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Medusa Mining Limited: Bananghilig Deposit-Resource Drilling Update

PERTH, WESTERN AUSTRALIA -- (Marketwire) -- 11/22/12 -- Medusa Mining Limited ("Medusa" or the "Company") (ASX:MML)(LSE:MML), through its Philippines operating company, Philsaga Mining Corporation, advises that infill drilling has recently been completed at the Bananghilig Gold Deposit. A significant number of infill drilling results were included in the previous announcement of 8 August 2012. Drilling since the 8 August 2012 announcement continues to confirm continuity of mineralisation as well as indicating extensions to the mineralisation.

Drilling highlights include:


----------------------------------------------------------------------------
                                                       Width   Grade (uncut)
Hole Number                                         (metres)      (g/t gold)
----------------------------------------------------------------------------
TDH 249                                                 3.00           47.95
----------------------------------------------------------------------------
TDH 252                                                14.00            1.37
----------------------------------------------------------------------------
TDH 260                                                10.35            1.34
----------------------------------------------------------------------------
TDH 261                                                 6.20            2.70
----------------------------------------------------------------------------
TDH 262                                                 6.00            1.99
----------------------------------------------------------------------------
TDH 267                                                 5.60            2.23
----------------------------------------------------------------------------
TDH 273                                                15.50            1.60
----------------------------------------------------------------------------

Peter Hepburn-Brown, Managing Director of Medusa, commented:

"It is pleasing to see the infill drilling continue to confirm continuity of the mineralisation. The infill drilling has been topographically constrained in some areas in which case further infill drilling to upgrade these areas will be undertaken once permitting progresses and prior to commencement of mining. Based on the continuity demonstrated to date, we are confident that further infill drilling will also be positive."

BACKGROUND

The Tambis Project, which includes the Bananghilig Gold Deposit, is operated under a Mining Agreement with Philex Gold Philippines Inc. over Mineral Production Sharing Agreement ("MPSA") 344-2010-XIII, which covers an area totaling some 6,262 hectares.

For additional regional geological and mineralisation information, and drilling results, reference can be made to previous announcements released on 10 May 2011, 12 September 2011, 17 January 2012 and 08 August 2012.

REGIONAL GEOLOGICAL SETTING

The Tambis regional geology (Fig 1), termed the Tambis intrusive-breccia complex, typifies a structurally complex intermediate-sulphidation, epithermal gold, breccia-type system, including disseminated gold overprinting the host Tertiary-age igneous package which had been emplaced into an andesitic volcanic basement. The fertile igneous suite comprises a multi-phase calc-alkaline, high level, sub-volcanic intrusive package cut by extensive bodies of phreatomagmatic diatremes and hydrothermal breccias.

BANANGHILIG DEPOSIT

Geological summary

The Bananghilig Deposit currently consists of three zones, each approximately 1 kilometre long and open in all directions, locally termed the Sorex, Garden and Malinao zones. These zones are broadly defined on the basis of the projection in plan of greater than or equal to0.5 g/t gold drill hole intersections.

The mineralisation is located partly within the Bananghilig diatreme breccia which measures at least 1,000 metres west to east and still open to the south beneath the younger sediments, and also around the diatreme margins and in the country rocks along structural corridors.

The diatreme breccias contain unsorted fragments of the andesitic basement as well as fragments of the later intrusive rocks predating the diatreme events in a matrix of comminuted rock flour and magmatic crystals. Fragment sizes range from granule-sized to building-sized mega-blocks which have been torn off the walls of the diatreme during the multi-episodal explosive activity. The explosive activity also fractured the mega-blocks and wall rocks, preparing them for subsequent mineralisation deposition.

Drill Results

During the period 1 August to 30 September 2012, 23 diamond drill holes (numbered TDH 248 to TDH 273) have been completed for a total advance of 4,351 metres. Holes TDH 250, TDH 258 and TDH 270 have been drilled outside of the Bananghilig deposit area.

