Medusa Mining Ltd (UK) – Appointment of Director
15th 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:
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
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 > 800km2.
Published: 08:00 CET 15-02-2010 /HUGIN /Source: Medusa Mining Ltd /LSE: MML /ISIN: AU000000MML0