Medusa Mining Limited, through its Philippines operating company Philsaga Mining Corporation, advises that the drilling at the Bananghilig Gold Deposit is verifying the resource of 650,000 ounces and extending mineralisation laterally and to depth.

The Bananghilig Deposit is within the regional scale Tambis intrusive-breccia complex where the mineralisation is associated with a combination of multiple diatreme breccias, northeast-trending structures and various intrusive rocks.

Geoff Davis, Chairman of Medusa commented:

“We are on our way! It is very pleasing to be able to report that new drilling is verifying and extending the historical drilling results on which the Bananghilig resource is based. The geology is complex but now with 93 new holes already completed, a good understanding of the geology and mineralisation controls is taking shape. This mineralised system has the potential to grow significantly beyond the three open zones already being defined and totalling approximately three kilometres of mineralisation. The diatreme breccia is open to the south below younger shallow sediments, and we expect possible additions in this direction, as well as along the extensive northeast-southwest structural corridors. Drilling will continue into 2012.”

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