Co-O Mine Drilling Update

 
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:  618-9367 0602 
 
                                               Email:  [e-mail] 
                                              Internet:  www.medusamining.com.au 
 
 
                                                                    ANNOUNCEMENT 
 
                                                                    30 June 2010 
 
                           Co-O MINE DRILLING UPDATE 
 
Medusa Mining Limited (ASX and AIM - MML; TSX - MLL) ("Medusa" or the 
"Company"), through its Philippines operating company Philsaga Mining 
Corporation ("Philsaga"), announces an update of the Co-O Mine surface drilling 
results for previous hole MD 237 and new holes MD 241 to MD 260, results from 
underground drilling and an update on regional drilling around the Co-O Mine. 
 
Highlights include: 
 
+---------------+------------+-----------------+ 
|   Hole Number |    Width   |   Grade (uncut) | 
|               |   (metres) |    (g/t gold)   | 
+---------------+------------+-----------------+ 
|     MD 237    |     1.00   |      26.83      | 
+---------------+------------+-----------------+ 
|     MD 241    |     2.00   |      23.35      | 
+---------------+------------+-----------------+ 
|     MD 244    |     1.00   |      22.13      | 
+---------------+------------+-----------------+ 
|     MD 252    |     1.20   |      28.74      | 
+---------------+------------+-----------------+ 
|     L4-005    |     1.70   |      54.41      | 
+---------------+------------+-----------------+ 
|     L5-001    |     1.95   |      36.39      | 
|               +------------+-----------------+ 
|               |     1.25   |      23.76      | 
|               +------------+-----------------+ 
|               |     4.00   |      64.54      | 
+---------------+------------+-----------------+ 
 
  Several  drill holes on the north side of  the vein system to the north of the 
Royal  Vein indicate the possible discovery  of a new vein(s) with intersections 
including  0.40 metres at 17.30 g/t  gold, 0.25 metres at  16.87 g/t gold, 0.20 
metres at 16.11g/t gold, 0.35 metres at 10.59 g/t gold and 3.10 metres at 15.37 
g/t gold. 
 
  Geoff Davis, Managing Director of Medusa, commented: 
 
   "These   excellent   surface  and  underground  drilling  results  are  being 
incorporated into a new resource estimate expected to be completed and announced 
in  the latter part of  July 2010. As an increasing  amount of resource drilling 
will  be undertaken from underground  at the Co-O mine  some of the surface rigs 
will  be allocated to other projects. An updated reserve estimate is expected to 
be announced in August 2010." 
   Co-O MINE DRILLING 
 
 Discussion 
 
 Figure  1 (please see the link  at the end of  this announcement) shows all the 
new Co-O Mine MD series diamond drill holes from MD 241 to 260 totalling 13,993 
metres  completed since 29 March 2010, and Figure  2 (please see the link at the 
end  of  this  announcement)  shows  the  recently  completed  underground holes 
totalling 4,865 metres. Both sets of drill results are being incorporated into a 
new  resource estimation  expected to  be completed  in the  latter part of July 
2010. Results   are  awaited  for  drill  holes  MD  258 and  259. A  number  of 
underground  holes  (L2-001  to  10) were drilled for geological/pre-development 
purposes and are not included in this report. 
 
 A significant amount of the drilling has been undertaken in the vicinity of and 
east  of the Tinago 3 -compartment shaft  which is undergoing rehabilitation and 
is  expected to  be connected  with the  Level 3 workings.  The purpose  of this 
drilling  is to determine if there is mineralisation nearby that can be accessed 
from this shaft. 
 
 A  possible new vein(s) discovery is indicated by intersections to the north of 
the  Royal Vein which have been returned  from MED 244 (0.40 metres at 17.20 g/t 
gold  and 1.00 metre at  3.14 g/t gold), MED  252 (0.25 metres at 16.87 g/t gold 
and  0.20 metres at 16.11 g/t gold), and EXP 028 (0.35 metres at 10.59 g/t gold, 
1.00 metre  at 1.37 g/t gold  and 0.20 metres at  2.39 g/t gold)) in conjunction 
with  a deep  intersection in  MD 68 which  intersected 3.10 metres at 15.37 g/t 
gold at approximately 500 metres below Level 1 (announced 3 June 2008). 
 
