Medusa Mining Limited Quarterly Activities Report: Period Ended 31 December 2013

Medusa Mining Limited Quarterly Activities Report: Period Ended 31 December 2013 
COMO, WESTERN AUSTRALIA -- (Marketwired) -- 01/30/14 --   Medusa
Mining Limited (ASX: MML)(LSE: MML) - 
Snapshot of Medusa: 


 
 
--  Un-hedged, low cost, gold producer focused on organic growth in the
    Philippines  
--  Successful Capital Raising of A$34 million during the quarter  
--  Commissioning of new mill delayed to 6 December 2013 due to powercell
    failures  
--  December 2013 quarter production of 11,587 ounces (YTD: 26,089 ounces)  
--  Safety - No lost time accidents during the quarter.

OVERVIEW: 


 
 
--  Successfully raised gross proceeds of A$34 million via a placement 
--  Exploration drilling utilised four underground drill rigs at Co-O and
    two surface rigs at Tambis 
--  Crosscutting south from the 8L Shaft has reached all the veins on the
    resource model. 
--  Commissioning of the new SAG Mill was delayed until 6th December due to
    powercell failure. 
--  The new SAG Mill operated at 1,800 tpd in the last days of December 
--  Gold Production of 11,587 ounces for the quarter 

Co-O MINE PRODUCTION & DEVELOPMENT 


 
 
--  Level development continued on the 8L and all the veins in the resource
    model were intersected. The Great Hamish Veins (including Footwall and
    Hangingwall veins), Jereme Veins and Catto Veins are now being
    developed. 
--  Development and stoping continued on all 8 levels during the quarter. 
--  Production and development is continued on the Don Pedro and Don Pedro
    East Veins. 
--  Exploration drilling continued on the 8L, 2L and on the 3L west of the
    Tinago Fault. 
--  Production of 11,587 ounces was down on the September quarter's
    production (14,502 ounces) due to powercell failure with the new SAG
    Mill, which was not operational until 6th December 2013. 
--  The grade was lower due to milling low grade stockpiles and development
    ore was lower due to mining narrow vein lodes. 

Co-O MINE EXPLORATION 


 
 
--  Drilling is continuing with two underground rigs on contract and two
    Company owned rigs. Surface exploration, including geophysical surveys
    is on-going 

TAMBIS AREA - BANANGHILIG GOLD DEPOSIT 


 
 
--  Diamond drilling at the B2 area is temporarily suspended pending results
    and planning of the 2014 exploration and development programmes 

CORPORATE & FINANCIALS (unaudited) 


 
 
--  Total cash and cash equivalent in gold on metal account at the end of
    quarter of approximately US$20.77 million 
--  Successfully raised gross proceeds of A$34 million via the placement of
    18,890,390 shares at A$1.80 per share to clients of Euroz Securities
    Limited 
--  Retirement of Non-executive Chairman Mr Geoff Davis (Founding Managing
    Director) and appointment of Mr Andrew Teo as his replacement 

