Additional Information

Market:	ASX
Sector:	Gold Mining
EPIC:	MML
Latest Price:	6.16 (1.82% )
52-week High:	8.71
52-week Low:	4.34
Market Cap:	1,163.18M

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Medusa Mining

Medusa Mining (ASX: MML) is an Australian based gold producer, focused solely on the Philippines. Medusa's corporate strategy is to become a mid-tier, 300,000 to 400,000 ounce per year, low-cost gold producer.

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Company Statement:

Medusa Mining Limited ("Medusa" or the "Company"), a public company listed on the ASX, AIM and the TSX, is an Australian based gold producer, focused solely on the Philippines with the following reserve and resource base:

Medusa's corporate strategy is to become a mid-tier, 300,000 to 400,000 ounce per year, low-cost gold producer.

The Company has completed the expansion of its high grade Co-O Mine operations to a production level of 100,000 annualised ounces, and is currently conducting near mine exploration to assess the possibilities of further expansion to 200,000 ounces per annum. Current cash costs at the Co-O Mine are approximately US$190 per ounce.

A pipe-line of deposits is now being established with the recent addition of the Bananghilig Deposit which is expected to expand, potentially in conjunction with other nearby discoveries.

Further potential upside exists for the discovery of copper and additional gold deposits within the tenement holding of more than 800km2.

Current Operations:

PHILIPPINES

Figure 1: Locations of Philippines Projects

The Company has witnessed an upsurge of government facilitation of mining investments for foreign companies in the Philippines, and has focused its activities in the Philippines.

On 22 December 2004 the Company announced it had completed a Heads of Agreement to merge with Philsaga Mining Corporation ("Philsaga") which owned the high grade, underground, narrow vein Co-O Gold Mine. Philsaga was a privately owned Filipino corporation.

On 4 December 2006 the merger was completed, and the Company commenced redeveloping the Co-O Mine with an initial production target of 40,000 ounces per year.

In September 2007 the Company decided to expand the production capacity by commencing a Phase 1 expansion to increase production to 60,000 ounces annualised by the third quarter of 2009. Phase I was completed ahead of schedule by 31 March 2009 with annualised production of approximately 65,000 ounces in the quarter. Phase 2 expansion to annualised production of 100,000 was completed in the March quarter 2010, on schedule.

Elsewhere in the Company's large tenement holding, work is progressing on a number of other gold prospects as well as several copper prospects.

The locations of the Company's projects and projects of other foreign investors in the Philippines are shown on Figure 1.

For more information about Medusa Mining's current operations in the Phillipines, please click here.

NARROW VEIN MINING

Nature of the Veins

The Co-O Mine narrow veins can be thought of as sheets of white paper generally 1-2 metres thick suspended in green space. The white sheets or veins are essentially filling spaces in the green volcanic wall rocks which form when the rocks crack or are faulted. These spaces are not regular hence the vein which fills the crack will take the shape of the crack and form sheets which change in width and attitude according to the shape of the original crack. Some cracks are long and continuous, others are shorter and less continuous. Veins can have complex shapes, with branches or splits, and many other variations.

The volcanic wall rocks are green hence the white veins are visually distinctive underground and are easily followed by the miners. The veins can develop at any depth so the tops of different veins can be at different depths and the bottoms as well at different depths. Not all veins are the same size in terms of lateral extent or vertical extent.

In summary, the geometry oF narrow veins can be very complex, and cannot always be simplistically interpreted from drilling results.

For more information about Medusa Mining's current operations with narrow vein mining, please click here.

Management

Mr. Geoffrey Davis, M.Sc, Mining and Exploration Geology, BSc (Hons), Geology, Member Australian Institute of Geoscientists - Non-Executive Chairman

Mr Geoff Davis worked initially with BHP for 10 years following his graduation in 1972, before becoming a consultant in 1980 to numerous mining and exploration companies in Australia, Asia and South America. This work specialised in epithermal precious metal and porphyry copper-gold opportunities, and included project acquisition, assessment and exploration. Since 1990, most of his work has been with junior explorers where he has been Exploration Manager to a number of these companies.

