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 increases gold resource to 0.862 million ounces
Tuesday, August 12, 2008
Medusa Mining, the owner and operator of the Co-O Gold Mine in the Philippines, announced a 17% increase in its JORC compliant resources to 0.862 million ounces with an average grade of 10.72 grams per tonne gold.
The resource update is part of a wider resource definition and exploration drilling program at the Co-O Mine in advance of an increase in gold production to 100,000 ounces of gold per annum by 2010.
Medusa stated that the high grade nature of the gold veins, and uniformity, that it would also be reporting future resources with a zero grams per tonne gold cut-off grade, as only 2.7% of the total resource fell between zero and three grams per tonne gold. Medusa also added that additional drilling at the western fringe of the deposit required further infill drilling before it could be included in the resource.
The new resource estimate as of 21 July 2008 is 2.5 million tonnes of indicated and inferred resources grading a combined 10.72 grams per tonne gold for 0.862 million ounces of gold using a zero grams per tonne gold cut-off.
Geoff Davis, Managing Director Medusa Mining, summarised:
"The resource statement extends the deposit to in excess of one million ounces including past production and we are very optimistic that this figure will be further increased by the on-going drill programme.
"The grade of the deposit continues to be maintained, and with the discovery of new mineralisation in new orientations, in conjunction with advancing geological knowledge, these factors all highlight the potential to increase the deposit size in the future."
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