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 says Crosby Capital offer "inadequate and opportunistic"
Medusa Mining (AIM: MML) advised its shareholders to take no action regarding a unsolicited offer from Crosby Capital Limited of Hong Kong. Earlier this week Crosby announced an all cash offer for Medusa Mining valuing the company at £82 million, or 52 pence per share.
Today Medusa said it believed the offer was “inadequate and opportunistic” and advised investors to take no action. Medusa also noted that Crosby’s offer had a minimum acceptance level of 90% - which cannot be achieved unless the board and management of the company agree to the bid, which they have not.
Medusa Mining is currently undertaking an expansion of its high grade Co-O Gold Mine in the Philippines which is anticipated to produce 80,000 ounces by 2010 at exceptionally low cash cast of US$200 per ounce.
The Company's resource base at the Co-O Mine is 862,000 ounces at 10.7g/t gold including probable reserves of 249,000 ounces at 10.7 g/t gold.
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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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19/09/08 Medusa Mining leaps on approach from Crosby Capital
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26/08/08 Medusa Mining updates JORC reserve estimate for Co-O Mine
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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