Holdings in Company

Medusa Mining Limited

("Medusa" or the "Company")

6 April 2011

Holdings in Company

Medusa was informed yesterday that as of 1 April 2011 Vanguard Precious Metals and Mining Fund was beneficially interested in a total of 17,700,000 ordinary shares of nil par value in the Company which represents approximately 9.40% of the issued share capital of the Company and an increase in shareholding of 1,900,000 ordinary shares since the previous notification by Vanguard Precious Metals and Mining Fund as announced on 28 March 2011. The registered owner of the 17,700,000 ordinary shares is JPMorgan Chase Bank, N.A.

The Company was also informed today that as of 24 March 2011 Rex Harbour and associates (which includes City Securities Limited, Harbour Foundation, Rex Harbour, Deborah Harbour, Gideon Harbour, Gabriel Harbour, Daniel Harbour and Gamma Nominees Ltd) were interested in a total of 6,647,146 ordinary shares of nil par value in the Company which represents approximately 3.53% of the issued share capital of the Company. This represents a reduction in shareholding of 4,714,520 ordinary shares in the Company since the previous shareholding notification by Rex Harbour and associates which was announced on 28 January 2011.

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