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 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%.
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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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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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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
