Medusa Mining
Medusa is an expanding gold producer in the Philippines, listed on the Australian Stock Exchange (ASX;MML), London AIM (AIM: MML) and Toronto Stock Exchange (TSX: MLL) 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%.
Other Medusa Mining articles
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08/03/10 Medusa Mining announces 1:10 bonus issue
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07/09/09 Medusa Mining reports 216% full year revenue hike, aims for growth in 2010
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12/08/09 Medusa Mining increases resource inventory to 2 million ounces of gold
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27/07/09 Medusa Mining on schedule to produce 100,000 ounces of gold from Co-0 Mine in 2010
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10/07/09 Geoff Davis, Managing Director of Medusa Mining talks to Proactive Investors
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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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24/02/10 Medusa Mining reveals record breaking first half, net profit up 201%
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21/01/10 Medusa Mining achieves record gold production for the quarter
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19/01/10 Fairfax upgrades Medusa Mining after resource estimate revision for Co-O gold mine
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18/01/10 Medusa Mining completes re-interpretation of the resource model for the Co-O Mine
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14/01/10 Medusa Mining chairman resigns due to increased work commitments elsewhere
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10/12/09 Medusa Mining delivers high-grade drill results at Co-O Mine
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27/11/09 Medusa Mining starts trading on the Toronto Stock Exchange
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18/11/09 Shares in Medusa Mining increase 9c after 2010 vision revealed
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28/10/09 Medusa Mining ups full-year gold production forecast to 86,000 ounces vs 82,000
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09/10/09 Medusa Mining hits more copper mineralisation at Lingig
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