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Additional information
Additional Information
Market: AIM / ASX : TSX
Sector: Gold Mining
Epic: MML
News: Latest news
Web Site: Medusa Mining
Other Articles: 24-02-201021-01-201019-01-2010

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Saturday March 13, 08:47Premium risk at Prudential

Insurance giant Prudential has stolen the headlines this week, after their decision to buy AIA, the Asian life business of US insurer AIG, has attracted a mixed response from shareholders.

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Friday March 12, 07:58Lithium and rare earths markets poised for growth

Right now, the world relies almost completely on China for its rare-earth supply. The Chinese have made it clear that they want to keep more supply for themselves as they try to be the world leader in green technology

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Friday March 12, 07:51White Energy enters coal deal with China Guodian Group

White Energy Company (ASX: WEC; OTCQX: WECFY) has inked a non-binding heads of agreement with state owned Guodian Inner Mongolian Energy Sources Co Limited to develop a coal upgrading [...]

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Medusa Mining

Medusa Mining

Medusa is an expanding gold producer in the Philippines, listed on the Australian Stock Exchange (ASX;MML), London AIM (AIM: MML) and Toronto Stock Exchange (TSX: MLL) markets. With an expanding resource base now at 1.2million ounces at 13.3g/t gold and production on track to achieve 60,000 ounces annualised in Q3 09 and 100,000 ounces annualised early 2010, it is anticipated that long term cash costs will be approximately US$200/ounce. Numerous new discoveries of gold and copper-gold are anticipated in the future within the large regional tenement package totalling 820km². The operations are an integral part of the local communities.

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Monday, June 22, 2009

Medusa Mining extends high grade gold vein system to 1400 metres

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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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