning projects. Perseus’s quoted equity is after allowance for that national interest, which occurs when a new project company is established prior to commencement of mining. 

Production royalties are payable to the Governments of Ghana (5%) and Ivory Coast (3%). 

2. A royalty of 0.25% of gold produced from the Edikan Gold Mine (“EGM”) Licences and the Nsuaem and Dunkwa Licences is payable to the former shareholders of PMGL. 

3. Under the original contract to purchase the EGM Licences, PMGL is required to pay AngloGold Ashanti Ltd (“AGC”) a royalty on gold production of: 1% if the gold price is below US$350/oz; 1.25% if the gold price is over US$350 and below US$500/oz; and 1.5% if the gold price exceeds US$500/oz, on new resources identified on the CAGP Licences after entering into the purchase contract with AGC or a royalty at double those rates on resources pre-existing on the EGM Licences when PMGL entered in the contract with AGC. 

4. A royalty of 0.5% of the value of minerals recovered from the licence is payable to the vendors of the exploration licence. 

5. The Company has the right to earn a 76% interest in the property by funding the development of the project to profitable production. Joint venture partners, Tropical and Leo Shield, each retain a 7% interest which is convertible to a 1.25% net smelter royalty at the option of those parties within 30 days of completion of a feasibility study. The Company can withdraw from the joint venture at any time and is required to pay US$3,600 to Tropical annually whilst it remains in the joint venture. 

6. The Company has an option exercisable on or before 26 July 2016 to purchase the Nkotumso prospecting licence for US$10 plus US$3 per ounce royalty of gold produced. 

7. The joint venture partner is free carried to production with costs subsequently recoverable by Perseus from production. 

8. A royalty of US$0.80 per ounce of gold produced from the licence is payable. 

9. Applications to convert the Autorisation de Reconnaissance (reconnaissance licenses) into Permis de Recherche (prospecting licenses) have been approved and Presidential decree is awaited prior to formal grant. 

10. Application for a Permis de Recherche (prospecting license) has been approved and Presidential decree is awaited prior to formal grant. 

Mineral permits and licences in which Perseus has an interest are subject to renewal from time to time in accordance with the relevant legislation of the governing jurisdiction and Perseus’s compliance therewith. 

