AGM Statement

 
TIDMMML 
 
MEDUSA MINING LIMITED 
                                                  ABN: 60 099 377 849 
 
                                            Unit 7, 11 Preston Street 
                                                       Como  WA  6152 
 
                                                           PO Box 860 
                                             Canning Bridge  WA  6153 
 
                                           Telephone:  [phone] 
                                           Facsimile:  [phone] 
 
                                    Email:  [e-mail] 
                                    Internet: www.medusamining.com.au 
 
 
                        Medusa Mining Limited 
                           (the 'Company') 
 
                       Chairman's AGM Address 
 
At today's Annual General Meeting  of Medusa Mining Limited, held  at 
the Sheraton  Perth  Hotel,  207  Adelaide  Terrace,  Perth,  Western 
Australia,  the  Chairman,  Kevin   Tomlinson,  made  the   following 
comments: 
 
"It is with a great sense of  pride that I present my annual  address 
to you, our shareholders.   As outlined in the  Annual Report by  our 
Managing Director, Geoff Davis, this has been a year filled with many 
achievements, some  of which  included new  discoveries,  significant 
resource upgrades, increased production ahead of schedule and several 
other equally important events. 
 
"Looking ahead,  in early  2010  we expect  to attain  our  immediate 
target production of 100,000 ounces annualized.  Drilling at the Co-O 
Mine and nearby veins is on-going  to define extensions with the  aim 
of increasing mine  production to  match mill  capacity.  Should  the 
drilling prove successful it could result in additional production of 
between 20,000 to 30,000 annualized ounces, at minimal capital cost. 
 
"Reflecting back  on  the  year,  in  addition  to  the  achievements 
highlighted,  the  Company  has  diversified  its  shareholder   base 
significantly, particularly on the back of the fund raising conducted 
in early  March.   The  raising has  had  significant  benefits  with 
increased liquidity and  the introduction  of a number  of funds  and 
institutional  investors   onto   the   Company's   share   register, 
culminating in the Company being  included in the S&P/ASX200 in  July 
2009. 
 
"The management team has been  very active at marketing the  "Medusa" 
story in the North American market.  They have conducted several road 
shows to Toronto and  presented at the Denver  Gold Show in order  to 
gauge investor  appetite for  the  Company.  These  initiatives  have 
emphasized to  us the  appetite for  cash generating  companies  with 
significant exploration "blue-sky" in these markets, and I think  you 
will agree, the Company has excellent exploration discovery potential 
for many years to come. 
 
"All the above achievements and activities have translated into  some 
dramatic  corporate   statistics;  one   of  which   is  our   market 
capitalization.  At the time  of last year's AGM  on 7 November,  the 
market  capitalization  of  the   Company  was  just  A$95   million, 
admittedly it was near the low point of the recent downturn, but  new 
discoveries at Co-O which were announced in December 2008,  increased 
resources  in  January  2009  followed  by  December  2008  quarterly 
production increases  triggered the  share  price climb.   Today  the 
Company's market capitalization is around  the A$650 million mark,  a 
spectacular rise indeed! 
 
"Nevertheless, we are not  intending to rest on  our laurels and  are 
continually  looking  at   ways  to   maximize  shareholder   value. 
Consequently, as a result of a combination of the above factors, I am 
pleased to  inform  you that  the  Company has  received  conditional 
approval from the Toronto Stock Exchange ("TSX") and will  officially 
list and commence trading on the TSX next Friday, 27 November  2009. 
I consider  this to  be a  significant and  major milestone  for  the 
Company and share the same view as my fellow Directors that the North 
American market will ascribe considerable  value to our cashflow  and 
to  the  potential  for  discoveries  in  our  extensive  exploration 
portfolio. 
 
"In closing, I would like to extend my sincere gratitude to our  team 
of over 1,500 people  who have contributed  to the Company's  success 
this year and to the people in  the communities in which we work.   I 
would also  like  to extend  a  hearty  thank you  to  our  long-term 
shareholders for their  continued and loyal  support and welcome  new 
shareholders who have recently invested in the Company." 
 
Kevin M Tomlinson 
Chairman 
 
ABOUT MEDUSA MINING LIMITED 
Medusa Mining Limited ("Medusa" or  the "Company"), a public  company 
listed on the  ASX and  AIM, is  an Australian  based gold  producer, 
focused solely on the Philippines. 
 
With Indicated Resources of 603,000 ounces and Inferred Resources  of 
1,427,000 ounces, 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  the high grade  Co-O Mine  operations 
(500,000 Reserve ounces at 10.8 g/t gold) to increase its  production 
capacity  to 100,000  ounces per  year, 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$200 per ounce. 
 
 A  pipe-line  of  deposits  is   now  being  established  with   the 
Bananghilig Deposit (650,000 Inferred ounces  at 1.3 g/t gold)  which 
is expected to  expand, potentially  in conjunction  with new  nearby 
discoveries. 
 
Further potential  upside exists  in  the  discovery  of  substantial 
copper deposits within the tenement holding of > 800km2. 
 
                                                   18th November 2008 
For further information, please contact: 
 
 
Medusa Mining Limited                   [phone] 
Geoffrey Davis, Managing Director 
Roy Daniel, Finance Director 
Fairfax I.S. PLC 
(Nominated Adviser/Joint Broker)        [phone] 
Ewan Leggat 
Mirabaud Securities Limited 
(Joint Broker)                          [phone] 
Peter Krens 
Lothbury Financial                      [phone] 
Michael Padley/Libby Moss 
 
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