 Drill results 
 
 Table I lists the surface diamond drilling results greater than 3 g/t gold from 
the  Co-O Mine for new drill holes from  MD 241 to MD 260 as well as results not 
previously  reported for  some earlier  holes. Drill  hole MD 246 was terminated 
early due to drilling difficulties. 
 
 Table  II lists underground drill hole results. In Table II, hole L5-006 is the 
siter  hole  for  the  new  6W inclined  internal  shaft which is expected to be 
completed to a depth of 60 metres early in the next quarter. 
 
 Previous reports containing intersections for holes numbered MD 217 to 240 were 
published  on 29 March 2010, for holes below MD 217 were announced on 18 January 
2010, 1 July 2009, 1 December 2008 and 12 August 2008. In 2007 the announcements 
are dated 9 July, 15 May and 28 February. 
 
 Results  down  to  0.2 metres  wide  are reported since underground development 
shows that in many cases as the veins approach cross-cutting faults, they narrow 
down  on both sides  of the fault  over 5 to 10 metres  before widening out, and 
hence  the  narrower  intersections  are  important in defining vein continuity. 
There is also some pinching and swelling of veins along strike. Most drilling is 
sub-parallel  to the fault direction and rarely intersects the faults, which are 
subsequently identified by underground on-vein development. 
 
 Drill  hole collar positions  are surveyed by  a qualified surveyor and surface 
drill  holes  are  surveyed  downhole  at  regular  intervals  using  a  digital 
multi-shot downhole camera. 
 
 It  is important to note that the drilling of narrow epithermal veins generally 
provides  an indication of the presence of the gold mineralised vein but may not 
always  provide good quantitative data with respect to accurate grade and volume 
estimations for some or all of the following reasons: 
 
  * Veins commonly pinch and swell and may be brecciated or displaced by faults; 
 
  * Gold distribution may be erratic; and 
 
  * Drill core recovery may be reduced because of the brecciation and soft 
    unconsolidated material and  hence the recovered material may not be 
    representative of the material drilled. 
 
 
 Consequently,  the Company regards the initial  drilling as indicative only and 
operates  the policy of using drilling to  locate the position and extent of the 
mineralised  veins. This is then followed  by on-vein development to support the 
drilling  results and to provide  a more accurate estimate  of vein grades which 
can result in the upgrading of the resource category from Inferred to Indicated. 
The on-vein development supports the estimation of resources and facilitates the 
conversion of resources to reserves. 
 
  Table I. Surface drill hole results >3 g/t gold and >0.2 metres downhole for 
new holes MD 241 to MD 260 and complete assays for a previously partly reported 
hole designated * 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|Hole number| East |North |Dip|Azimuth|  From  | Width  |Grade (uncut)| 
|           |      |      |( °)|  ( °)  |(metres)|(metres)| (g/t gold)  | 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|MD 237*    |613812|913203|-49|  176  |   52.70|    0.30|    14.80 (*)| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  299.50|    1.15|    14.10 (*)| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  331.20|    1.00|    26.83 (*)| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|MD 241     |614136|912992|-45|  193  |  278.10|    2.00|        23.35| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  308.90|    0.60|        35.45| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  351.90|    0.30|        46.08| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  404.80|    0.65|         7.16| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|MD 243     |613498|913330|-64|  180  |  629.40|    0.25|     4.59 (*)| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|MD 244     |614130|913231|-60|  180  |   65.90|    0.40|        17.20| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |   77.75|    1.00|         3.14| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  143.00|    0.20|         3.82| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  198.70|    0.25|        11.80| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  205.20|    0.50|         4.52| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  256.40|    0.75|        17.95| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  276.80|    1.00|         7.60| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  356.50|    0.80|        15.52| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  380.10|    1.00|        22.13| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|MD 245     |613721|913204|-47|  180  |  130.60|    0.20|    17.73 (*)| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  298.60|    0.95|     8.82 (*)| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  469.00|    0.35|     4.50 (*)| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  502.70|    0.25|     8.82 (*)| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|MD 247     |613640|913131|-45|  191  |  376.00|    1.15|     5.50 (*)| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|MD 248     |613392|913196|-45|  190  |  481.30|    0.30|    98.03 (*)| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|MD 251     |613704|913778|-47|  179  |  231.70|    0.40|    89.17 (*)| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|MD 252     |614292|913157|-45|  200  |   65.75|    0.25|        16.87| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |   77.10|    0.20|        16.11| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  220.90|    1.50|     5.86 (*)| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  441.70|    0.60|     4.23 (*)| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  495.30|    1.20|    28.74 (*)| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  531.30|    1.40|     4.54 (*)| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|MD 254     |613644|913082|-46|  184  |  434.80|    0.45|     3.87 (*)| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  443.20|    0.30|     9.47 (*)| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  498.05|    0.35|    22.60 (*)| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|MD 260     |613450|913207|-67|  148  |  413.50|    1.00|     6.57 (*)| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
 
