Medusa Mining Limited

Medusa Mining Limited

October 06, 2010 04:15 ET

Medusa Mining Limited: Confirmation of Dividend Payment

COMO, WESTERN AUSTRALIA--(Marketwire - Oct. 6, 2010) - Further to the announcement on 1 September 2010, the Directors of Medusa Mining Limited ("Medusa" or the "Company") (TSX:MLL)(ASX:MML)(AIM:MML) are pleased to advise that at the general meeting of members held this morning the resolution was unanimously passed to amend the Company's Constitution to remove the restriction that dividends can be paid only out of profits of the Company. 

Accordingly, the Board confirms an unfranked dividend payment of A$0.05 per share which will be paid out of the Company's operating cash flow, and not out of the profits of the Company.

The relevant dates for the dividend are as follows:

Dividend Record Date : 15 October 2010
Ex-Dividend Date (ASX and AIM purposes) : 11 October 2010
Ex-Dividend Date (TSX purposes) : 12 October 2010
Dividend Payment Date : 8 November 2010

There is no foreign conduit income attributed to the dividend.

Managing Director, Geoff Davis said:

"It is with a sense of satisfaction that the Board regards today as being a milestone in the Company's growth as it has become a dividend payer. This is the culmination of nearly seven years of work since listing in December 2003 as a small explorer with a market capitalisation of A$5 million. Based on today's share price in a high gold price environment, the Company has a market capitalisation of approximately A$1 billion. This is certainly an achievement of which all stakeholders in Medusa can be proud.

The Company considers the payment of this dividend an appropriate way of rewarding the loyalty and commitment of its shareholders."

ABN: 60 099 377 849

Contact Information

  • Australia
    Medusa Mining Limited
    Geoffrey Davis
    Managing Director
    +61 8 9367 0601
    Medusa Mining Limited
    Roy Daniel
    Finance Director
    +61 8 9367 0601
    United Kingdom
    Fairfax I.S. PLC
    Ewan Leggat/Laura Littley
    Nominated Adviser/ Broker
    +44 (0)20 7598 5368
    Lothbury Financial Services Limited
    Michael Padley/Libby Moss
    +44 (0)20 7868 2010
    Nicholas Sayce
    Investor Relations
    +1 416 822 4404