MML Medusa Mining

    Termination of Possible Offer by Crosby Capital
             



                        Medusa Mining Limited
                     ('Medusa' or the 'Company')

           Termination of Possible Offer by Crosby Capital


The board of Medusa notes the release of the following announcement
by Crosby Capital Limited (reproduced below).

Contacts:

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 / Rory Scott

Lothbury Financial                      +44 (0)20 7011 9411
Michael Padley / Louise Davis


ASX & Media Announcement
3 November 2008

CROSBY NOT TO PROCEED WITH OFFER FOR MEDUSA MINING AFTER BID
CONDITIONS BREACHED

Crosby Capital Limited (Crosby) advises that it will not proceed with
an off-market takeover offer for Medusa Mining Limited (Medusa) as a
number of bid conditions have been breached.

On 19  September  2008,  Crosby announced  that,  through  a  special
purpose vehicle, it  proposed to make  an offer to  purchase all  the
ordinary shares of Medusa for A$1.15 cash per share (the Offer).  The
announcement set out the conditions to  the Offer. A number of  these
conditions have been breached including:
*                 the gold price falling below US$750/oz for 3 or
  more consecutive trading days;
*                 the S&P/ASX 200 falling below 4000 for 3 or more
  consecutive trading days;
*                 the failure of Medusa to grant access to an
  independent expert within 4 weeks of the
                    announcement  date to confirm matters concerning
Medusa's assets, Medusa's resource and reserve
                    estimates and other Medusa statements about
prospective performance; and
*                 the failure of Medusa to give Crosby the
  opportunity to undertake reasonable due diligence

The recent stock market  and gold price declines  (each in excess  of
10% since  the announcement  of the  bid) significantly  changed  the
commercial circumstances after the time of the original announcement.
The gold  price remains  below the  relevant trigger  point for  that
condition. Separately, as made clear in the initial announcement, the
independent expert  and due  diligence conditions  were important  to
Crosby to allow it to affirm the conditions of the Offer.

                           Media enquiries

For further details on this announcement, please contact:
Michael Mullane, Savage & Partners (Public Relations Adviser to
Crosby): +61 2 8281 3257
Joey Borromeo, Managing Director,  Crosby Capital Limited: +852  2169
2823

                    About Crosby Capital Limited

Crosby Capital Limited (formerly  Techpacific Capital Limited) is  an
independent merchant banking and asset management group listed on the
Hong Kong Stock Exchange's GEM board  (HK GEM 8088), with offices  in
China, Singapore,  the United  Kingdom  and representation  in  other
parts of Asia.  The Group is  engaged in the  businesses of  merchant
banking, asset management, venture capital fund management and direct
investment. Its subsidiary,  Crosby Asset  Management Inc.  (formerly
Crosby Capital Partners  Inc.), which carries  out the Group's  asset
management business,  is quoted  on London's  Alternative  Investment
Market (CSB LN).
Further information on Crosby can be found on www.crosby.com

---END OF MESSAGE---


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.

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