In more recent times he has also held Directorships and senior executive positions in a number of listed and unlisted Australian, Asian and London based exploration and mining companies. Mr Davis has been Managing Director of Medusa since its inception on 5 February 2002 and was appointed Non-Executive Chairman on 9 June 2011.

Mr Davis is a member of both the Audit and Remuneration Committees.

Mr Peter Hepburn-Brown BAppSc-Mining Engineering (1980), Grad Dip Human Resources(1996), Member of Inst of Engineers, Australia - Managing Director

Mr Peter Hepburn-Brown was appointed to the Board of Medusa on 15 September 2009 and as Managing Director on 9 June 2011.

Mr Hepburn-Brown is a mining engineer with 28 years of experience in a wide range of mining situations, commodities and overseas jurisdictions. He has held senior management positions such as Executive Director Operations for Harmony Gold Australia, General Manager Operations for Great Central Mines, as well as other executive, operational and consulting positions.

Mr Hepburn-Brown's experience includes hands-on shaft sinking and airleg mining in narrow vein mines, experience that is well suited to the Company's current operations in the Philippines, as well as mining large open pit, disseminated ore bodies. Mr Hepburn-Brown has a proven track record at operational levels and his skills and experience will complement his fellow Board members.

Mr Hepburn-Brown is a current Board member of ASX listed entities, Alloy Resources Limited (appointed 2 June 2004) and Morning Star Gold NL (appointed 18 February 2010).

Dr. Robert Weinberg BA (Hons) Geology, MA, DPhil, FGS, FIMMM - Independent Non-Executive Director

London based Dr Robert Weinberg who gained his doctorate in geology from Oxford University in 1973, has more than 30 years experience in the international mining industry and is an independent mining research analyst and consultant. He is a Fellow of the Geological Society of London and also a Fellow of the Institute of Materials, Minerals and Mining.

Dr Weinberg brings a wealth of gold marketing and investment banking experience to the Company having held executive positions that include being Managing Director, Institutional Investments at the World Gold Council, Director of Gold Bullion Securities, Director of the Investment Banking & Equities division at Deutsche Bank in London, Head of the Global Mining Research team at SG Warburg Securities. Robert has also held senior positions within Societe Generale and was head of the mining team at James Capel & Co. He was also formerly marketing manager of the gold and uranium division of Anglo American Corporation of South Africa Ltd.

Dr Weinberg is currently a Non-Executive Director of Solomon Gold plc, a company listed on the Alternative Investment Market, London and Kasbah Resources Ltd, an ASX listed entity. Dr Weinberg has been a Board member of Solomon Gold plc since 22 November 2005, and a Board member of Kasbah Resources Ltd since 15 November 2006.

Dr Weinberg who has been a Board member since 1 July 2006 is Chairman of the Remuneration Committee and a member of the Audit Committee.

Mr. Andrew Boon San Teo B.Com, UWA, (CPA) - Independent Non-Executive Director

Mr Teo is an accountant with 33 years of extensive and diversified experience in accounting, treasury, corporate, legal and business administration across several industries. He is currently the CFO/Executive Director of BGC (Australia) Pty Ltd, one of Australia's largest privately owned companies, with annual turnover in excess of $2 billion and 7,000 plus staff (including sub-contractors).

Mr Teo who was appointed to the Board on 15 February 2010 is Chairman of the Audit Committee and a member of the Remuneration Committee.

Mr Ciceron A. Angeles B.Sc (Geology), MAppSc (Mineral Exploration), FAusIMM(CP) - Independent Non Executive Director

Mr Angeles is a geologist with over 30 years of experience in gold and base metal exploration in Asia, mainly Philippines, Indonesia, China, Malaysia and Iran. His specialisations include epithermal gold-silver, porphyry copper-gold and Carlin styles of mineralisation.

Mr Angeles obtained his MAppSc in Mineral Exploration from the University of New South Wales, Australia in 1985 and is a Fellow and an accredited Chartered Professional (CP) in the discipline of geology of the Australasian Institute of Mining and Metallurgy (AusIMM).