Figure 1 shows the drill holes completed. Assays have now been received for all drill holes completed for this Phase 1 programme.

First pass assaying for gold has been undertaken on all samples submitted to the laboratory. Additional assaying is on-going from selected intervals for base metals, silver and other elements.

The results are summarised in Table 1 where significant intercepts are defined on the following basis:

(i) lower cut-off grade of 0.5 g/t gold, and

(ii) greater than or equal to 5 metres down hole intercept width at greater than or equal to 0.5 g/t gold, or

(iii) less than or equal to 5 metres down hole intercept width at greater than or equal to 5 gram per metres, and

(iv) maximum of 3 metres of down hole internal dilution at less than or equal to 0.5 g/t gold

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/mml1121fig1.pdf.

Table 1. Bananghilig surface drill results greater than or equal to 1g/t gold. Results previously not reported are marked +.


----------------------------------------------------------------------------
                                                                       Grade
                                    Dip   Azimuth     From    Width  (uncut)
Hole Number      East   North (degrees) (degrees) (metres) (metres) (g/t Au)
----------------------------------------------------------------------------
TDH248+        612603  945621       -60       130    56.75     3.95     5.90
                                                 ---------------------------
                                                    103.95     6.45     1.08
                                                 ---------------------------
                                                    204.10     4.85     2.85
----------------------------------------------------------------------------
TDH249+        612949  945693       -60       130    50.30     3.00     3.04
                                                 ---------------------------
                                                     66.10     3.00    47.95
                                                 ---------------------------
                                                    125.90     8.00     1.59
                                                 ---------------------------
                                                    142.10     3.00     1.78
----------------------------------------------------------------------------
TDH252+        612967  945359       -70       130    18.50    14.00     1.37
                                                 ---------------------------
                                                     92.90     3.00     3.57
----------------------------------------------------------------------------
TDH253+        612483  945322       -60       130   127.35     1.00     6.73
----------------------------------------------------------------------------
TDH256         612601  944996       -60       130    47.35     1.00    13.13
                                                 ---------------------------
                                                     97.00     3.40     2.31
                                                 ---------------------------
                                                    139.85     2.15     5.07
----------------------------------------------------------------------------
TDH259         613109  945368       -50       130    38.10     4.20     2.13
                                                 ---------------------------
                                                     52.10     5.65     1.05
----------------------------------------------------------------------------
TDH260         612553  945006       -60       130    46.40    10.35     1.34
                                                 ---------------------------
                                                    136.10    13.50     1.20
----------------------------------------------------------------------------
TDH261         612431  945305       -60       130    14.60     6.20     2.70
----------------------------------------------------------------------------
TDH262         612810  945447       -60       130     8.20     4.10     1.36
                                                 ---------------------------
                                                     68.60     6.00     1.99
                                                 ---------------------------
                                                    114.80     1.00    45.47
                                                 ---------------------------
                                                    119.30     6.90     1.11
----------------------------------------------------------------------------
TDH263         613087  945350       -60       130    70.50     2.70     2.71
                                                 ---------------------------
                                                     90.05     1.10     6.64
----------------------------------------------------------------------------
TDH264         612538  945088       -60       130    75.70     3.30     1.55
                                                 ---------------------------
                                                    126.70     5.85     1.38
----------------------------------------------------------------------------
TDH265         612460  945278       -60       130    52.85     3.65     1.67
----------------------------------------------------------------------------
TDH266         612758  945059       -60       130    59.10     5.10     1.17
----------------------------------------------------------------------------
TDH267         612598  944970       -60       130    73.15     2.80     3.83
                                                 ---------------------------
                                                     86.70     5.60     2.23
----------------------------------------------------------------------------
TDH269         612393  945331       -60       130    44.30     0.90    39.99
                                                 ---------------------------
                                                     50.20     3.80     2.56
                                                 ---------------------------
                                                    148.65     1.50     4.06
----------------------------------------------------------------------------
TDH271         612642  945464       -60       130   198.35     6.90     1.77
----------------------------------------------------------------------------
TDH272         612714  945452       -65       130    37.45     3.20     1.78
                                                 ---------------------------
                                                    140.80     4.80     1.78
----------------------------------------------------------------------------
TDH273         612590  945434       -70       130    10.60    15.50     1.60
----------------------------------------------------------------------------
Notes:                                                                      
(i)   Intersection widths are downhole drill widths not true widths;        
(ii)  Assays are by Intertek McPhar Mineral Services Inc. in Manila;        
(iii) Grid coordinates based on the Philippine Reference System 92.         