  Notes: 
  (i)     Intersection widths are downhole drill widths not true widths; 
  (ii)    Assays denoted by (*) are by Philsaga Mining Corporation's laboratory, 
all other assays are by McPhar Geoservices Inc. in Manila; 
  (iii)   Grid coordinates based on the Philippine Reference System 92. 
 
 
  Table II. Underground drill hole results >3 g/t gold and >0.2 metres downhole. 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|Hole number| East |North |Dip|Azimuth|  From  |  Width  |Grade (uncut)| 
|           |      |      |( °)|  ( °)  |(metres)|(metres) | (g/t gold)  | 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|LEVEL 2    |      |      |   |       |        |         |             | 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L2-011     |613875|913054| 3 |  72   |   46.30|     0.25|    12.53 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |   92.20|     0.40|    29.30 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |  103.30|     0.30|    10.60 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L2-014     |613350|912801| 3 |   0   |   69.75|     0.40|    28.27 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |   86.00|     0.70|    38.16 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |  152.05|     0.65|    18.33 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L2-015     |613368|912785| 3 |  10   |   86.00|     0.70|    29.00 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |   89.65|     0.30|    13.10 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |  159.70|     0.35|     7.80 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|LEVEL 3    |      |      |   |       |        |         |             | 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L3-003     |613258|912846| 3 |  59   |    3.20|     1.55|     4.31 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |  121.00|     0.25|     7.25 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L3-004     |613376|912985| 3 |  327  |   21.20|     0.90|     3.09 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L3-005     |613477|912930| 3 |  42   |   87.25|     1.35|     7.20 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L3-006     |613475|912929| 3 |  322  |    8.10|     0.25|    21.83 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L3-008     |613913|913028| 3 |  23   |   87.70|     0.20|     4.00 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |  103.10|     4.20|     4.98 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|LEVEL 4    |      |      |   |       |        |         |             | 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L4-002     |613923|912905| 3 |  157  |   56.25|     0.75|     5.03 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |   98.30|     0.30|     7.53 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L4-003     |613924|912905| 3 |  167  |   95.70|     0.35|    18.80 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L4-004     |613923|912905| 3 |  157  |    Wait|         |             | 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L4-005     |613758|912749| 3 |  32   |   22.30|     1.70|    54.41 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |   27.70|     0.90|    10.07 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L4-006     |613760|912748| 3 |  47   |   31.50|     1.10|    11.53 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |  137.20|     1.20|     5.41 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L4-007     |613757|912749| 3 |  352  |   12.60|     1.00|    10.22 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|LEVEL 5    |      |      |   |       |        |         |             | 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L5-001     |613880|912749|-60|  346  |   28.00|     0.30|     9.67 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |   29.95|     1.95|    35.39 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |   34.50|     0.20|    33.80 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |   39.45|     1.25|    23.76 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |   44.80|     4.00|    64.53 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |   51.45|     1.25|     5.36 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L5-003     |613888|912794| 3 |   0   |   57.40|     2.30|    12.40 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |   82.15|     0.25|    11.60 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |   99.00|     2.00|     3.70 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L5-004     |613885|912794| 3 |  342  |   90.50|     3.10|    14.61 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |  116.00|     0.40|     5.60 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L5-005     |613883|912793| 3 |  330  |   55.80|     2.05|     6.43 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |   58.50|     0.60|    14.37 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |  258.90|     1.40|     3.20 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L5-006     |613885|912789|-70|  168  |   48.20|     0.70|    56.87 (*)| 
|           |      |      |   |       +--------+---------+-------------+ 
|           |      |      |   |       |   50.45|     2.80|    18.11 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
|L5-007     |613885|912789|-56|  168  |   37.75|     6.50|    12.24 (*)| 
+-----------+------+------+---+-------+--------+---------+-------------+ 
 
