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: +618-9367 0601 
 
                                                       Facsimile: +618-9367 0602 
 
 
                                                Email: admin@medusamining.com.au 
 
                                               Internet: www.medusamining.com.au 
 
                                                                    ANNOUNCEMENT 
 
                                                                 29 October 2010 
 
                   Co-O DRILLING HIGHLIGHTS GROWTH POTENTIAL 
 
  Medusa Mining Limited (ASX and LSE - 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 259 and new holes MD 261 to MD 279, 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 263    |        4.25 |            10.99 | 
    +----------------+-------------+------------------+ 
    |      MD 264    |        3.00 |           121.44 | 
    +----------------+-------------+------------------+ 
    |      MD 275    |        5.30 |            12.89 | 
    +----------------+-------------+------------------+ 
    |      MD 279    |        1.00 |           321.17 | 
    +----------------+-------------+------------------+ 
    |      L3-009    |        1.85 |            12.77 | 
    +----------------+-------------+------------------+ 
    |      L5-008    |        0.70 |            56.63 | 
    +----------------+-------------+------------------+ 
    |      L5-012    |        1.65 |           114.82 | 
    +----------------+-------------+------------------+ 
    |      EXP 37    |        1.00 |            29.53 | 
    +----------------+-------------+------------------+ 
 
   The Royal Vein set is now being delineated by drilling and development along 
the northern side of the Co-O Mine resource model and has been extended 
westwards to the Tinago Shaft. 
 
  A new vein set named the North Tinago Veins and located to the north of the 
Royal Vein set is currently being delineated on surface following initial drill 
intersections of up to 2.90 metres at 8.08 g/t gold, and on a different vein, 
1.00 metre at 29.53 g/t gold. 
 
  Geoff Davis, Managing Director of Medusa, commented: 
 
   "The Co-O Vein system continues to grow, as evidenced by the recognition and 
delineation of the North Tinago Vein set. Drilling of the Royal Vein set 
indicates they start at shallow depths and extend the full distance along the 
north side of the mine resource model from east of the Saga Shaft westward to 
the Tinago Shaft area, although infill drilling and development is on-going to 
confirm this interpretation. 
 
   In addition, surface work is delineating new veins at West Tinago and the 
vein system at Gamuton is shaping up to be more extensive than previously 
thought. These will be systematically drilled to determine their potential. 
 
   These new discoveries have the potential to significantly increase the mining 
area." 
 
 
 
 
 
  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 261 to 289 totalling 16,700 
metres completed since the last announcement on 30 June 2010, and Figure 2 
(please see the link at the end of this announcement) shows the recently 
completed underground holes totalling 4,865 metres. 
 
  Following the announcement of the discovery of additional Royal Veins on 30 
June 2010, a further set of veins, the North Tinago vein set, has been 
recognised to the north of the Royal Vein set and is being delineated by surface 
mapping and trenching work and by on-going drilling. 
 
  Drill results 
 
   Table I lists  the surface diamond  drilling results greater  than 3 g/t gold 
from  the Co-O  Mine for  drill holes  MD 261 to  MD 279 as  well as results not 
previously reported for some earlier holes. Results are awaited for MD 261, 262 
and holes MD 280-289. 
 
   Previous reports were  published for holes  numbered MD 241 to 260 on 30 June 
2010, for  MD 217 to 240 on 29 March 2010, for  holes below MD 217 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. 
 
   Table II lists  underground drill hole  results since 30 June 2010. Completed 
holes  drilled include L2-016 to 031, L3-009 to 011, L5-008 to 013 and L1-001 to 
004 for  a total of 3,815 metres. Assays are awaited for holes L2-017, L3-025 to 
031, L3-009, L5-011, L5-013 and L1-001 to 004. 
 