DRILL HOLE SAMPLING AND ASSAYING PROCEDURES

Drilling Procedures

Drilling, sampling and analytical methodologies are of internationally acceptable standards. Drilling and analyses are carried out by independent contractors, SBF Philippines Drilling Resources Corp. ("SBF") and Intertek McPhar Mineral Services Inc. ("Intertek") respectively.

Drilling is carried out by SBF using wireline diamond coring techniques, with the core being predominantly HQ triple-tube (HQ3) diameter (OD 61 mm). The holes are initially collared using PQ drillbits (OD 123 mm) to recover PQ3 core (OD 83 mm) until the drill bit encounters competent ground, then the coring bit is reduced to HQ3 for the remainder of the drill hole. If difficult conditions are encountered, then the drill bit is changed to NQ3 (core OD 45 mm) and the hole continued until the planned depth or bad ground conditions prevent further drilling, whichever occurs first. Core recovery is generally better than 95% and is considered to be good.

Drill Core Sampling

Drill core is recovered from the inner tube and handled carefully to preserve the integrity of the drill core. Structural measurements are taken including Rock Quality Determinations ("RQD") and Fracture Densities. The core is then placed in plastic core trays, aligned, photographed and marked up for sampling.

The drill core is then cut in half by diamond core saw and sampled at one metre intervals or at lithological boundaries. The samples are placed in individually labelled plastic sample bags, a sample number ticket included, and then sealed for despatch to Intertek's Sample Preparation laboratory in Surigao City. The integrity of the core samples is supervised at all times by the geologists until despatch to the laboratory where they are accompanied by company personnel until receipt by Intertek.

One Certified Reference Material ("CRM"), one Blank and if possible, one Duplicate is included within each successive group of twenty samples that are submitted to the laboratory. QA/QC monitoring of the drilling program and the laboratory's results is conducted as an ongoing process.

Analytical Procedure

Sample preparation is undertaken by Intertek at their Surigao City laboratory, where each sample is registered, dried at 105 degrees C for 6 to 8 hours and crushed to 95% passing 2 mm by jaw crusher, before a 1kg split is taken for fine pulverising, using a riffle splitter or rotary sample divider. Pulverised sample is nominally pulverised to 95% passing 75um (200 mesh).

Quality control procedures include a 1 in 15 re-split after crushing for partial preparation and after pulverising for total preparation. These re-splits are also analysed and included in the analysis report.

Sizing tests are carried out on 1 in 20 assay pulps at 75um (200 mesh) to monitor the pulverising stage. Four 250 gram splits are obtained, one for sample analyses and the remaining three for storage for future reference.

Standard laboratory procedure is to clean the crusher and pulveriser after every fifth and each sample treatment respectively with barren material and/or bowl wash, to minimise carry-over contamination.

Pulverised samples are analysed by classical fire assay technique on a 50 gram charge with Atomic Absorption Spectrometer ("AAS") finish by Intertek at their Manila Laboratory. All assays over 5 g/t gold and other selected samples are re-assayed using the same technique.

JORC 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 Geoff Davis, who is a member of The Australian Institute of Geoscientists. Mr Davis is the Non Executive Chairman 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". 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.

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.

ABN: 60 099 377 849

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