PROJECT OVERVIEW 
The locations of the Company's projects are shown on Figures 1 and 2. 
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/mml0130fig1.jpg. 
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/mml0130fig2.jpg. 
HEALTH, SAFETY & ENVIRONMENT 
There were no Lost Time Accidents and no environmental breaches
during the quarter. 
EXECUTIVE ORDER ON MINING SECTOR REFORMS IN THE PHILIPPINES 
On 06 July 2012, Philippine President Benigno Aquino III signed
Executive Order No. 79 entitled "Institutionalizing and Implementing
Reforms in the Philippine Mining Sector Providing Policies and
Guidelines to Ensure Environmental Protection and Responsible Mining
in the Utilization of Mineral Resources" ("EO 79"). 
On 10 September 2012, the Department of Environment and Natural
Resources ("DENR") issued Administrative Order No. 2012-07 ("Rules
and Regulations to Implement EO-79" or "EO-79 IRR"), and on 08
October 2012, issued Administrative Order No. 2012-07-A2 ("EO-79
Amended IRR") to revise Sections 3, 7 and 9 of EO-79 IRR. EO-79 IRR
and its amendments took effect on October 25, 2012. 
The implications of the EO-79 with regards to the Company's projects
are discussed in the June 2012 and September 2012 quarterly reports
to the ASX. There has been no change in the Company's view since
then. 
On March 07, 2013, the Secretary of the Department of Environment and
Natural Resources (DENR) approved the lifting of the moratorium on
acceptance of applications for Exploration Permits and Financial and
Technical Assistance Agreements. 
The new legislation on mining taxes and royalties is yet to be
finalised for submission to Congress. 
EXECUTIVE ORDER ON EXTRACTIVE INDUSTRIES TRANSPARENCY IN THE
PHILIPPINES 
On 26 November 2013, Philippine President Benigno Aquino III signed
Executive Order No. 147 entitled "Creating the Philippine Extractive
industries transparency Initiative" ("EO 147"). 
Pursuant to Section 14 of the EO 79, the Philippine government
commits to participate in the Extractive Industries Transparency
Initiative (EITI) that sets international standards for transparency
and accountability in the extractive industries and in government.
Established in 2003, the EITI is a global coalition of governments,
companies and civil society collaborating to improve honest and
responsible management of revenues from natural resources,
particularly oil, gas, metals and minerals. 
Through EO 147, the Philippine government has instituted the
Philippine Extractive Industries Transparency Initiative (PH-EITI),
which commits to ensure greater transparency and accountability in
the extractive industries, specifically in the way the government
collects, and companies pay taxes from extractive industries; 
The implications of the EO 147 with regards to the Company's projects
are not considered to have any negative impact and the Company sees
the Executive Order as a positive commitment by the Philippine
Government to adopt good governance practices in accordance with
International Guidelines of the EITI. 
MINERAL RESOURCES AND ORE RESERVES 
The Company's current mineral resources (including the Saugon
resource) and ore reserves were previously reported in accordance
with the guidelines of the JORC Code 2004 (Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves). Refer to announcement of 08 August 2013, the September
2013 Quarterly Report, and the 2013 Annual Report. 
The Co-O and Bananghilig deposits are currently undergoing review,
interpretations and revised mineral resource and ore reserve
estimations in accordance with the guidelines of the recently adopted
JORC Code 2012. Since there may be material changes to the mineral
resources and ore reserves, due to changes in gold price, mining
dilution and so forth, the Company will not be reporting the
resources and reserves until the revised estimations have been
completed and signed off by the independent Competent Persons. The
revised resources and reserves for Co-O and Bananghilig are expected
to be reported during the September 2014 quarter. 
Co-O MINE 
Production 
The production statistics for the December 2013 quarter and half-year
with comparatives for the previous three quarters are summarised in
Table 1 below. 
Table I. Gold production statistics  


 
 
-----------------------------------------------------------------------
-----
                      Qtr ended  Qtr ended  Qtr ended  Qtr ended   HY ended 
                         31 Dec     30 Sep     30 Jun     31 Mar     31 Dec 
              Unit         2013       2013       2013       2013       2013 
----------------------------------------------------------------------------
Tonnes mined  WMT       108,264    114,380    103,028     83,134    222,644 
----------------------------------------------------------------------------
Ore milled    DMT        98,590     91,461     92,567     73,273    190,051 
----------------------------------------------------------------------------
Head grade    g/t          4.51       5.68       5.97       6.76       5.07 
----------------------------------------------------------------------------
Recovery      %              85%        87%        88%        89%        86%
----------------------------------------------------------------------------
Gold produced ozs        11,587     14,502     15,642     14,021     26,089 
----------------------------------------------------------------------------
Cash costs                                                                  
 (1)          US$/oz  $     526  $     339  $     355  $     296  $     422 
----------------------------------------------------------------------------
Gold sold     ozs        11,774     15,560     16,236     17,760     27,334 
----------------------------------------------------------------------------
Average gold                                                                
 price                                                                      
 received     US$     $   1,262  $   1,336  $   1,410  $   1,630  $   1,304 
----------------------------------------------------------------------------

Note: 
(1) Net of development costs and includes royalties and local business
taxes 
The Company produced 11,587 ounces of gold for the quarter, at an
average head grade of 4.51 g/t and cash costs of US$526 per ounce,
inclusive of royalties and local business taxes (YTD cash costs of
US$422 per ounce). Cash costs were higher during the quarter
primarily due to lower gold production. 
Gold production for the quarter was low due to the following
reasons: 


 
 
--  late commissioning of the new SAG Mill; 
--  milling of marginal ore from low grade stockpiles; 
--  milling of development ore sourced from narrow vein lodes. 

