MML Medusa Mining

    Co-O MPSA Granted
             



26 March 2008

                        MEDUSA MINING LIMITED
                             (AIM: MML)

                          Co-O MPSA GRANTED

Medusa Mining Limited ("Medusa" or the "Company"), the Australian
based company operating and developing gold mines in the Philippines,
advises that Mineral Production Sharing Agreement ("MPSA") number
262-2008-XIII over the Co-O Mine was signed by the Secretary for
Mines and the Department of Environment and Natural Resources on 12
March 2008.  The MPSA has a term of 25 years and is capable of
renewal for at least one further 25 year period.

Please see the link at the end of this announcement for Figure 1,
which shows the location of the MPSA.

Geoff Davis, Managing Director commented:

"The granting of the MPSA is a very significant milestone for the
Company as it provides long term security for the Company's expanding
Co-O operation.  This can only enhance the Company's standing in the
community and give us the confidence for continued development in the
region."

For further information, please contact:


Medusa Mining Limited                   +61 8 9367 0601
Geoffrey Davis, Managing Director
Roy Daniel, Finance Director

Fairfax I.S. PLC                        +44 (0)20 7598 5368
Nominated Adviser / Joint Broker
Ewan Leggat

Mirabaud Securities Limited             +44 (0)20 7321 2508
Joint Broker
Peter Krens

Bankside Consultants                    +44 (0)20 7367 8888
Michael Padley / Louise Davis

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http://hugin.info/138050/R/1203183/246623.pdf

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