Retirement and Appointment of CFO

31 May 2013

RETIREMENT AND APPOINTMENT OF CFO

(ASX & LSE: MML)

Medusa Mining Limited ("Medusa" or the "Company") announces the retirement of the Company's Chief Financial Officer ("CFO"), and the appointment of a new CFO.

Retirement of existing CFO:

Mr Roy Daniel has advised the Board that he wishes to retire from office effective 1 July 2013.

Roy joined Medusa as CFO in December 2004, and has made an outstanding contribution to the Company's development and progress, especially in establishing the corporate culture required to succeed in off-shore jurisdictions. The Board expresses its gratitude to Roy for his contribution to the success of the Company and wishes him all the best for the future.

Notwithstanding his retirement, Roy will make himself available to the Company as a consultant, and in particular ensure a smooth transition to the new CFO.

Appointment of new CFO:

The Board is pleased to advise that it has appointed Mr Peter Alphonso as the new CFO.

Peter currently holds the position of Company Secretary, and his responsibilities extend to liaising extensively with the current CFO on all the financial and statutory reporting of the Company. He has also been instrumental in developing the administrative and financial procedures of our Philippine companies since joining Medusa in September 2006.

Peter has in excess of 30 years' experience, predominantly in the mining sector, and he brings a range of relevant experience to the position.

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