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Additional Information

Market:	ASX
Sector:	Gold Mining
EPIC:	MML
Latest Price:	6.05 (0.67% )
52-week High:	8.71
52-week Low:	4.34
Market Cap:	1,142.41M

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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 extends high grade gold vein system to 1400 metres

Monday, June 22, 2009

Shares in Medusa Mining (AIM & ASX: MML) continued to test new territory this morning, hitting a new all time high after the company reported further positive news from ongoing drilling at the Co-O Mine in the Philippines.

Medusa’s share price performance in 2009 has been nothing short of spectacular, climbing from around 32 pence to 110 pence in the first six months of the year.

Today the company announced that it had extended the strike of the vein system at the mine to 1,400 metres. Drill results released this morning were aplenty, and in line with the known characteristics of the mine: high grade, narrow veins. The additional drill data will be used to produce an update resource statement for the project, which is expected in July.

The Co-O Mine is an underground operation and Medusa is currently in the midst of an expansion programme that will lift annualised production to around 60,000 ounces of gold, before an additional expansion lifts production again to 100,000 ounces per annum.

Drilling, continues, with eight surface rigs drilling at the main mine area, eastern extension of the known vein system and additional testing of other systems adjacent to the current mine area.

"These results continue to confirm the world class nature of the Co-O Deposit,” Geoff Davis, Managing Director of Medusa, commented. “At this stage they do not show any sign of weakening along strike to the east. We will continue to aggressively explore along strike to increase the opportunities for expanding the mine infrastructure. In addition, we are now moving towards exploring other vein systems in the immediate vicinity of the Co-O Mine which, if successful, will also contribute to the possibility of diversifying our sources of ore".

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