MML are an existing gold producer on the island of Mindanao, and are looking to expand production towards 100,000 ozs Pa during 2007.

Mining costs are low, around $250 per oz, and with gold around the $650 level, there is a healthy margin.

MML have returned good grades in recent exploration, and have an exploratory copper project within their licence area.


recent analysis - Click HERE


MML look undervalued compared to their peers, IMO.

Terrific grades, click HERE

terrific share drop!!!

MEDUSA MINING LIMITED
ABN: 60 099 377 849
Unit 7, 11 Preston Street
Como WA 6152
PO Box 860
Canning Bridge WA 6153
Telephone: +618-9367 0601
Facsimile: +618-9367 0602
Email:
admin@medusamining.com.au
Internet:
www.medusamining.com.au


MEDUSA MINING LIMITED

713,000 RESOURCE OUNCES

Medusa Mining Limited ("Medusa" or the "Company"), the Australian
based company operating and developing gold mines in the Philippines,
is pleased to advise that it has completed new resource and reserve
estimations at the Co-O Mine.

The Resource estimation has increased the contained ounces by 446,000
ounces (266%) to 713,000 ounces using a lower cut of 3 g/t gold.


+---------------------------------------------------------------------+
|Category | > 0 g/t gold | > 3 g/t gold |
| |----------------------------+----------------------------|
| | tonnes | g/t | ounces | tonnes | g/t | ounces |
| | | gold | | | gold | |
|-----------+-----------+------+---------+-----------+------+---------|
|Indicated | 1,040,000| 11.5| 386,000| 928,000| 12.6| 377,000|
|-----------+-----------+------+---------+-----------+------+---------|
|Inferred | 1,320,000| 8.3| 351,000| 1,106,000| 9.5| 336,000|
|-----------+-----------+------+---------+-----------+------+---------|
|Grand total| 2,360,000| 9.7| 737,000| 2,034,000| 10.9| 713,000|
+---------------------------------------------------------------------+


The Reserve estimation has increased the contained ounces by 162,000
ounces (272%) to 256,000 ounces using a lower cut of 3 g/t gold.


+-----------------------------------------+
| Category | > 3 g/t gold |
| |------------------------------|
| | tonnes | g/t gold | ounces |
|----------+---------+----------+---------|
| Probable | 717,000 | 11.1 | 256,000 |
+-----------------------------------------+


Drilling is continuing with the objective to achieve a resource
target of 1 million ounces of similar grade.

Geoffrey Davis, Managing Director of Medusa, commented:

"These extremely robust resource and reserve numbers are quite
exceptional. We are confident that, with additional drilling over the
coming months, we can achieve a target resource of one million
ounces, at a similar grade. The Directors have a high expectancy of
converting a large proportion of the Inferred Resources into
reserves."

RESOURCE ESTIMATIONS

Discussion

A deep diamond drilling program was commenced in December 2006 with
the aim of extending the known Co-O vein system to depth and along
strike. A total of 25 drill holes have been completed of which 20
have been used in the resource estimation in conjunction with
available underground sampling data. The 5 holes not used are outside
the resource area.

Vein modelling

Cube Consulting Pty Ltd of Perth, Western Australia were contracted
to undertake resource estimations based on a wire frame model of the
vein system. As discussed in the announcement of 15 August 2007, the
model has focused on the main veins and does not include other drill
hole intersections, which are attributed to vein splits.

Resource Estimations

The resource estimations have utilised the following methodologies
and parameters:

* Creation of a digital geological interpretation based on all
available information, as at 31 July 2007, and comprising
construction of digital hanging walls and footwalls for each vein;
* Estimation of vein resources below the 3150 metre level for veins
which have current mine development (Central, Breccia and North
Veins) and new veins defined by drilling alone (Edphil, Jereme, New
Catto Veins 1, 2 and 3);
* Account for mining depletion to 31 July 2007;
* Provide technical input to resource classification and reporting of
resources in accordance with The 2004 Australasian Code for
Reporting of Mineral Resources and Ore Reserves (JORC Code); and
* Provide resource models suitable for VALMIN evaluation, planning
and formulation of reportable reserves.

