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

Medusa Mining Limited

May 23, 2010 23:37 ET

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

COMO, WESTERN AUSTRALIA--(Marketwire - May 23, 2010) - Further to the announcement made by Medusa Mining Limited (ASX:MML)(AIM:MML)(TSX:MLL) ("Medusa" or the "Company") on 15 April 2010, it can confirm that the process of 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") is continuing and the Company is awaiting the finalisation of documentation.

Admission of the Company's ordinary shares of nil par value to the Official List and to trading on the Main Market ("Admission") is subject to the receipt of the necessary approvals from the UK Listing Authority and the London Stock Exchange. Cancellation of trading on AIM will be simultaneous with Admission.

A further announcement will be made in due course.

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 the following reserve and resource base:



----------------------------------------------------------------------------
Inferred
Probable Reserves Indicated Resources Resources
----------------------------------------------------------------------------
Mine/
Deposit g/t g/t g/t
tonnes Au ounces tonnes Au ounces tonnes Au ounces
----------------------------------------------------------------------------

Co-O
Mine 1,041,000 14.9 500,000 1,450,000 12.3 580,000 2,290,000 9.0 660,000
----------------------------------------------------------------------------

Banan-
ghi-
lig - - - - - - 15,000,000 1.3 650,000
----------------------------------------------------------------------------
Total 1,041,000 14.9 500,000 1,450,000 12.3 580,000 17,290,000 2.3 1,310,000
----------------------------------------------------------------------------


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 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
    Medusa Mining Limited
    Roy Daniel, Finance Director
    +61 8 9367 0601
    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
    Lothbury Financial Services
    Michael Padley/Libby Moss
    +44 (0)20 7686 2010
    or
    Canada
    Nicholas Sayce, Investor Relations
    +1 416 822 4404