  Notes: 
  (i)     Intersection widths are downhole drill widths not true widths; 
  (ii)    Assays denoted by (*) are by Philsaga Mining Corporation's laboratory, 
all other assays are by McPhar Geoservices Inc. in Manila; 
  (iii)   Grid coordinates based on the Philippine Reference System 92. 
 
 
 Co-O REGIONAL DRILLING 
 
 Discussion 
 
 Using  the  Co-O  Mine  as  a  model,  drill testing commenced in the September 
quarter of 2009 on veins in the vicinity of the Co-O Mine. 
 
 The  Co-O vein system outcrops  at surface on the  western side of the Oriental 
Fault,  where it was first  discovered. The veins at  surface rarely exceed 0.5 
metres  width and  generally assay  around 1 to  5 g/t gold  (with possibly some 
supergene  enrichment which  is an  increased concentration  of minerals  due to 
weathering  of the near  surface mineralisation). Gold  values start to increase 
significantly approximately 80 metres below surface. 
 
 Figure  3 (please  see  the  link  at  the  end of this announcement) shows the 
positions  of the  28 holes completed  to date.  Results for EXP 001 to 012 were 
announced  on 17 December 2009 and an update to EXP 022 was provided on 19 March 
2010. A  total of 5,189.6 metres have been completed in the seven holes EXP 022 
to 028. Table III shows the results >1g/t gold for holes EXP 022 to 028. 
 
  Table III. Regional drill hole results >1g/t gold and >0.2 metres downhole for 
holes EXP 22-28. 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|Hole number| East |North |Dip|Azimuth|  From  | Width  |Grade (uncut)| 
|           |      |      |( °)|  ( °)  |(metres)|(metres)| (g/t gold)  | 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|EXP 024    |613551|914075|-47|  270  |  547.40|    1.00|     2.48 (*)| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|EXP 027    |613941|913554|-55|  155  |  683.00|    0.25|     2.12 (*)| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|EXP 028    |614180|913559|-56|  157  |  704.70|    0.35|    10.59 (*)| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
|           |      |      |   |       |  707.80|    1.00|     1.37 (*)| 
|           |      |      |   |       +--------+--------+-------------+ 
|           |      |      |   |       |  724.90|    0.20|     2.39 (*)| 
+-----------+------+------+---+-------+--------+--------+-------------+ 
  Notes: 
  (i)     Intersection widths are downhole drill widths not true widths; 
  (ii)    Assays denoted by (*) are by Philsaga Mining Corporation's laboratory, 
all other assays are by McPhar Geoservices Inc. in Manila; 
  (iii)   Grid coordinates based on the Philippine Reference System 92. 
 
 ON-GOING DRILL PROGRAMME 
 
 It is intended that the number of rigs which will continue drilling on the Co-O 
Mine  and surrounding area  will be rationalised  to four or  five rigs over the 
next  few months as some  of the rigs are  planned to be transferred to commence 
feasibility study related drilling at the Bananghilig Deposit. 
 An increasing amount of resource drilling in the vicinity of the Co-O Mine will 
be  undertaken  using  the  four  underground  drill  rigs as drill stations and 
positions are opened up. 
 
