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 hits wide, high grade gold vein
Medusa Mining, the gold producer with operations in the Philippines, announced that diamond drilling at its flagship Co-0 Gold Mine had intersected 33.5 metres grading 18 grams per tonne gold. The exceptional discovery was made 70 metres along strike to the west and 15 metres below current development on the Catto West Vein 1 on the 3100 metre level. The intersect included 15.9 metres grading a whopping 34 grams per tonne gold.
Geoff Davis, Managing Director commented:
"The 15.9 metre intersection is the best achieved to date at Co-O and continues to extend the mineralisation further to the west but within reach of our current development drives. In addition, the three high grade intersections higher in hole MD 72 and to the south of the wide intersection significantly add to our confidence that new parallel veins will be defined as drilling progresses."
Other Medusa Mining articles
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24/10/08 Medusa Mining has a lot going for it as a low cost gold producer
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25/07/08 Medusa Mining reaffirms target of 100,000 ounces of gold production by 2010
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13/05/08 Medusa Mining – Interview Transcript
Other Medusa Mining news
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01/12/08 Medusa discovers new high grade vein at Co-O gold mine in Philippines
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31/10/08 Medusa Mining increases gold production by 35%
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24/09/08 Medusa Mining says Crosby Capital offer "inadequate and opportunistic"
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19/09/08 Medusa Mining leaps on approach from Crosby Capital
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26/08/08 Medusa Mining updates JORC reserve estimate for Co-O Mine
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15/08/08 Medusa Mining announces discovery of magnetite-copper-gold porphyry
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12/08/08 Medusa Mining increases gold resource to 0.862 million ounces
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11/06/08 Medusa Mining to drill at Kamarangan in two weeks
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04/06/08 Medusa Mining firms on discovery of more gold veins
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07/04/08 Medusa Mining extends length of Co-0 vein system