Appointment of Director
February 15 2010 - 2:07AM
UK Regulatory
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 <mailto:admin@medusamining.com.au>
Internet: www.medusamining.com.au <http://www.medusamining.com.au/>
ANNOUNCEMENT
15(th) February 2010
APPOINTMENT OF DIRECTOR
The Directors of Medusa Mining Limited (ASX & AIM: MML; TSX: MLL), are pleased
to announce the immediate appointment of Mr Andrew Boon San Teo as a
Non-Executive Director of the Company.
Mr Teo is an accountant with 33 years of extensive and diversified experience in
accounting, treasury, corporate, legal and business administration across
several industries. He is currently the CFO/Executive Director of BGC
(Australia) Pty Ltd, one of Australia's largest privately owned companies, with
annual turnover in excess of $2 billion and 7,000 plus staff (including
sub-contractors).
Mr Teo will also assume the Chairman's role of the Audit Committee and serve as
a member of the Remuneration Committee.
In addition, the Board of Medusa is currently in discussions with several
candidates for the role of Non-Executive Chairman and Mr Peter Hepburn-Brown has
agreed to act as Non-Executive Chairman in the interim.
Geoffrey Davis, Managing Director of Medusa, commented:
"The Company is committed to ensuring the highest standards of corporate
governance and we are positive that the appointment of Andrew with his business
acumen and proven financial track record across several industries will
complement those of my fellow board members.
The Company is currently in an exciting growth phase and we look forward to
Andrew's valuable contribution as the Company embarks towards further expansion
and growth."
Further Information with regards to Andrew Boon San Teo (age 57)
The directorships held by Mr Teo now and over the five years preceding the date
of appointment are as follows:
Current:
Lodsworth Limited
Tipsafe Pty Ltd
Abella Holdings Pty Ltd
Bestcheck Nominees Pty Ltd
Caprice Bay Pty Ltd
Edmonds Corporation Pty Ltd
Harrisdale Pty Ltd
Hebat Pty Ltd
J-Corp Pty Ltd
Leon Enterprises Pty Ltd
National Electrical Services Pty Ltd
Westswan Nominees Pty Ltd
Worlando Pty Ltd
Jaguh Pty Ltd
Swan View Holdings Pty Ltd
BOCCE Pty Ltd
A.F. Wade Pty Ltd
Arndale Holdings Pty Ltd
BGC (Australia) Pty Ltd
BGC Construction Pty Ltd
BGC Contracting Pty Ltd
BGC Insurance (L) Limited
Broadland Holdings Pty Ltd
Broadland Holdings (1994) Pty Ltd
Buckeridge & Associates Pty Ltd
Buckeridge Nominees Pty Ltd
Builders Supply Group Pty Ltd
Buxton Holdings Pty Ltd
Commodore Homes (WA) Pty Ltd
Commodore Investments (WA) Pty Ltd
Craneford Holdings Pty Ltd
Cromlech Pty Ltd
Esther Investment Proprietary Limited
Glentham Pty Ltd
Jujur Pty Ltd
Kimpura Pty Ltd
Lisson Nominees Pty Ltd
Masan Pty Limited
Maxen Holdings Pty Ltd
Mount Risk Services Pty Ltd
Pelabuhan Utama Pty Ltd
Port 1 Pty Ltd
Richard Buckeridge Investments Pty Ltd
Sunspec Investments Pty Ltd
Tapestry Holdings Pty Ltd
The Australian Plasterboard Company Holdings Pty Ltd
Twenty-Two Mount Street Pty Ltd
Uranium Australia Limited
Previous:
Korab Resources Limited
Mr Teo beneficially owns 50,000 shares in Medusa Mining Limited which represents
approximately 0.03% of the issed share capital in the Company. The shares are
registered in the name of his spouse.
ABOUT MEDUSA MINING LIMITED
Medusa Mining Limited ("Medusa" or the "Company"), a public company listed on
the ASX, AIM and the TSX, is an Australian based gold producer, focussed solely
on the Philippines.
With current mineral resources comprising Indicated 580,000 ounces of gold and
Inferred 1,310,000 ounces of gold, Medusa's corporate strategy is to become a
mid tier 300,000 to 400,000 ounce per year, low cost gold producer.
The Company is currently expanding its high grade Co-O Mine operations
(Indicated Resources 580,000 ounces of gold inclusive of a Probable Reserve of
500,000 ounces of gold, and Inferred Resources 660,000 ounces of gold) to
increase its forecast production to 100,000 ounces per year in 2010, and is
conducting near mine exploration to assess the possibilities of further
expansion to 200,000 ounces per year. Current cash costs at the Co-O Mine are
approximately US$200 per ounce.
A pipe-line of deposits is now being established with the Bananghilig Deposit
(Inferred Resource of 650,000 ounces of gold) recently added and which is
expected to expand, potentially in conjunction with nearby discoveries.
Further potential upside exists in the discovery of substantial copper deposits
within the tenement holding of > 800km(2).
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
Nomad and Broker
Ewan Leggat/Laura Littley
Lothbury Financial +44 (0)20 7011 9411
Michael Padley/Libby Moss
Canada
Nicholas Sayce, Investor Relations +1 416 822 4404
[HUG#1384286]
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