Medusa Mining Limited ("Medusa" or the "Company"), a public company listed on the ASX, AIM and the TSX, is an Australian based gold producer, focused solely on the Philippines with the following reserve and resource base:

Medusa's corporate strategy is to become a mid-tier, 300,000 to 400,000 ounce per year, low-cost gold producer.

The Company has completed the expansion of its high grade Co-O Mine operations to a production level of 100,000 annualised ounces, and is currently conducting near mine exploration to assess the possibilities of further expansion to 200,000 ounces per annum. Current cash costs at the Co-O Mine are approximately US$190 per ounce.

A pipe-line of deposits is now being established with the recent addition of the Bananghilig Deposit which is expected to expand, potentially in conjunction with other nearby discoveries.

Further potential upside exists for the discovery of copper and additional gold deposits within the tenement holding of more than 800km2.

The Shareholder information set out below is applicable at 2 November 2011.

ORDINARY SHARES  

Total number of ordinary shares on issue - 188,827,911

Distribution of shareholders

Distribution Number of Shareholders Number of Shares          1 -    1,000 1,403     715,975     1,001 -    5,000 1,314     3,290,856        5,001 -   10,000 292  2,137,820      10,001 - 100,000 337    9,947,293        100,001 - 1,000,000   71      22,489,515         over 1,000,000  15 150,246,452      Total 3,432     188,827,911

Top 20 Shareholders

Name of Shareholder No of Shares Held % Held 1 HSBC Custody Nominees (Australia) Limited 57,578,028   30.49   2 JP Morgan Nominees Australia Limited 38,736,727   20.51   3 National Nominees Limited 25,511,009   13.51   4 JP Morgan Nominees Australia Limited <Cash Income A/C> 3,764,431 1.99 5 Forty Traders Limited 3,660,631 1.94 6 Mr William Douglas Goodfellow 3,360,425 1.78 7 Cedardale Holdings Pty Ltd <The G&S Davis S/Fund A/C> 3,017,773 1.60 8 HSBC Custody Nominees (Australia) Limited - GSCO ECA 2,947,324 1.56 9 Citicorp Nominees Pty Limited 2,710,541 1.44 10 Yandal Investments Pty Ltd 2,500,000 1.32 11 Barclayshare Nominees Limited 1,516,942 0.80 12 LR Nominees Limited <Nominee> 1,416,627 0.75 13 Mrs Susan Davis 1,365,077 0.72 14 State Street Nominees Limited <OM04> 1,157,871 0.61 15 HSBC Custody Nominees (Australia) Limited - A/C 2 1,003,046 0.53 16 Secdea Philippines Holdings Corporation 1,000,000 0.53 17 ABN Amro Clearing Sydney Nominees Pty Ltd <Custodian A/C>   952,290 0.50 18 TD Waterhouse Nominees (Europe) Limited <SMKTNOMS>    890,529 0.47 19 Warbont Nominees Pty Ltd <Settlement Entrepot A/C>    836,032 0.44 20 Archem Trading (NZ) Ltd    780,345  0.41 Total 154,705,648 81.90

 

Substantial Shareholders *

Name Date Notice  Received Ordinary Shares Held No of Shares Percentage Fidelity 21 Sep 2011 27,750,062 14.70% Vanguard Precious Metals and Mining Fund 26 Jul 2011 23,740,000 12.61% Van Eck Associates 08 Aug 2011 9,403,606 5.00%

Note* Information based on substantial shareholder notices provided to the Company.

Updated from company website12/01/2012