Table I. Co-O Mine mineral resource estimates


+-----------------------------------------------------------------------------------+
|Vein name| Category | > 0 g/t gold | > 3 g/t gold |
| | |------------------------------+------------------------------|
| | | tonnes | g/t | contained | tonnes | g/t | contained |
| | | | gold | ounces | | gold | ounces |
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|Central |Indicated | 494,000| 11.6| 184,000| 477,000| 11.9| 183,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 594,000| 5.5| 106,000| 584,000| 5.6| 105,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 1,088,000| 8.3| 290,000| 1,061,000| 8.4| 288,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|North |Indicated | 152,000| 5.6| 28,000| 102,000| 7.2| 23,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 128,000| 2.5| 10,000| 33,000| 3.6| 4,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 280,000| 4.2| 38,000| 135,000| 6.3| 27,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|Breccia |Indicated | 30,000| 5.5| 5,000| 24,000| 6.2| 5,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 124,000| 2.8| 11,000| 31,000| 4.5| 4,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 154,000| 3.3| 16,000| 55,000| 5.3| 9,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|Jereme |Indicated | 72,000| 13.4| 31,000| 72,000| 13.4| 31,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 186,000| 7.9| 47,000| 186,000| 7.9| 48,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 258,000| 9.5| 78,000| 258,000| 9.5| 79,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|Edphil |Indicated | 163,000| 5.2| 27,000| 124,000| 6.0| 24,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 112,000| 5.7| 21,000| 96,000| 6.3| 19,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 275,000| 5.4| 48,000| 220,000| 6.1| 43,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|New Catto| | | | | | | |
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|1 |Indicated | 23,000| 55.0| 40,000| 23,000| 55.0| 40,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 29,000| 54.7| 52,000| 29,000| 54.7| 52,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 52,000| 54.8| 92,000| 52,000| 54.8| 92,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|New Catto| | | | | | | |
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|2 |Indicated | 53,000| 5.6| 9,000| 53,000| 5.6| 9,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 87,000| 6.0| 17,000| 87,000| 6.0| 17,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 140,000| 5.9| 26,000| 140,000| 5.9| 26,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|New Catto| | | | | | | |
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|3 |Indicated | 55,000| 34.7| 61,000| 55,000| 34.7| 61,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 58,000| 46.9| 88,000| 58,000| 46.9| 88,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 113,000| 41.0| 149,000| 113,000| 41.0| 149,000|
|---------------------+-----------+------+-----------+-----------+------+-----------|
|Grand Total | 2,360,000| 9.7| 737,000| 2,034,000| 10.9| 713,000|
+-----------------------------------------------------------------------------------+

The resource estimations have been undertaken by Cube Consulting Pty
Ltd.

The modelling technique addressed the following issues:

* Variable mineralised vein thickness ranging from 0.5 to 9 metres;
* The taking of samples, by necessity, over geological intervals
creating samples of unequal length or variable support;
* Assuming a relatively constant density;
* Undulating or variable zone geometry (dip and strike) and the
presence of grade/thickness trends within this variable geometry;
* Across vein mining selectivity is unlikely; and
* Data spacing is variable and often clustered.

Cube applied a 2D longitudinal modelling approach based on an
accumulation variable incorporating mineralised vein horizontal width
and intercept grade.

Variography has been used to analyse the spatial continuity of the
horizontal width and accumulation variables within the mineralised
veins and to determine appropriate estimation inputs to the
interpolation process. The accumulation variables were interpolated
into blocks using Ordinary Kriging.

It is important to note that the "variable" that is estimated is
"metal" based on the accumulation variable rather than the thickness
or grade component alone, thus eliminating issues relating to
variable thickness.

Variography was based on the Central Vein and resulted in well
structured variogram models with a nugget effect of 37% and a maximum
range of 62 metres for the accumulation variable. Variography of the
horizontal width was similar with a relative nugget effect of 36% and
a maximum range of 81.3 metres.

High grade limits were applied to gold prior to the calculation of
the accumulation variable. Within the Central and North Veins a high
grade limit of 300g/t gold was applied representing values in excess
of the 99th percentile of the gold distribution data.

Reserve Estimations

Golder Associates Pty Ltd of Perth Western Australia were contracted
to undertake a reserve estimation based on the resource wireframe
model provided by Cube Consulting Pty Ltd as described above.

The reserve estimation was derived from the Indicated Resource of
928,000 tonnes at 12.6 g/t gold containing 377,000 ounces of gold.

Table II: Co-O Mine probable reserve estimates


+--------------------------------------------+
| Vein name | > 3 g/t gold |
| |------------------------------|
| | tonnes | g/t gold | ounces |
|-------------+---------+----------+---------|
| Central | 358,000 | 10.0 | 115,000 |
|-------------+---------+----------+---------|
| North | 80,000 | 6.2 | 16,000 |
|-------------+---------+----------+---------|
| Breccia | 18,000 | 5.2 | 3,000 |
|-------------+---------+----------+---------|
| Jereme | 58,000 | 12.2 | 23,000 |
|-------------+---------+----------+---------|
| Edphil | 99,000 | 5.5 | 18,000 |
|-------------+---------+----------+---------|
| New Catto 1 | 18,000 | 50.0 | 29,000 |
|-------------+---------+----------+---------|
| New Catto 2 | 42,000 | 5.1 | 7,000 |
|-------------+---------+----------+---------|
| New Catto 3 | 44,000 | 31.6 | 45,000 |
|-------------+---------+----------+---------|
| Grand Total | 717,000 | 11.1 | 256,000 |
+--------------------------------------------+

The reserve estimations have been undertaken by Golder Associates Pty
Ltd.

The parameters utilised for the estimation include the following:

* A minimum diluted mining width of one metre;
* A block cut-off of 3 g/t gold;
* A dilution factor of 10% at 0 g/t gold; and
* A mining recovery of 73%.

Golder has classified the ore reserves in compliance with the JORC
Code as Probable Reserves.

