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.
Wednesday, June 04, 2008
Medusa Mining firms on discovery of more gold veins
Medusa Mining (AIM: MML) firmed this morning after announcing that ongoing drilling at its Co-0 Gold Mine in the Philippines had discovered additional gold veins.Medusa said the known vein system now extends over 1,000 metres along strike with indication of being up to 300 metres wide. Highlights from recent drilling included hold MD 68 returning 3.1 metres grading 15.37 grams per tonne gold, hole MD 72 returning 3 metres grading 18.9 grams per tonne gold and a further 15.9 metres grading an impressive 32.85 grams per tonne gold. Drilling continued to confirm that the Co-0 Mine has an extensive high grade vein system in place that will keep Medusa's drill rigs busy for some time to come.
"These results confirm the presence of additional veins, with some holes showing excellent grades. The ongoing drilling will better define these and, we believe, further extend the system westward." said Medusa's Managing Director, Geoff Davis. Register here for more articles on Medusa Mining
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
-
07/05/08 Medusa Mining hits wide, high grade gold vein
-
07/04/08 Medusa Mining extends length of Co-0 vein system