Company Information for Medusa Mining Ltd

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Company Statement

Medusa Mining Limited ("Medusa" or the "Company") was incorporated on 5 February 2002 and officially admitted to the Australian Stock Exchange on 23 December 2003, following a successful Initial Public Offering ("IPO") of 12,500,000 shares at 20 cents each, that raised $2.5 million.

The current Directors of Medusa are Messrs Kevin Tomlinson, Geoffrey Davis, Dr Robert Weinberg and Roy Daniel.

Medusa's corporate objectives at listing were to:

• acquire new gold and gold-copper projects with potential to generate cashflow;
  
  
• continue to achieve gold production with a low capital exposure; and to
  
  
• explore for high grade deposits with good access and infrastructure.

To achieve its stated objectives, Medusa identified the Philippines (with its world class mineral endowment), as the country most likely to provide Medusa with the opportunity of achieving its stated objectives of developing a cash flow from high grade gold deposits.

The Company has witnessed an upsurge of government facilitation of mining investments for foreign companies in the Philippines, and has divested all its current mining interests in Australia to focus its activities in the Philippines.

Current Operations

PHILIPPINES

In October 2004, the Company advised that it was proceeding to negotiate with the Principal Shareholders ("Shareholders") of Philsaga Mining Corporation ("Philsaga"), for the acquisition of Philsaga, a Philippines corporation which has been successfully mining profitable high grade gold ore from its Co-O Gold Mine and processing the ore at its Treatment Plant for the last five years.

The Company on 22 December 2004, announced that it had executed a Heads of Agreement ("HOA") with the Shareholders of Philsaga with respect to the sale of Philsaga (the "Philsaga Transaction"). Key terms and conditions of the Philsaga Transaction were formalised in an agreement executed on 19 February 2005.

Subsequent to 30 June 2005, and as a result of unavoidable delays associated with the satisfaction of the one remaining condition precedent ("CP"), the parties agreed in principle to discuss and revise the original terms of the Philsaga Transaction upon resolution of the CP and the granting of a Mining Production Sharing Agreement ("MPSA") over the Co-O Gold Mine and which has a 25 year term able to be renewed.

More recently, on 10 August 2005, Medusa executed a Lease and Option Agreement with Philsaga and its Shareholders to lease Philsaga's treatment plant and associated facilities ("Plant") and concurrently executed a separate Ore Supply Agreement with Philsaga to supply ore feed for the Plant.

On 3 August 2006 the Company announced it would proceed with the Philsaga Transaction concurrent with listing on the Alternative Investment Market ("AIM") In London in the second half of 2006.

The Company listed on AIM on 21 November 2006 and complete the merger with Philsaga on 4 December 2006 when the Company paid the shareholders of Philsaga a consideration of A$12 million, via a combination of cash and deferred payment terms, together with the issue of 25 million shares in the Company (subject to an escrow arrangement for at least 12 months) and Medusa also paid the contractors to the mining operation a final payment of A$1 million. The locations of the Company's projects In the Philippines are shown in the diagram.

Geographical Spread

Board of Directors and Key Management

Mr Kevin Michael Tomlinson	Non-Executive Chairman
Mr Geoffrey John Davis	Managing Director
Mr Roy Philip Daniel	Finance Director
Dr Robert Weinberg	Non-Executive Director

Company Address Unit 7 11 Preston Street Como, United States 6152 Telephone: 618-9367 0601 Facsimile: 618-9367 0602 Email: admin[at]medusamining.com.au Website: http://www.medusamining.com.au

Additional Address/Key Contact PO Box 860 Canning Bridge Western Australia 6153

Annual General Meeting November

Broker/Analyst Reports

16/07/07 - Ambrian Resources

Major Shareholders

Name of Shareholder	No of Shares Held	% Held
Gallagher Holdings Limited	17,500,000	12.32
Advanced Concept Holdings Limited	14,600,000	11.72
Forty Traders Limited	7,051,584	6.84

Related News

15/04/08 - Medusa Will Be Back On Track By The Third Quarter Of This Year
23/10/07 - Medusa Mining Goes From Strength To Strength
27/06/07 - New Russian Money Will Accelerate Medusa Mining’s Progress

Most Recent Statement

11/06/08 - Kamarangan Permits Granted
10/06/08 - LINGIG PORPHYRY DRILLING TO COMMENCE
04/06/08 - Co-O Vein System Drilling Update
07/05/08 - WIDE-HIGH GRADE INTERSECTION AT Co-O MINE
18/04/08 - Quarterly Activities Report
16/04/08 - March 2008 Quarterly Report