Mr Angeles was also the Asia Exploration Manager for Newcrest Mining during which time Newcrest brought the Gosowong Mine into production. Currently he is a Director of GGG Resources plc, a company listed on the ASX in Australia and AIM in London.

Mr Angeles was appointed to the Board on 28 June 2011.

Major Shareholders

The Shareholder information set out below is applicable at 2 November 2011.

ORDINARY SHARES

Total number of ordinary shares on issue - 188,827,911

Distribution of shareholders

Distribution

Number of Shareholders

Number of Shares

         1 -    1,000 1,403     715,975

   1,001 -    5,000 1,314     3,290,856

    5,001 -   10,000 292 2,137,820

  10,001 - 100,000 337   9,947,293

   100,001 - 1,000,000 71     22,489,515

over 1,000,000
15 150,246,452

Total
3,432     188,827,911

Top 20 Shareholders

Name of Shareholder
No of Shares Held

% Held

1 HSBC Custody Nominees (Australia) Limited 57,578,028   30.49

2 JP Morgan Nominees Australia Limited 38,736,727   20.51

3 National Nominees Limited 25,511,009   13.51

4 JP Morgan Nominees Australia Limited <Cash Income A/C> 3,764,431 1.99

5 Forty Traders Limited 3,660,631 1.94

6 Mr William Douglas Goodfellow 3,360,425 1.78

7 Cedardale Holdings Pty Ltd <The G&S Davis S/Fund A/C> 3,017,773 1.60

8 HSBC Custody Nominees (Australia) Limited - GSCO ECA 2,947,324 1.56

9 Citicorp Nominees Pty Limited 2,710,541 1.44

10 Yandal Investments Pty Ltd 2,500,000 1.32

11 Barclayshare Nominees Limited 1,516,942 0.80

12 LR Nominees Limited <Nominee> 1,416,627 0.75

13 Mrs Susan Davis 1,365,077 0.72

14 State Street Nominees Limited <OM04> 1,157,871 0.61

15 HSBC Custody Nominees (Australia) Limited - A/C 2 1,003,046 0.53

16 Secdea Philippines Holdings Corporation 1,000,000 0.53

17 ABN Amro Clearing Sydney Nominees Pty Ltd <Custodian A/C>   952,290 0.50

18 TD Waterhouse Nominees (Europe) Limited <SMKTNOMS>    890,529 0.47

19 Warbont Nominees Pty Ltd <Settlement Entrepot A/C>    836,032 0.44

20 Archem Trading (NZ) Ltd    780,345 0.41

Total 154,705,648 81.90

Substantial Shareholders *

Name
Date Notice
Received

Ordinary Shares Held

No of Shares Percentage

Fidelity
21 Sep 2011 27,750,062 14.70%

Vanguard Precious Metals and Mining Fund 26 Jul 2011 23,740,000 12.61%

Van Eck Associates 08 Aug 2011 9,403,606 5.00%

Note* Information based on substantial shareholder notices provided to the Company.

Updated from company website12/01/2012

Contact Information

Unit 7
11 Preston Street
Como 6152
Western Australia

Postal Address
PO Box 860
Canning Bridge
Western Australia 6153

Telephone: +618 9367 0601
Facsimile: +618 9367 0602

Email: admin@medusamining.com.au

Corporate Information

Financial Adviser / Broker

Fairfax I.S. PLC

46 Berkeley Square

Mayfair

London W1J 5AT

United Kingdom

Tel: +44 (0) 20 7598 5368

Fax: +44 (0) 20 7460 4379

Website: www.fairfaxplc.com

Solicitors

K&L Gates LLP

One New Change

London EC4M 9AF

United Kingdom

Tel: +44 (0) 20 7648 9000

Fax: +44 (0) 20 7648 9001

Website: www.klgates.com

Share Registry

Computershare Investor Services PLC

PO Box 82

The Pavilions

Bridgwater Road

Bristol BS99 7NH

United Kingdom

Tel: +44 (0) 11 7305 1075

Fax: +44 (0) 87 0889 3121

Website: www.computershare.com

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Medusa Mining

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Company Statement:

Current Operations:

Management

Major Shareholders

Contact Information

Corporate Information