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Market:	ASX
Sector:	Gold Mining
EPIC:	MML
Latest Price:	6.16 (1.82% )
52-week High:	8.71
52-week Low:	4.34
Market Cap:	1,163.18M

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Medusa Mining Full Medusa Mining profile here

Medusa Mining (ASX: MML) is an Australian based gold producer, focused solely on the Philippines. Medusa's corporate strategy is to become a mid-tier, 300,000 to 400,000 ounce per year, low-cost gold producer.

Medusa Mining encouraged by scout drilling results at Kamarangan copper anomaly

Friday, May 29, 2009

Medusa Mining (AIM & ASX: MML) announced that it had completed ten scout drill holes totalling 5,423 metres over part of the Kamarangan aeromagnetic anomaly. The anomaly is approximately ten kilometres in diameter with outcropping copper-gold mineralised magnetite skarn rocks. Kamarangas is part of the Tambis project which operated under a Mining Agreement with Philex Gold Philippines.

Drilling was focused on the western edge of a buried "fertile" diorite intrusive containing primary copper-molybdenum mineralisation.

Medusa noted that the centre of the prospect, an elliptical deep seated magnetic anomaly, had been tentatively interpreted as a possible "pencil" porphyry-style target.

Geoff Davis, Managing Director of Medusa, said the results were very encouraging:

"These initial results for copper, gold and molybdenum are very encouraging and confirm that the previously identified regional-scale features may be linked to a potentially major mineralised porphyry system. Further drilling will be conducted to follow-up these strong indications. The first two holes drilled last summer reported 11 metres at 0.50 g/t gold and 0.66% copper and 29 metres at 0.15% copper with 3.2 metres at 1.49g/t gold and, 0.52% copper whilst highlights from the more recent drilling include 16 metres at 0.43g/t gold and 0.59% copper, 24 metres at 0.64g/t gold and 0.12% copper and 2 metres at 7.21g/t gold."

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