MML Medusa Mining

 
TIDMMML 
 
MEDUSA MINING LIMITED 
                                                             ABN: 60 099 377 849 
                                                       Unit 7, 11 Preston Street 
                                                                  Como  WA  6152 
 
                                                                      PO Box 860 
                                                        Canning Bridge  WA  6153 
 
                                                      Telephone:  +618-9367 0601 
                                                      Facsimile:  +618-9367 0602 
 
                                               Email:  admin@medusamining.com.au 
                                                Internet:www.medusamining.com.au 
 
                                                                ASX ANNOUNCEMENT 
 
                                                                1 September 2010 
 
                PROPOSED DIVIDEND AND AMENDMENTS TO CONSTITUTION 
 
The  Directors of Medusa Mining Limited  ("Medusa" or the "Company") give notice 
that  a general meeting of  members will be held  at the Esplanade River Suites, 
112 Melville   Parade,  Como,  Western  Australia  on 6 October 2010 at 10.00 am 
(Perth  time) ("Meeting").  The purpose of the  Meeting is to propose to members 
special resolutions to amend the Company's constitution. 
 
A key proposed amendment is to remove the restriction that dividends can be paid 
only  out  of  profits  of  the  Company.   This  follows  recent changes to the 
Corporations  Act 2001 (Cth)  that replaced  the former  profits test with a new 
three-tiered test which permits payment of dividends in circumstances other than 
out of profits. 
 
Subject  to  the  passing  of  this  resolution,  the Directors propose that the 
Company  pay an  unfranked dividend  of A$0.05  per share.   The record date for 
determining  those shareholders on the register entitled to the dividend will be 
15 October  2010, which is  seven business  days after  the date of the Meeting. 
 The ex-dividend date will be 11 October 2010 and the dividend is expected to be 
paid  on 8 November 2010. There  is no foreign  conduit income attributed to the 
dividend. 
 
The  other  proposed  amendments  to  the  Company's  constitution  include  the 
insertion  of pre-emptive rights  provisions in respect  of new issues of shares 
for  cash.  The Directors  consider that such  provisions, which are designed to 
protect  Shareholders' interests in  the Company, are  appropriate for a company 
seeking admission to the Main Market of the London Stock Exchange. 
 
A  separate special  resolution will  be proposed  to seek approval to re-insert 
proportional   takeover   provisions   into  the  Company's  constitution.   The 
constitution  previously contained  proportional takeover  provisions which have 
now lapsed.  The proposed proportional takeover provisions are substantially the 
same as the previous provisions. 
 
The  Notice  of  Meeting  (including  Explanatory  Notes)  will be dispatched to 
shareholders on 3 September 2010. 
 
Managing Director, Geoff Davis commented: 
 
 "It  is with  considerable pride  that the  Board announces  a maiden unfranked 
dividend  of A$0.05 per share, made possible by recent changes to the Australian 
Corporations Act. 
 
  The  Board acknowledges that Medusa is in  a fortuitous position with its Co-O 
Mine  generating strong  and positive  cash flow  and is  aware that it needs to 
strike  a  balance  between  returns  to  shareholders  and  the  future capital 
requirements of the Company's planned organic growth. 
 
  On  the proviso  that the  strong cash  flow generated  from the  Co-O Mine is 
sustainable, it is the Company's intent to reward its shareholders with dividend 
payments  after taking into  account the Company's  future cash requirements and 
position." 
 
 
For further information please contact: 
 
 Australia 
 
 
 Medusa Mining Limited                       +61 8 9367 0601 
 
 Geoffrey Davis, Managing Director 
 
 Roy Daniel, Finance Director 
 
 
 United Kingdom 
 
 Fairfax I.S. PLC                            +44 (0)20 7598 5368 
 
 Nominated Adviser/ Broker 
 
 Ewan Leggat/Laura Littley 
 
 
 Lothbury Financial Services Limited         +44 (0)20 7868 2010 
 
 Michael Padley/Libby Moss 
 
 
 Canada 
 
 Nicholas Sayce, Investor Relations          +1 416 822 4404 
 
 
 
 
 
 
[HUG#1441756] 
 
 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Medusa Mining Ltd via Thomson Reuters ONE 
 

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