The new SAG Mill commenced operations on 6th December 2013 and on the
last days of December 2013, it achieved 1,800 tonnes per day. 
Operations 
Mine Development 
The 8 level Shaft has been operating and during October, new sheave
wheels, ropes, skips and man cages were fitted to the Shaft and the
haulage speed increased from 2 m/s to 5.3 m/s. 
The two ore pass system from the 6 level to 8 level loading pocket
were completed and are operational. 
Development continued on levels 1 to 8. During the quarter, all the
veins in the resource model on the 8 level were intersected with the
crosscut heading south. Development on all these veins continued
during the quarter. The veins developed during the quarter were
narrow, but as the south crosscut reached the Great Hamish Veins, the
veins were wider and the grade from development improved towards the
end of December. 
Development and production continued on the Don Pedro and Don Pedro
East Vein during the quarter and an exploration winze was commenced
on the Don Pedro East vein from the 8 level to the 9 level. 
Stoping on levels 1 to 6 continued, with stoping on the Don Pedro
veins on the 8 level. 
Co-O Mill 
The new SAG Mill commenced operations on 6th December 2013 following
the re-instalment of the repaired powercells. The Mill operated for
the rest of December and in the last days of December achieved 1,800
tonnes per day. 
The Dominion mill was relined during December and will commence
operating in January 2014. The Kurimoto Ball mill will be relined in
January and be ready to operate in February 2014. 
The Detox, Thickener, CIL tanks, Gold Room and associated equipment
with "Wet" processing were all successfully operated during the
quarter. 
Co-O Mine Drilling 
Underground diamond drilling continued during the quarter utilising
two large and two smaller portable drilling rigs. A total of 20 holes
were completed at Levels 2, 3 and 8 for an advance of 6,160 metres. 
Currently there are four diamond drill rigs operating two (on
contract), two (owned by the company) on Levels 2, 3 and 8. 
The Company has recently purchased an additional six portable
underground diamond drill rigs to be deployed at various levels
within the mine to assist in exploring for zones of additional
mineralisation. 
Table II. Co-O surface and underground drill hole results of greater
than or equal to 0.5 metres at greater than or equal to 3 g/t gold.
(Refer Appendix A for JORC Code, 2012 Edition - Table 1 Report) 


 
 
---------------------------------------------
Hole Number       East(4)  North(4)     RL(4)
---------------------------------------------
                              UNDERGROUND    
                           EXLORATION DRILL  
                            HOLES - LEVEL 3  
---------------------------------------------
L3-64W-010       613348.2  913026.6      60.5
---------------------------------------------
L3-64W-011       613341.2  913031.9      61.4
---------------------------------------------
L3-64W-012       613343.1  913032.7      61.4
---------------------------------------------
L3-64W-014       613344.3  913032.9      61.3
---------------------------------------------
                              UNDERGROUND    
                           EXLORATION DRILL  
                            HOLES - LEVEL 8  
---------------------------------------------
L8-19E-001       614207.3  913105.2    -192.0
---------------------------------------------
L8-29E-008       614274.0  912908.3    -190.6
---------------------------------------------
L8-29E-009       614276.3  912912.8    -190.6
---------------------------------------------
L8-29E-010       614274.0  912908.3    -190.7
---------------------------------------------
 
----------------------------------------------------------------------------
                                                                        Gold
                                                                       Grade
                                                                    (1), (3)
                    Depth       Dip   Azimuth      From  Width(2)    (uncut)
Hole Number      (metres)    (deg.)    (deg.)  (metres)  (metres) (g/t gold)
----------------------------------------------------------------------------
                 UNDERGROUND EXLORATION DRILL HOLES -                       
                                LEVEL 3                                     
----------------------------------------------------------------------------
L3-64W-010         492.00       -25       124    335.60      1.10      20.30
----------------------------------------------------------------------------
L3-64W-011         255.40        +3       331    223.65      0.90       3.47
                                             -------------------------------
                                                 241.65      1.00       3.20
----------------------------------------------------------------------------
L3-64W-012         256.80        +3       013     65.50      1.40       5.19
----------------------------------------------------------------------------
L3-64W-014         327.40        +3       020     74.50      2.20       3.70
----------------------------------------------------------------------------
                 UNDERGROUND EXLORATION DRILL HOLES -                       
                                LEVEL 8                                     
----------------------------------------------------------------------------
L8-19E-001         487.10        +3       247     62.85      1.00       5.88
----------------------------------------------------------------------------
L8-29E-008         473.40        +3       174     57.80      0.65      47.77
                                             -------------------------------
                                                  85.95      1.00       4.60
                                             -------------------------------
                                                 169.30      1.20       5.30
                                             -------------------------------
                                                 203.80      0.50       3.78
----------------------------------------------------------------------------
L8-29E-009         452.20        +3       093     80.65      0.85      16.77
                                             -------------------------------
                                                 186.60      5.80       5.62
                                             -------------------------------
                                                 236.55      1.00      78.50
                                             -------------------------------
                                                 326.60      0.40       5.33
                                             -------------------------------
                                                 338.25      4.15      16.51
                                     includes    340.40      1.00      43.77
----------------------------------------------------------------------------
L8-29E-010         474.30        +3       142    194.50      1.00      13.53
                                             -------------------------------
                                                 292.00      1.70      40.50
                                     includes    292.00      0.75      73.73
----------------------------------------------------------------------------

