MML Medusa Mining

    Director's Shareholding and Exercise of Options
             



15 September 2008

                        MEDUSA MINING LIMITED
                     ("Medusa" or the "Company")
                             (AIM: MML)


                       DIRECTOR'S SHAREHOLDING

                         EXERCISE OF OPTIONS


Application has been made for the admission to trading on AIM of
250,000 ordinary shares of no par value of the Company with admission
expected to take place on 18 September 2008.

The shares have been issued following the exercise of options by
Kevin Tomlinson, Non-Executive Chairman at A$0.72 per share.
Following the exercise of these options Mr Tomlinson has an interest
in 282,950 shares in the Company which is equal to 0.19% of the
issued share capital of the Company.

Following the issue of these shares, Medusa will have a total of
145,307,548 ordinary shares with voting rights in issue.


For further information, please contact:


Medusa Mining Limited                   +61 8 9367 0601
Geoffrey Davis, Managing Director
Roy Daniel, Finance Director

Fairfax I.S. PLC                        +44 (0)20 7598 5368
Nominated Adviser/Joint Broker
Ewan Leggat

Mirabaud Securities Limited             +44 (0)20 7321 2508
Joint Broker
Peter Krens / Rory Scott

Lothbury Financial                      +44 (0)20 7011 9411
Michael Padley / Louise Davis

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