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.
Medusa Mining updates JORC reserve estimate for Co-O Mine
Medusa Mining, the expanding gold producer in the Philippines, announced a updated JORC compliant Ore Reserve estimate at the Co-O Gold Mine.
The Co-0 Mine now has a probable reserve estimate of 721,000 tonnes grading 10.77 grams per tonne gold, containing 249,000 ounces. There is also “additional potential” mining inventory of 949,000 tonnes at an estimated grade of 10.6 grams per tonne gold containing a further 323,000 ounces of gold.
Medusa’s gold operations in the Philippines are undergoing an expansion phase to move production up to an initial rate of 40,000 ounces of gold per annum, and eventually a target of 100,000 ounces per annum.
The reserve estimate was based on an indicated resource of 1.048 million tonnes grading 11.63 grams per tonne gold and the additional potential mining inventory was derived from the inferred resource.
Golder Associates, who classified the ore reserves, based its assumptions on a mining diluted mining width of one metre, a block cut-off of 3 grams per tonne gold, a dilution factor of 10% at 0 grams per tonne gold and a mining recovery of 73%.
Other Medusa Mining articles
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24/10/08 Medusa Mining has a lot going for it as a low cost gold producer
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25/07/08 Medusa Mining reaffirms target of 100,000 ounces of gold production by 2010
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13/05/08 Medusa Mining – Interview Transcript
Other Medusa Mining news
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01/12/08 Medusa discovers new high grade vein at Co-O gold mine in Philippines
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31/10/08 Medusa Mining increases gold production by 35%
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24/09/08 Medusa Mining says Crosby Capital offer "inadequate and opportunistic"
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19/09/08 Medusa Mining leaps on approach from Crosby Capital
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15/08/08 Medusa Mining announces discovery of magnetite-copper-gold porphyry
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12/08/08 Medusa Mining increases gold resource to 0.862 million ounces
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11/06/08 Medusa Mining to drill at Kamarangan in two weeks
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04/06/08 Medusa Mining firms on discovery of more gold veins
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07/05/08 Medusa Mining hits wide, high grade gold vein
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07/04/08 Medusa Mining extends length of Co-0 vein system