Maps and cross sections which accompany this announcement can be
viewed in the ASX version of the announcement on the Company's
website:
www.medusamining.com.au


Please cut and paste the links below into your web browser for maps
and cross sections that accompany this announcement and inter alia,
illustrate the location of all the diamond drill holes drilled around
the Co-O Mine since December 2006.



Medusa Mining Limited +61 8 9367 0601
Geoffrey Davis, Managing Director
Roy Daniel, Finance Director

Ambrian Partners +44 (0)20 7776 6417
Richard Brown / Richard Greenfield

Bankside Consultants +44 (0)20 7367 8888
Michael Padley / Louise Davis


JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS

Medusa Mining Limited
Information in this report relating to Exploration Results, is based
on information compiled by Mr Geoff Davis, who is a member of The
Australian Institute of Geoscientists. Mr Davis is the Managing
Director 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
"Australian 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.

Cube Consulting Pty Ltd
Information in this report relating to Mineral Resources has
been estimated and complied by Mark Zammit of Cube Consulting Pty
Ltd. Mr Zammit is a member of The Australasian Institute of Mining &
Metallurgy and has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the "Australian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Mr Zammit consents to the inclusion in the report of the
matters based on his information in the form and context in which it
appears.

Cube Consulting is an independent Perth based resource industry
consulting firm specialising in geological modelling, resource
estimation and information technology.

Golder Associates Pty Ltd
The information in this report that relates to Ore Reserves is based
on information compiled by Charles Hastie BAppSc (Mining
Engineering), B AppSc (Multidisciplinary Science), MAusIMM and Peter
Onley MBA, MSc, BSc (Hons), FAusIMM, CP. Mr Hastie and Mr Onley are
full-time employees of Golder Associates Pty Ltd.

Messrs Hastie and Onley have sufficient experience which is relevant
to the style of mineralisation and type of deposit under
consideration and to the activity which they are undertaking to
qualify as Competent Persons as defined in the 2004 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Charles Hastie and Peter Onley consent
to the inclusion in the report of the matters based on their
information in the form and context in which it appears.

Golder Associates is a global consulting group employing more than
5500 staff offering services in earth engineering and environmental
sciences.

---END OF MESSAGE---





http://hugin.info/138050/R/1150858/220733.doc

media comment, click HERE

media comment, click HERE

Published date:Thursday, November 1, 2007
Fast-rising gold producer Medusa Mining (MML:AIM) has been identified as one of ten takeover targets for Avocet Mining (AVM:AIM). Chief executive Jonathan Henry confirmed that Medusa had been approached, but insisted talks were at an early stage.

Avocet should produce 178,000 ounces of gold this financial year. The company wants to expand its Penjom mine in Malaysia and North Lanut in Indonesia; and the Bakan project should start production in 2009. It believes an acquisition, funded from a $100 million cash pile, could potentially advance group gold output to 300,000 ounces per year. Henry told Shares that a short list of targets had been drawn up, including Philippines-based Medusa, and that Avocet had initiated the process with each business. The hardest thing is the characters in mining. Everyone thinks their company is undervalued so they dont want to talk about M&A, said Henry.

He said Avocet would focus on south east Asia for acquisition targets. Aside from Medusa, Allied Gold (AGLD:AIM) is the only UK-quoted gold producer in the region and is the right size for Avocets needs. One analyst said the company may stretch to Australia but said the market is quiet on Avocets targets. It could be anyone, quoted or private. Its shares have risen 46% to 168p since August.

Shares says: Bouncing back after restructuring with plenty of growth potential

Mine expansion update, click HERE

ProactiveInvestors One2One Forums

Thursday the 24th April 2008

The directors of Horizonte Minerals(AIM:HZM) , Medusa Mining (AIM:MML), and Freegold Ventures (TSX:ITF), will be hosting an investor presentation on Thursday the 24th April at 6pm with Q&A to follow.

After the presentations are complete the directors will also be available to take questions during a free canapand wine reception.

Registration is FREE, for further details : Click HERE



5:45pm for a prompt 6:00pm start at the Chesterfield Mayfair Hotel 35 Charles Street, Mayfair, W1J 5EB

Recent interview transcript, click HERE

New article and analysis, click HERE

Click HERE


The recent broader market sell-off has resulted in the share price of many fundamentally robust companies being re rated downward. As a result audacious consolidation attempts are growing in number. And with this in mind, gold focused Medusa Mining has been quick to provide comment with respect to Crosby Capital Limited’s proposal to make an unsolicited and conditional takeover offer.

The Medusa board says it has conducted an initial review of the proposed offer and believes that the offer is “inadequate and opportunistic”. It advises shareholders to take no action in relation to Crosby's proposed offer.....



For full article, click the link above.

Update click HERE

news, Click HERE

Geoff Davis interview with Proactiveinvestors.com
Click HERE

I was in the philippines for 2 month's this year, and there is a lot of red tape, if you want to get thing's done fast you have to pay an express charge [bribe ]

If there is just 1 letter wrong in a persons name it takes 3 to 4 months to change it, and the documents they want you to provide is massive and it is costly.

Increased resource news and analysis, click HERE

Canadian listing!

Click HERE

Looking good.

Excellent half year report.

Guaranteed 10% gain.1 for 10 free shares.