Medusa Mining Limited, through its Philippines operating company Philsaga Mining Corporation, announces an update of the Co-O Mine surface and underground drilling undertaken since the report dated 6 July 2011 up to 27 September 2011.

Hole Number Width (metres) Grade (uncut) (g/t gold) Recent surface drilling continued to provide mine planning and resource infill information mainly to the east of the Oriental Fault, including the multiple East Agsao Veins and veins associated with the Roysan Vein.

Underground drilling continues to confirm vein continuity.

Geoff Davis, Non-executive Chairman of Medusa, commented:

“The Co-O Mine drilling continues to deliver confirmation of the extent of this vein system. Following on from the new resource announced on 27 July 2011 of 1,960,000 ounces, we expect positive drill results to continue as drilling expands the vein system. Drilling is continuing with six surface rigs and five underground rigs.”

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