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Market: AIM / ASX : TSX
Sector: Gold Mining
Epic: MML
News: Latest news
Web Site: Medusa Mining
Other Articles: 16-03-201016-03-201008-03-2010

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Tuesday March 16, 11:29Mercator Gold to sell exclusive Copper Flat option to Canada's THEMAC Resources

The deal will allow the group to retain a substantial interest in the promising Mexican copper-gold-molybdenum-silver project without the associated costs.

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Wednesday March 17, 03:46Access Pharmaceuticals’ Cobalamin oral platform could offer new way to administer insulin

This morning, Access Pharma reported that two independent animal studies confirmed earlier findings that Cobalamin offers significant bioavailability of orally delivered insulin

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Monday March 15, 08:01China's growth boosting commodity prices

The latest economic figures from China have put pressure on the dollar and boosted a number of high-yielding currencies, including the Australian dollar and the South African rand.

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Medusa Mining

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.

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Tuesday, January 19, 2010

Fairfax upgrades Medusa Mining after resource estimate revision for Co-O gold mine

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Broker Fairfax upgraded its valuation of Medusa Mining (AIM, ASX: MML; TSX: MLL) to 231 pence per share despite the recent downward revision of the inferred resource at the Australian gold producer’s flagship Co-O mine in the Philippines.

Medusa has completed the re-interpretation of the resource model for its Co-O mine located in the Philippines, marginally decreasing the inferred resources while maintaining the indicated resources, taking into account production and stockpiles to provide an accurate development-based model for expanding the mine to the east.

Fairfax said its valuation was backed up by the strength in gold prices, while the company “continued to deliver” with the ongoing exploration programme expected to make up for the small loss in the inferred resource.

Following the re-interpretation, Co-O’s resource stands at 2.29 Mt (million tonnes) grading 0.9 g/t (grammes per tonne) gold for 660,000 oz (ounces) in the inferred category and 1.45 Mt at 12.3 g/t gold for 580,000 oz in the indicated category. At the start of July, the resource estimate for Co-O stood at 1.25 Mt at 15 g/t gold for 603,000 oz indicated and 2.73 Mt at 8.9 g/t gold containing 777,000 oz inferred.

The broker said that the upside potential in and around the mine remained “very attractive” with 35 veins having already been modelled with the potential to find more. Medusa now has a clearer understanding of the veins to the East and can adjust drilling accordingly to expand resources with the management estimating that Co-O has a potential target size of 3 to 7 Moz (million ounces) depending on the depth based on a conceptual model.

Medusa is currently drilling 90,000 metres per year focusing on Co-O with an annual budget of US$18 million with a number of results from the latest resource definition programme having yet to be included in resource estimates with an update expected around June/July this year.

The broker’s valuation assumed a production of 100,000 ozpa (ounces per annum) at a cash cost of US$200 until 2022, also adding a 20% premium to its NPV (net present value), noting that gold mining companies could run to two times valuation as they become more established.

The ongoing near mine exploration is aimed to assess the possibilities of further expansion to 200,000 ounces per year, while current cash costs at the Co-O Mine are approximately US$200 per ounce.

The company’s exploration portfolio was valued at US$32 million based on US$50/oz in the ground for the Bananghilig 650,000 oz resource.

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