   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 and 
which results in the upgrading of the resource category from Inferred to 
Indicated. The 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 261 to MD 279 and complete assays for a previously partly reported 
hole designated * 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|Hole      |      |      |       | Azimuth  |   From    |   Width   |  Grade   | 
|number    | East |North |Dip ( °)|   ( °)    | (metres)  | (metres)  | (uncut)  | 
|          |      |      |       |          |           |           |(g/t gold)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|MD 259*   |      |      |       |          |     323.70|       3.20|      6.72| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |614342|913119|  -45  |   178    |     480.25|       3.10|      5.46| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     498.05|       0.25|      4.40| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|MD 263    |613632|913113|  -56  |   206    |     167.45|       4.25|     10.99| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|MD 264    |614293|913082|  -49  |   187    |      44.95|       0.20|     11.36| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      47.80|       0.20|      7.09| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      53.60|       0.35|      5.93| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     333.60|       0.25|      4.58| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     344.45|       0.35|      5.35| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     368.00|       0.20|     17.50| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     390.60|       0.50|      6.75| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     409.50|       0.20|      3.74| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     429.60|       1.25|      7.36| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     436.10|       0.20|      4.66| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     440.60|       0.20|      3.90| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     457.60|       0.25|      8.36| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     495.35|       3.00|    121.44| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     622.70|       0.55|     45.03| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|MD 267    |614221|913026|  -90  |    0     |      30.95|       0.30|      4.00| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|(Saga     |      |      |       |          |           |           |          | 
|Shaft     |      |      |       |          |      33.45|       0.30|      6.97| 
|hole)     |      |      |       |          |           |           |          | 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      40.40|       0.35|     10.80| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      46.95|       2.30|      4.85| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     134.35|       0.25|      9.85| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     136.90|       0.20|     21.72| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     248.10|       2.50|      6.15| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     294.20|       0.80|     15.26| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     455.95|       0.25|      8.20| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|MD 268    |613605|913181|  -51  |   208    |     215.90|       0.40|  3.13 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|MD 271    |614267|913151|  -52  |   178    |     188.60|       0.45|  6.10 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     373.40|       0.25|  4.37 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     392.10|       1.05| 18.34 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     410.00|       0.20| 16.90 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|MD 272    |614286|913131|  -52  |   180    |      46.00|       0.25| 15.50 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      49.15|       0.20|     13.58| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      55.10|       1.30|      9.75| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      58.25|       0.45|     23.63| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|MD 275    |614314|913189|  -52  |   180    |      49.65|       1.00|  3.82 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      53.00|       5.30| 12.89 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     259.05|       1.65|  3.52 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     426.35|       1.00|  9.80 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|MD 279    |614450|912996|  -73  |   185    |     383.70|       1.40|  6.90 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     479.35|       1.35|  6.14 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     504.70|       0.80|  3.37 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     520.85|       1.00|321.17 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     526.55|       1.00|  3.92 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     530.30|       0.85|  5.97 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     626.10|       0.40| 24.86 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     631.25|       3.65|  9.83 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     678.40|       0.50|  5.57 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
 
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      |      |      |       | Azimuth  |   From    |   Width   |  Grade   | 
|number    | East |North |Dip ( °)|   ( °)    | (metres)  | (metres)  | (uncut)  | 
|          |      |      |       |          |           |           |(g/t gold)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|LEVEL 2   |      |      |       |          |           |           |          | 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|L2-020    |613574|912921|   3   |   356    |      12.30|       0.30| 22.70 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|L2-022    |613578|912912|   3   |    25    |       3.60|       0.25|  4.21 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      18.20|       1.20|  3.63 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|LEVEL 3   |      |      |       |          |           |           |          | 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|L3-009    |613913|913028|   3   |    30    |     151.50|       1.85| 12.77 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|L3-010    |613911|913029|   3   |   320    |       6.85|       0.55|  6.57 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      98.90|       0.80| 26.80 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|L3-011    |613783|913008|   3   |    4     |       1.70|       0.55| 15.53 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      20.85|       0.50|  7.50 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|LEVEL 5   |      |      |       |          |           |           |          | 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|L5-008    |613887|912791|  -61  |    0     |       5.90|       0.70| 56.63 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      15.90|       0.30| 22.93 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      42.80|       0.40|  3.19 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      56.00|       0.80|   5.61(*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|L5-009    |613889|912790|  -28  |   133    |       1.70|       1.00|  8.90 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      12.40|       0.50|  5.90 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |      40.70|       0.60| 23.72 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|L5-010    |613888|912793|  -28  |    4     |      33.50|       0.90|  5.37 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     147.95|       1.00|  8.45 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|L5-012    |613885|912794|  -27  |   342    |      77.60|       0.40| 20.07 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     103.70|       1.65|114.82 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
 
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 
 
   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 Central Vein 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 on 
the  Central Vein start to  increase significantly approximately 80 metres below 
surface. 
 