 DRILL HOLE SAMPLING AND ASSAYING PROCEDURES 
 
 Samples  were  taken  from  mainly  HQ  sized (hole outside diameter 96mm, hole 
inside  diameter 63.5mm) and some  NQ sized (hole  outside diameter 75.8mm, hold 
inside diameter 47.6mm) drill core. The selected sample intervals were halved by 
diamond  saw and half  the core was  bagged, numbered and  sent to the Company's 
laboratory.  In a small number  of cases to confirm  the geological logging, the 
selected interval was re-split and Å? core re-submitted for assay. 
 
 Initial sample preparation and assaying was undertaken at the Company's on-site 
laboratory.  Samples were dried at 105 ºC for  6 to 8 hours, crushed to less than 
1.25 cm  by jaw crusher, re-crushed to less  than 3 mm using a secondary crusher 
followed by ring grinding of 700 to 800 grams of sample to nominal particle size 
of  less  than  200 mesh.  Barren  rock  wash  is  used  between  samples in the 
preparation  equipment.  The  samples  were  assayed  by  fire assay with Atomic 
Absorption  Spectrometer (AAS) finish on a 30 gram sample. All assays over 5 g/t 
gold  were  re-assayed  using  gravimetric  fire  assay  techniques on a 30 gram 
sample. 
 
 Check  assaying of the majority of samples used in the resource estimate update 
and  which  contain  more  than  0.5 metres  at  more  than 2 g/t gold have been 
undertaken by McPhar Geoservices Phils Inc ("McPhar"), a NATA and ISO 9001/2000 
accredited  laboratory in Manila. The pulps were airfreighted to McPhar who fire 
assayed  30 grams of sample  using AAS finish  and a selected  number of samples 
were  checked  using  gravimetric  fire  assay techniques. Duplicate samples and 
standards are included in each batch of check samples. 
 
 When reporting results, where available, the assays of McPhar as an independent 
laboratory have been given priority over the Company laboratory's results. 
 
For further information please contact: 
 Australia 
 
 Medusa Mining Limited                      [phone] 
 
 Geoffrey Davis, Managing Director 
 
 Roy Daniel, Finance Director 
 
 
 United Kingdom 
 
 Fairfax I.S. PLC                           [phone] 
 
 Nominated Adviser and Broker 
 
 Ewan Leggat/Laura Littley 
 
 
 Lothbury Financial Services                [phone] 
 
 Michael Padley/Libby Moss 
 
 
 Canada 
 
 Nicholas Sayce, Investor Relations         [phone] 
 
 
Information in this report relating to Exploration Results has been reviewed and 
is  based on  information compiled  by Mr  Geoff Davis,  who is  a member of The 
Australian  Institute of  Geoscientists. Mr  Davis is  the Managing  Director of 
Medusa  Mining Limited  and has  sufficient experience  which is relevant to the 
style  of mineralisation  and type  of deposits  under consideration  and to the 
activity  which he is undertaking to qualify  as a "Competent Person" as defined 
in  the  2004 Edition  of  the  "Australasian  Code for Reporting of Exploration 
Results,  Mineral Resources  and Ore  Reserves" and  is a  "Qualified Person" as 
defined   in   "National   Instrument   43-101" of   the   Canadian   Securities 
Administrators.  Mr Davis consents to the inclusion in the report of the matters 
based on his information in the form and context in which it appears. 
 
Refer to the Technical Report which was filed on www.sedar.com in March 2010 for 
further discussion of the Co-O Deposit's geology, structural controls, drilling, 
sampling  and  assaying  information,  and  any  known  material  environmental, 
permitting, legal, title, taxation, socio-political, marketing or other relevant 
issue. 
 
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. 
 
 
 
 
 
[HUG#1428340] 
 
 
 
 
 
    Co-O Mine Drilling Update Accompanying Images: http://hugin.info/138050/R/1428340/375734.pdf 
 
 
 
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(ii) they are solely responsible for the content, accuracy and originality of the information contained therein. 
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Source: Medusa Mining Ltd via Thomson Reuters ONE