Director's Shareholding

11 November 2011

MEDUSA MINING LIMITED

DIRECTOR'S SHAREHOLDING

(ASX & LSE: MML)

Medusa Mining Limited ("Medusa" or the "Company"), was informed today that Geoffrey Davis, Chairman, had sold 1,000,000 ordinary shares of no par value in the Company at an average price of A$6.72 on 10 November 2011.

The proceeds from the sale will be used for the payment of personal income tax and to provide funds for charitable undertakings and medical research.

Following the sale of Medusa shares as described above, Mr Davis' total beneficial ownership in the Company is 4,052,750 ordinary shares of no par value, representing approximately 2.15% of the issued share capital of the Company.

For further information please contact: