Medusa Mining Limited listed on the ASX on 23 December 2003 issuing 12,500,000 shares at $0.20 each, raising $2,500,000.

Medusa's corporate objectives:

• Acquire gold and gold-copper projects with cash flow potential within 2 years.
• Achieve production with a low capital exposure and a rapid payback period.
• Explore for high grade deposits in areas with good access and infrastructure.

To achieve the objectives, Medusa

• Has earned a 50% interest in the Saugon Gold-Silver Project, located in the Philippines;
• Has acquired an Option to joint venture the large Dizon tailings deposit;
• Has obtained an Option to joint venture the developed, underground Marian Gold Mine
• Is seeking advantageous arrangements on its other projects as joint ventures or sales.

Medusa has a tight capital structure which should reflect project success.

updated 24th August, 2004

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