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Medusa Mining Limited

Monday, July 9th, 2007

Medusa Mining Limited, the Australian based company operating and developing gold mines in the Philippines, advises that it has discovered new veins with consistent and exceptionally high gold grades.
The new discoveries, named the Jereme and New Catto Veins 1 to 5 (“NCV 1 to 5”), are located to the south of and parallel to the known 1.5 km long Co-O Mine vein system and are still open in three directions. Results include:
Hole, Intercepts(metres), Grade(g/tgold)
JEREME
MD 41 1.00 198.84
NEW CATTO VEIN 1
MD 34 2.70 92.03
MD 35 1.70 55.77
MD 43 2.15 58.88
NEW CATTO VEIN 2
MD 28 0.90 32.32
MD 44 0.50 18.23
NEW CATTO VEIN 3
MD 35 0.60 75.39
MD 41 1.35 75.98
MD 44 0.70 42.29
NEW CATTO VEIN 4
MD 44 4.50 20.05
NEW CATTO VEIN 5
MD 44 1.90 79.05
Programme description
The Company commenced a diamond drilling programme in December 2006 which is designed to define the Co-O Mine vein system in preparation for a new resource estimation due for completion by late August to early September and incorporating all relevant holes from MD 20 to MD 44.
The first five holes (MD 20 to 24) were reported on 28 February 2007 and subsequently holes MD 25 to 34 (excluding MD 33) were reported on 16 May 2007. The next full drilling update report will be provided in August 2007. Drilling is continuing.
Current interpretations are based on 3D plotting and modelling of the data available, and future interpretations may be subject to change as more data become available.
The tops of the New Catto Veins are presently believed to be between the same elevation as the bottom of the 3W shaft at 3050 metres and the new sublevel at the 3000 metre elevation. All veins are open in at least three directions. It is now apparent that some of the early holes have drilled over the top of some of the veins or were not deep enough.
The Jereme Vein has been identified on the 3050 metre level to the south of the 3W shaft but was not previously recognised as a coherent high grade vein.
For further information visit: www.medusamining.com.au

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