medusa in fy2011, page-27

Good morning from London

I would certainly not rule out a potential bid at some stage (perhaps when the Banaghilig resource is a bit bigger as it's open pit). However, we MML is still on a forward PE of less than 9 and we are now into the second quarter of the Financial Year. In my view MML is just being re-rated. The dividend is great news and we should be moving onto the main market in London. This should open MML up to a number of new institutions - and ones who can only invest in dividend paying companies.

Looking forward to quarterly results soon and the ongoing drilling progress at Co-O and Bananghilig. I still think fair value is about 50% higher when you compare to similar companies on the TSX

Jim