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 updates JORC reserve estimate for Co-O Mine
Tuesday, August 26, 2008
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%.
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