TAMBIS

Medusa Mining Limited, through its Philippines operating company Philsaga Mining Corporation, announces a JORC compliant maiden Inferred Resource of 650,000 ounces of gold in 15,000,000 tonnes at a grade of 1.3 g/t gold for the Bananghilig Gold Deposit located in the Tambis District. This new resource will boost the Company’s total resource inventory to approximately 2.03 million ounces of gold. Medusa will now focus on expanding this resource and establishing other disseminated gold deposits along the Barobo Fault Corridor for 18 kilometres to the southeast where mineralisation is associated with favourable calcareous host rocks from which scout drill hole results include 7.30 metres at 2.72 g/t gold, 8.15 metres at 1.30 g/t gold and 6.70 metres at 2.08 g/t gold.

Reported that drilling has been completed at the Bananghilig area for the time being. Detailed compilation of the results is in progress and subject to the compilation demonstrating good continuity of mineralisation, an initial resource estimate may be undertaken later in the year

Undertaken a programme of re-mapping and diamond drilling at Bananghilig Prospect with two objectives: • To further explore for the possibility of some of the veins containing mineable high grade material, which has not been successful; and • To investigate the disseminated gold potential within the diatreme breccia - An intercept from hole TDH 010 interseted 1m @ 103.43 g/t Au from 88m.