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

Medusa Mining Limited

February 14, 2010 23:31 ET

Medusa Mining Limited: Appointment of Director

COMO, WESTERN AUSTRALIA--(Marketwire - Feb. 14, 2010) - The Directors of Medusa Mining Limited (TSX:MLL)(ASX:MML)(AIM:MML), are pleased to announce the appointment of Mr Andrew Boon San Teo as a Non-Executive Director of the Company. 

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 will also assume the Chairman's role of the Audit Committee and serve as a member of the Remuneration Committee. 

In further developments, the Board of Medusa is currently in discussions with several candidates for the role of Non-Executive Chairman and Mr Hepburn-Brown has agreed to act as Non-Executive Chairman in the interim.

Geoffrey Davis, Managing Director of Medusa, commented: 

"The Company is committed to ensuring the highest standards of corporate governance and we are positive that the appointment of Andrew with his business acumen and proven financial track record across several industries will complement those of my fellow board members.

The Company is currently in an exciting growth phase and we look forward to Andrew's valuable contribution as the Company embarks towards further expansion and growth."

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 > 800km2.

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
    www.medusamining.com.au
    or
    United Kingdom
    Fairfax I.S. PLC
    Nominated Adviser/Joint Broker
    Ewan Leggat
    +44 (0)20 7598 5368
    or
    United Kingdom
    Lothbury Financial
    Michael Padley/Libby Moss
    +44 (0)20 7011 9411
    or
    Canada
    Nicholas Sayce
    Investor Relations
    +1 416 822 4404