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.
Friday, October 31, 2008
Medusa Mining increases gold production by 35%
Philippines focused gold producer, Medusa Mining, reported a 35% increase in gold production for the third quarter today. Production was 6,986 ounces with an average ore grade of 10.42 grams per tonne gold at an average cash cost of US$243 per ounce.
Medusa also reported that the Agsao Shaft development, which is part of a Phase I expansion program to increase production to 60,000 ounces per annum, was 84% complete, and ahead of schedule. First development ore from the Agsao Shaft is expected in Q1 2009. A new power line to the Co-O Mine is also on schedule, and it expected to be energised in “the next few weeks”.
Geoff Davis, Managing Director of Medusa, commented:
"At the Co-O Mine excellent progress has continued in this quarter, with gold production increasing by 35%, the expansion is on schedule and the mine resource was increased by 17%. In addition, we have commenced the copper exploration programme with drilling underway at our Lingig porphyry copper discovery and the large alteration system at Kamarangan."
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Medusa also reported that the Agsao Shaft development, which is part of a Phase I expansion program to increase production to 60,000 ounces per annum, was 84% complete, and ahead of schedule. First development ore from the Agsao Shaft is expected in Q1 2009. A new power line to the Co-O Mine is also on schedule, and it expected to be energised in “the next few weeks”.
Geoff Davis, Managing Director of Medusa, commented:
"At the Co-O Mine excellent progress has continued in this quarter, with gold production increasing by 35%, the expansion is on schedule and the mine resource was increased by 17%. In addition, we have commenced the copper exploration programme with drilling underway at our Lingig porphyry copper discovery and the large alteration system at Kamarangan."
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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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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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