Batch cultures were carried out to optimize the exo-polysaccharide production by liquid cultures of Pleurotus ferulae. Among the various carbon sources, when $5\%$ of glucose was used, the maximum mycelial growth and exo-polysaccharide concentration reached were 8.78 g/l and 3.59 g/l, respectively. Yeast extract and polypeptone were identified as the most suitable nitrogen sources. In particular, when a mixture of $1\%$ of polypeptone and $0.8\%$ of yeast extract was used, 9.52 g/l of mycelial growth and 4.09 g/l of exo-polysaccharide were obtained. In the case of mineral sources, K$_2$HPO$_4$ and MgSO$_4$$codt$7H$_2$0 were found to be the best mineral sources for mycelial growth and exo-polysaccharide production. Under the optimized culture conditions, the agitation speed and aeration were investigated for mycelial growth and exopolysaccharide production in a jar fermentor. The maximum mycelial growth and exo-polysaccharide concentration at 1.5 vvm and 200 rpm obtained were 13.2 g/l and 4.95 g/l, respectively, after 10 days of culture, which were $76\%$ and $79\%$ higher than those of the basal medium. The specific growth rate was decreased with the increase of mycelial growth. However, the specific production rate of the exo-polysaccharide was proportionally increased with the specific growth rate. The proposed model profiles showed good agreement with the experimental results for the mycelial growth and exo-polysaccharide production. The specific production rate using the optimized medium was higher than that of basal medium.
