Medusa Mining Limited
TSX : MLL
ASX : MML
AIM : MML

Medusa Mining Limited

April 15, 2010 00:45 ET

Medusa Mining Limited: AIM Cancellation & Admission to the Official List

COMO, WESTERN AUSTRALIA--(Marketwire - April 15, 2010) - Medusa Mining Limited (TSX:MLL)(ASX:MML)(AIM:MML) ("Medusa" or the "Company") is pleased to announce that it intends to apply for admission of its ordinary share capital to the Official List of the UK Listing Authority (the "Official List") and to trading on the London Stock Exchange's Main Market for listed securities (the "Main Market").

Medusa hereby gives notice, pursuant to Rule 41 of the AIM Rules for Companies, of the intended cancellation of trading of the Company's issued share capital on AIM.

It is expected that the Company's ordinary shares, of no par value each, will be simultaneously admitted to the Official List and to trading on the Main Market upon cancellation of trading on AIM on or around 17 May 2010, subject to the receipt of the necessary approvals from the UK Listing Authority and the London Stock Exchange.

Fairfax I.S.PLC has been appointed as Financial Adviser and Broker in relation to the move to the Official List.

Investors should consult their personal tax advisers with respect to the tax implications of the move to the Official List and the Main Market. A further announcement will be made in due course.

Geoff Davis, Managing Director of Medusa, commented:

"The Directors believe that Medusa is now of a size and stature that justifies and qualifies its graduation from AIM to the Official List. The Company regards the Main Market as an ideal platform to raise the Company's profile on a larger scale.

It is envisaged that this move will give the Company access to a wider group of investors who recognise the growth potential of the Company in an area that we are confident will develop and be recognised as an important mineral province in the years ahead".

ABOUT MEDUSA MINING LIMITED

Medusa Mining Limited ("Medusa" or the "Company"), a public company listed on the ASX, AIM and the TSX, is an Australian based gold producer, focussed solely on the Philippines.

With current mineral resources comprising indicated 580,000 ounces of gold and inferred 1,310,000 ounces of gold, Medusa's corporate strategy is to become a mid-tier, 300,000 to 400,000 ounce per year, low-cost gold producer.

The Company is currently expanding its high grade Co-O Mine operations (indicated resources 580,000 ounces of gold inclusive of a probable reserve of 500,000 ounces of gold, and inferred resources 660,000 ounces of gold) to increase its forecast production to 100,000 ounces per year in 2010, and is conducting near mine exploration to assess the possibilities of further expansion to 200,000 ounces per year. 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 Bananghilig Deposit (inferred resource of 650,000 ounces of gold) recently added and which is expected to expand, potentially in conjunction with nearby discoveries.

Further potential upside exists in the discovery of substantial copper deposits within the tenement holding of more than 800 km2.

DISCLAIMER

This announcement may contain certain forward-looking statements. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan' and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. 

Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Medusa, and its officers, employees, agents and associates, that may cause actual results to differ materially from those expressed or implied in such statements. 

Actual results, performance or outcomes may differ materially from any projections and forward-looking statements and the assumptions on which those assumptions are based.

You should not place undue reliance on forward-looking statements and neither Medusa nor any of its directors, employees, servants or agents assume any obligation to update such information.

ABN: 60 099 377 849

Contact Information

  • Australia
    Medusa Mining Limited
    Geoffrey Davis, Managing Director
    +61 8 9367 0601
    or
    Australia
    Medusa Mining Limited
    Roy Daniel, Finance Director
    +61 8 9367 0601
    +61 8 9367 0602 (FAX)
    admin@medusamining.com.au
    www.medusamining.com.au
    or
    United Kingdom
    Fairfax I.S. PLC
    Nominated Adviser and Broker
    Ewan Leggat/Laura Littley
    +44 (0)20 7598 5368
    or
    United Kingdom
    Lothbury Financial Services Limited
    Michael Padley/Libby Moss
    +44 (0)20 7868 2567
    or
    Canada
    Nicholas Sayce
    Investor Relations
    +1 416 822 4404