Notes: 


 
 
1.  Composited intercepts' 'weighted average grades' calculated by using the
    following parameters:                                                   
    (i)   no upper gold grade cut-off applied;                              
    (ii)  lower cut-off grade of 3.0 g/t gold;                              
    (iii) high-grade samples (greater than or equal to 20 g/t gold) within  
          composited interval are individually reported; and                
    (iv)  greater than or equal to 0.5 metres down hole intercept width at  
          greater than or equal to 3.0 g/t gold, or                         
    (v)   greater than or equal to 6 gram.metres,and                        
    (vi)  maximum of 1.0 metre of down-hole internal dilution at less than 
          or equal to 3 g/t gold.                                           
2.  Intersection widths are downhole drill widths not true widths;          
3.  Assays are by Philsaga Mining Corporation's laboratory; and             
4.  Grid coordinates based on the Philippine Reference System 92. RL is     
    elevation in metres relative to Mine Datum.                             

Co-O EXPLORATION  
IP Survey 
The ground Induced Polarisation ("IP") and Resistivity ("RES") survey
is ongoing within the Co-O tenements including the Co-O mine
environs. During the December 2013 quarter, approximately 67 line
kilometres of IP survey were completed. Heavy rain has hampered the
survey and it is now expected that the balance (approx. 104 line
kilometres) will be completed early in the June 2014 quarter, with
interpretation being carried out during the June/September 2014
quarters. 
Ground Magnetics Survey 
A Ground Magnetics survey is ongoing, using the same grid as the IP
survey. A total of approximately 118 line kilometres were completed
during the December quarter. Approximately 94 line kilometres remains
to be completed, and is expected to be completed at the same time as
the IP survey, with interpretation being carried out concurrent with
the IP interpretation. 
Reconnaissance Programmes 
Reconnaissance mapping and sampling programmes are ongoing. 
TAMBIS REGION 
The Tambis project comprising the Bananghilig Gold Deposit (Figure.
2) is operated under a Mining Agreement with Philex Gold Philippines
Inc. over Mineral Production Sharing Agreement ("MPSA")
344-2010-XIII, which covers 6,262 hectares. 
The Executive Order on Mining (EO 79) signed on 6 July 2012, by the
President of the Philippines, will have no immediate impact on the
Bananghilig Project as the Company can continue to explore, conduct
feasibility studies and planning. 
BANANGHILIG GOLD DEPOSIT 
The announcement of 12 September 2011 summarises the Tambis regional
geological setting, local geological setting, deposit description and
mineralisation. Additional information is contained in the September
2011 quarterly report dated 24 October 2011, drilling updates on 17
January 2012, 8 August 2012, 21 November 2012, and 02 April 2013,
operations update on 08 July 2013, and resource estimation updates on
29 January 2013 and 08 August 2013. 
Indicated & Inferred Mineral Resource Estimation 
The Bananghilig resource was previously announced in accordance with
the guidelines of the JORC Code 2004 (Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves). Refer to
announcement of 08 August 2013, the September 2013 Quarterly Report,
and the 2013 Annual Report. 
The Bananghilig deposit is currently undergoing review,
interpretation and revised mineral resource and estimation in
accordance with the guidelines of the recently adopted JORC Code
2012. Since there may be material changes to the mineral resources,
due to changes in gold price, and so forth, the Company will not be
reporting the project's mineral resources until the revised
estimations have been completed and signed off by the independent
Competent Persons. The revised mineral resources for Bananghilig are
expected to be reported during the September 2014 quarter. 
Bananghilig Scoping & Pre-Feasibility Study (1) 
On 09 April 2013, the Company published the results of a first pass
Scoping Study(1) of the Bananghilig Gold Deposit. The Scoping Study
was carried out and reported under the guidelines of the JORC Code
2004, therefore the results of the Scoping Study do not now
necessarily comply with the requirements of the JORC Code 2012 and
will not be reported henceforth. 


