Medusa Mining
Medusa Mining is an expanding gold producer in the Philippines, listed on the London AIM and the Australian ASX. Medusa's gold production operations are very robust due to its high grades and low production costs, and over the next 12 to 18 months should expand considerably from an initial annualised 40,000oz as new multiple mines are brought into production to feed a central milling facility. Medusa is focused on expanding its resource base and production profile to benefit not only shareholders but also its employees and local communities. The Company’s exploration upside is rated as excellent for the discovery of new gold and copper-gold deposits.
Medusa Mining extends length of Co-0 vein system
Medusa Mining, which owns and operates the Co-O Gold Mine in the Philippines, said that it had extended the length of the Co-0 vein system.
Medusa has been conducting extensive drilling at the Co-0 mine, including on the West Catto Vein 1 which was discovered west of the Oriental Fault. Medusa currently mines gold east of the fault, so the discovery of gold west of the fault was considered a major milestone. Medusa said it had now drilled around 1,000 metres along strike and 200 metres across strike at the Co-0 vein system, and at West Catto 1 the strike had been extended to 300 metres west of the fault.
Geoff Davis, Managing Director commented:
"The drill programme has further extended the vein system to the west. We are confident the ongoing programme will continue to provide excellent results that vindicate our decision to reduce short-term production levels whilst we expand the production capacity of the mine to match the size of what is proving to be a very extensive mineralised system."
Other Medusa Mining articles
-
24/10/08 Medusa Mining has a lot going for it as a low cost gold producer
-
25/07/08 Medusa Mining reaffirms target of 100,000 ounces of gold production by 2010
-
13/05/08 Medusa Mining – Interview Transcript
Other Medusa Mining news
-
01/12/08 Medusa discovers new high grade vein at Co-O gold mine in Philippines
-
31/10/08 Medusa Mining increases gold production by 35%
-
24/09/08 Medusa Mining says Crosby Capital offer "inadequate and opportunistic"
-
19/09/08 Medusa Mining leaps on approach from Crosby Capital
-
26/08/08 Medusa Mining updates JORC reserve estimate for Co-O Mine
-
15/08/08 Medusa Mining announces discovery of magnetite-copper-gold porphyry
-
12/08/08 Medusa Mining increases gold resource to 0.862 million ounces
-
11/06/08 Medusa Mining to drill at Kamarangan in two weeks
-
04/06/08 Medusa Mining firms on discovery of more gold veins
-
07/05/08 Medusa Mining hits wide, high grade gold vein