Holding in Company

Medusa Mining Limited

("Medusa" or the "Company")

1 February 2011

Holding in Company

Medusa has been informed today that as of 13 October 2010 BlackRock Investment Management (Australia) Limited and associated entities held less than 5 per cent. of the issued share capital of the Company.

Contact details:

Medusa Mining Limited

+61 8 9367 0601

Geoffrey Davis, Managing Director

Roy Daniel, Finance Director

Fairfax I.S. PLC

+44 (0)20 7598 5368

Financial Adviser / Broker

Ewan Leggat / Laura Littley

Lothbury Financial Services Limited

+44 (0)20 7868 2567

Michael Padley / Libby Moss