 
 
(1)  The Scoping Study referred to in the announcement dated 9 April 2013   
     was based on low-level technical and economic assessments of Indicated 
     and Inferred Mineral Resources, as defined under the guidelines of JORC
     Code 2004, and is insufficient to support estimation of Ore Reserves or
     to provide assurance of an economic development case at this stage, or 
     to provide certainty that the conclusions of the Scoping Study will be 
     realised.                                                              

AFeasibility Study was initiated on the completion of the Scoping
Study. Sterilisation and geotechnical drilling programmes were
completed in early October 2013. 
A decision was made towards the end of the September quarter to
temporarily suspend the feasibility study given the mineralisation
being encountered at the new B2 discovery area, as well as given
consideration to the depressed gold price and commissioning of the
new Co-O milling circuit. 
B2 Discovery Area 
During the September reporting period, two large capacity diamond
drilling rigs completed two diamond drill holes (TDH332 & TDH334)
within the B2 area for a total advance of 622.6 metres. 
Figure 3 shows the Bananghilig area geology showing the position of
the new B2 mineralisation discovery, beneath the limestone cover,
relative to the Bananghilig resource. 
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/mml0130fig3.jpg. 
Figure 4 shows the drill hole projection plan of the B2 drill holes
relative to the Bananghilig 2013 resource model. 
To view Figure 4, please visit the following link:
http://media3.marketwire.com/docs/mml0130fig4.jpg. 
B2 Drilling Results 
Results of diamond drilling at B2 were announced on 2 April 2013 and
8 July 2013, in the March 2013, June 2013 and September 2013
Quarterly Reports, and the September 2013 Annual Report. Results have
subsequently been received for all outstanding sample submissions as
well as for the holes completed during this quarter. Significant
intercepts for completed drill holes are included in Table III below. 
Geotechnical and Sterilisation Drilling Programmes 
The Geotechnical drilling and test pitting programmes were completed
in first week of October with one last diamond drill hole completed
for a total of 60 metres. Drilling was carried out to investigate
sites suitable for infrastructure associated with the potential
development of the Bananghilig resource, including plant site, waste,
tailings and process water storage facilities. Sterilisation drilling
programme was completed in the same areas. No significant assay
results have been received for any of the drilling programmes in
these areas. 
Regional Exploration 
Reconnaissance mapping and sampling is on-going within the Tambis
Region. 
Table III. Bananghilig B2 Discovery Area drill hole results greater
than or equal to 1 g/t gold. (Refer Appendix B for Table 1 prepared
in accordance with JORC Code 2012)  


 
 
---------------------------------------------
Hole Number       East(4)  North(4)     RL(4)
---------------------------------------------
                 BANANGHILIG - B2 DISCOVERY  
                            AREA             
---------------------------------------------
TDH328           613241.7  945191.7     214.6
---------------------------------------------
TDH330           613626.8  945064.5     123.7
---------------------------------------------
TDH332           613554.7  945020.3     142.1
---------------------------------------------
TDH334           613001.7  944955.1     147.5
---------------------------------------------
 
----------------------------------------------------------------------------
                                                                        Gold
                                                                       Grade
                    Depth       Dip   Azimuth      From  Width(2)   (1), (3)
Hole Number      (metres)    (deg.)    (deg.)  (metres)  (metres) (g/t gold)
----------------------------------------------------------------------------
                              BANANGHILIG - B2 DISCOVERY AREA               
----------------------------------------------------------------------------
TDH328             312.50       -60       130    260.20      1.45       8.82
                                             -------------------------------
                                                 289.20     15.60       1.51
----------------------------------------------------------------------------
TDH330             294.50       -56       130    154.85     16.50       3.78
                                     includes    159.05      0.55      40.64
                                     includes    161.05      0.75      16.71
                                             -------------------------------
                                                 197.85      5.80       0.93
----------------------------------------------------------------------------
TDH332             320.50       -60       130    170.35      7.00       7.27
                                     includes    174.70      1.00      45.49
                                             -------------------------------
                                                 236.30      0.70      22.40
                                             -------------------------------
                                                 254.50      7.55       5.79
                                     includes    254.50      1.00      21.90
                                     includes    259.70      1.00      14.69
----------------------------------------------------------------------------
TDH334             302.10       -60       130     80.30      9.50       2.77
                                             -------------------------------
                                                 200.15      6.85       1.26
----------------------------------------------------------------------------

Notes: 


 
 
