Issue of Equity

 25 November 2013

ISSUE OF ORDINARY SHARES

(ASX & LSE: MML)

Medusa Mining Limited ("Medusa" or the "Company") has today issued 9,445,195 ordinary shares pursuant to the settlement of the second tranche of the placement announced on 31 October 2013.

Application will be made to the UK Listing Authority and to the London Stock Exchange for 9,445,195 ordinary shares of nil par value to be admitted to the Official List and to trading on the Main Market of the London Stock Exchange. It is expected that dealings will commence on or around 28 November 2013.

The new ordinary shares rank pari passu in all respects with the existing ordinary shares. The Company's increased share capital comprises 207,794,301 ordinary shares with voting rights.

The following information is published by Medusa Mining Limited pursuant to its obligations under the Australian Corporations Act 2001.

Medusa gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) ("Corporations Act") that:

1. Medusa has today issued 9,445,195 ordinary shares pursuant to the settlement of the first tranche of placement announced on 31 October 2013 without disclosure to investors under Part 6D.2 of the Corporations Act.

2. As at the date of this notice:

(a) the Company has complied with the provisions of Chapter 2M of the Corporations Act as they apply to the Company;

(b) the Compay has complied with section 674 of the Corporations Act; and

(c) there is no "excluded information" within the meaning of sections 708A(7) and 708A(8) of the Corporations Act which is required to be disclosed under section 708A(6)(e) of the Corporations Act.

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