  It should also be noted that the drilling in the late 1980s and early 1990s to 
locate  the veins  east of  the Oriental  Fault intersected  clay - minor silica 
alteration  zones up dip from the high grade veins, and returned assays up to 1 
g/t  gold which were  considered inconsequential at  the time. Hence the Company 
carefully  evaluates  the  importance  of  low assays in geologically favourable 
settings. 
 
   Figure 3 (please  see the  link at  the end  of this  announcement) shows the 
positions  of the  37 holes completed  to date.  Results for EXP 001 to 012 were 
announced  on 17 December 2009, an update up to EXP 022 was provided on 19 March 
2010, and  results for  holes EXP  022 to 028 were  provided on  30 June 2010. A 
total  of 6935.9 metres have been  completed in the nine  holes EXP 029 to 037. 
Table  III shows the  results >1 g/t  gold for holes  EXP 029 to 037. Assays are 
awaited for EXP 036 and below 381 metres in EXP 037. 
 
 
   Table III. Regional drill hole results >1g/t gold and >0.2 metres downhole 
for holes EXP 028-036. 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|Hole      |      |      |       | Azimuth  |   From    |   Width   |  Grade   | 
|number    | East |North |Dip ( °)|   ( °)    | (metres)  | (metres)  | (uncut)  | 
|          |      |      |       |          |           |           |(g/t gold)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|EXP 034   |613556|913775|  -47  |   180    |     344.70|       0.80|  1.04 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     435.10|       1.95|  2.26 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     520.00|       0.75|  3.03 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |          |     688.60|       1.35|  4.88 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|EXP 035   |613854|913775|  -47  |   180    |     728.10|       2.90|  8.08 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|          |      |      |       |  Incl.   |     729.40|       1.60| 12.26 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
|EXP 037   |613573|913975|  -47  |   270    |     195.50|       1.00| 29.53 (*)| 
+----------+------+------+-------+----------+-----------+-----------+----------+ 
 
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. 
 
  DISCUSSION 
 
   The results from EXP034  and 035 (Fig. 3) (please see  the link at the end of 
this  announcement) indicate the presence of  multiple veins in this vicinity at 
depth, and to date two of these appear to have been located on surface, being NT 
1 and  NT 2. Surface mapping and trenching is  now being used to track the veins 
on surface and to target delineation drilling. 
 
  Veins NT 3A, 3B and NT 4 to the southeast are also being delineated by surface 
trenching and mapping in preparation for further drilling. 
 
   Hole  EXP  037 appears  to  have  intersected  a  well  mineralised, possibly 
northwest-trending vein. 
 
  The Royal Vein set is now interpreted to extend along the entire length of the 
northern  side of  the current  vein resource  model. Importantly they appear to 
start  at  shallow  depths  (and  may  indeed  outcrop or subcrop below the soil 
horizon)  as indicated by numerous shallow  drill hole intersections in holes MD 
264, 267, 272 and 275, development on Level 3 at the eastern end of the mine and 
recently  commenced development  from the  Tinago Shaft  end on Level 1, heading 
eastwards. 
 
   The recognition  of the  continuity of  the Royal  Vein set and the new North 
Tinago  Vein  set  adds  considerable  potential  for  the  mine  to  expand the 
underground  workings further to the north  of the current operations, initially 
at shallow depths. 
 
  ON-GOING DRILL PROGRAMME 
 
   Two to three surface rigs will continue  drilling on the Co-O Mine and two to 
three  rigs  will  continue  regional  drilling.  Four  drill rigs are operating 
underground. 
 
  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 
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                +61 8 9367 0601 
 
 Geoffrey Davis, Managing Director 
 
 Roy Daniel, Finance Director 
 
 United Kingdom 
 
 Fairfax I.S. PLC                     +44 (0)20 7598 5368 
 
 Financial Adviser and Broker 
 
 Ewan Leggat/Laura Littley 
 
 Lothbury Financial Services          +44 (0)20 7868 2010 
 
 Public Relations 
 
 Michael Padley/Libby Moss 
 
 Canada 
 
 Nicholas Sayce, Investor Relations   +1 416 822 4404 
 
 
 
 
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 August 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#1456802] 
 
 
 
 
 
Co-O Growth Potential Images: 
http://hugin.info/138050/R/1456802/396630.pdf 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Medusa Mining Ltd via Thomson Reuters ONE 
 

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