Medusa Mining
Medusa is an expanding gold producer in the Philippines, listed on the Australian Stock Exchange and London AIM 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.
Medusa Mining increases gold resource to 0.862 million ounces
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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Other Medusa Mining articles
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28/01/09 Medusa Mining to increase gold production to 60,000 ozs in 2009
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19/01/09 Medusa Mining increases gold resource to 1.2 million ounces in Philippines
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25/07/08 Medusa Mining reaffirms target of 100,000 ounces of gold production by 2010
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Other Medusa Mining news
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03/07/09 Medusa Mining is added to S&P/ASX 200 Index
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01/07/09 Medusa Mining increases gold resource at Co-0 Mine to 1.38 million ounces
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22/06/09 Medusa Mining extends high grade gold vein system to 1400 metres
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29/05/09 Medusa Mining encouraged by scout drilling results at Kamarangan copper anomaly
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15/04/09 Medusa Mining says Co-O mine expansion on track, gold production rises in Q3
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09/04/09 Sprott Asset Management holds 5.4 pct of Medusa Mining
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18/03/09 Medusa Mining drilling at Lingig discovery supports potential for a large copper system
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05/03/09 Medusa Mining cashed up, unhedged and producing gold
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26/02/09 Medusa Mining raising A$23.3 mln net for Co-O mine development via placing
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01/12/08 Medusa discovers new high grade vein at Co-O gold mine in Philippines