1.  Composited intercepts' 'weighted average grades' calculated by using the
    following parameters:                                                   
    (i)   no upper gold grade cut-off applied;                              
    (ii)  lower cut-off grade of 0.5 g/t gold;                              
    (iii) high-grade samples (greater than 10 g/t gold) within composited   
          interval are individually reported;                               
    (iv)  greater than or equal to 5 metres down hole intercept width at    
          greater than or equal to 1.0 g/t gold, or                         
    (v)   less than or equal to 5 metres down hole intercept width at       
          greater than or equal to 5 gram per metres, and                   
    (vi)  maximum of 3 metres of downhole internal dilution at less than or 
          equal to 0.5 g/t gold;                                            
2.  Intersection widths are downhole drill widths not true widths;          
3.  Assays are by Intertek McPhar Mineral Services Inc. in Manila; and      
4.  Grid coordinates and RL (elevation) based on the Philippine Reference   
    System 92.                                                              

LINGIG 
The Lingig prospect is located in Mineral Production Sharing Agreement
343-2010-XIII with an area of 3,824 hectares over which the Company
has an operating agreement. 
Detailed geological mapping was completed during the quarter. Data
compilation from the mapping, soil sampling, and geophysical surveys
will commence during the March 2014 quarter. Interpretations will be
reviewed prior to planning drill targets. 
USA PORPHYRY COPPER-GOLD PROSPECT 
A Memorandum of Agreement with Corplex Resources Inc. covers the Usa
prospect, which is located within MPSA application XIII-00077.
Processing of the tenement application is progressing. 
SAUGON DEPOSIT 
Detailed and reconnaissance geological mapping, trenching and
sampling programmes are on-going. 
FINANCIALS (unaudited) 
As at 31 December 2013, the Company had total cash and cash
equivalent in gold on metal account of approximately US$20.77 million
(30 September 2013: US$5.99 million). 
The Company sold 11,774 ounces of gold at an average price of
US$1,262 per ounce (September 2013 quarter: sold 15,560 ounces at an
average price of US$1,336 per ounce). 
During the quarter, the Company incurred, 


 
 
--  exploration expenditure of US$4.1 million (September 2013 quarter:
    US$4.4 million); 
--  US$2.7 million on capital works associated sustaining capital at the
    mine and mill and costs for the new mill construction and infrastructure
    (September 2013 quarter: US$8.9 million); and 
--  US$8.3 million on continued mine development (September 2013 quarter:
    US$9.2 million). 

CORPORATE 


 
 
--  During the quarter, the Company raised gross proceeds of A$34,002,702
    via the issue of 18,890,390 shares at A$1.80 each to clients of Euroz
    Securities Limited. (refer announcement dated 31 October 2013) 
--  Mr Geoff Davis (Founding Managing Director of Medusa) retired as Non-
    executive Chairman on 22 November 2013 and was succeeded by Non-
    executive Director, Mr Andrew Teo. 

JORC CODE 2012 COMPLIANCE - CONSENT OF COMPETENT PERSONS 
Medusa Mining Limited 
Information in this report relating to Exploration Results has been
reviewed and is based on information compiled by Mr Gary Powell who
is a member of The Australian Institute of Geoscientists. Mr Powell
is a Non-Executive Director and has sufficient experience, which is
relevant to the style of mineralisation and type of deposits under
consideration, and to the activity which they are undertaking, to
qualify as a "Competent Person" as defined in the 2012 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Mr Powell consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears. 
DISCLAIMER 
This report contains 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. 


 
 
Board of Directors:                                                         
Andrew Teo (Non-executive Chairman)                                         
Peter Hepburn-Brown (Managing Director)                                     
Raul Villanueva (Executive Director)                                        
Ciceron Angeles (Non-executive Director)                                    
Robert Weinberg (Non-executive Director)                                    
Gary Powell (Non-executive Director)                                        
 
Capital Structure:                                                          
Ordinary shares:                                                207,794,301 
Unlisted options:                                                 1,575,000 
 
Listings:                                                                   
ASX and LSE (Code: MML)                                                     

To view Appendix A and Appendix B, please visit the following link:
http://media3.marketwire.com/docs/mml0130appendix.pdf. 
ABN: 60 099 377 849 
Contacts:
Australia - Medusa Mining Limited
Peter Hepburn-Brown
Managing Director
+61 8 9367 0601
+61 8 9367 0602 (FAX)
admin@medusamining.com.au
www.medusamining.com.au 
United Kingdom - SP Angel Corporate Finance LLP
(Financial Adviser & Broker)
Ewan Leggat/Laura Littley
+44 (0)20 3463 2260
 
 
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