MML Medusa Mining

TIDMMML

RNS Number : 6575T

Medusa Mining Limited

22 November 2013

 
              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 
 

22 November 2013

RETIREMENT AND APPOINTMENT OF CHAIRMAN

(ASX & LSE: MML)

Medusa Mining Limited ("Medusa" or the "Company") advises that its Non-executive Chairman, Mr Geoff Davis, will retire from the Board at the conclusion of today's Annual General Meeting. He will be succeeded by current Non-executive Director, Mr Andrew Teo.

Retirement of Mr Geoff Davis

Geoff is the founding Managing Director of the Company, which was incorporated in February 2002 and subsequently gained admittance to the Australian Securities Exchange ("ASX") on 23 December 2003. Medusa is now one of the premier gold producers listed on the ASX.

Geoff is a geologist by profession and spent most of his working career since 1978 in Southeast Asia, primarily in the Philippines and Indonesia exploring mainly for epithermal gold deposits. This experience proved invaluable as he was able to identify the Co-O Mine area in East Mindanao as a potentially good address for high grade mineralisation.

The "Co-O Mine", as we affectionately know it, is integral to the success of the Company. The association with Co-O started as a joint venture in 2003 with Philsaga Mining Corporation, progressing to effective sole economic rights in December 2006. Geoff played an essential role in these achievements for the Company.

Having achieved significant milestones as Managing Director, including in realising his vision for the Co-O Mine and Medusa, Geoff moved to the role of Non-executive Chairman in June 2011.

As the new Co-O Mill expansion is nearing completion of its commissioning, a new era is about to begin, and Geoff feels it is an appropriate time to hand on the baton and pursue other interests. He will remain available to the Company on an as required basis, and will continue his role with the Philippines subsidiary companies.

The Board wishes to thank Geoff for all his efforts over more than 11 years in guiding Medusa's journey to becoming a successful and expanding low cost gold mining company.

Appointment of Mr Andrew Teo

The Board advises that Mr Andrew Teo will take the position of Chairman after today's Annual General Meeting. Andrew is a Non-executive Director of the Company, having joined the Company in February 2010.

Andrew, a commerce graduate (accounting major) from the University of Western Australia, is a member of CPA Australia and a Fellow of the Taxation Institute of Australia. He has 37 years' extensive and diverse experience in accounting, treasury, taxation, legal and business administration, including in the fields of M&A, amongst others. Andrew's experience also spans across several industries, including mining services.

He is currently the CFO/Executive Director of BGC (Australia) Pty Ltd, a vertically integrated private Company involved in manufacturing (building products), construction (residential and commercial), property development, transport, quarrying, civil and mining services, with a turnover in excess of AUD2.5 billion and employs 8000 plus staff Australia wide. Andrew has been with BGC for some 30 years.

Peter Hepburn-Brown, Managing Director of Medusa, commented:

"Geoff will be remembered as the driving force getting the Company to where it is today. We have all benefitted from Geoff's leadership, and he leaves behind the legacy of a strong company and a strong management team. In that regard, Geoff has always acknowledged the efforts of our team in achieving the Company's significant milestones, from the IPO through to successful mine development. We are all very grateful for Geoff's unstinting support.

I wish to extend my thanks on behalf of the Board, and I'm sure on behalf of many past and present shareholders. We wish him all the very best for the future.

I also wish to welcome Andrew to the Chairman's role and I look forward to a long and successful association."

For further information please contact:

 
 Australia 
 Medusa Mining Limited             +61 8 9367 0601 
 Peter Hepburn-Brown, Managing 
  Director 
 
 United Kingdom 
 SP Angel Corporate Finance LLP    +44 (0)20 3463 
  (Financial Adviser & Broker)      2260 
 Ewan Leggat/Laura Littley 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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