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Additional Information
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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Thursday March 18, 08:01SmartFocus, Amphion Innovations and National Milk Records confirmed for March 18 Forum

The presentations will start at 6:00pm and finish at approx 7:30pm. After the presentations are complete the directors will also be available to take questions during a free canapé and wine reception.

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Thursday March 18, 01:14Cisco remains at the forefront of internet infrastructure

The stock has recently managed to breakout above the long term resistance found at the $25 level which should now provide support for any pullback before the share price drives higher

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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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Thursday, January 21, 2010

Medusa Mining achieves record gold production for the quarter

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Philippines-focused Gold producer Medusa Mining (ASX: MML) has announced record gold production of 21,108 ozs at the Co-O Mine during the quarter.

This compared to 18,054 ozs in the previous quarter, with the latest gold production at an average grade of 18.68 g/t gold and average cash cost of US$184 per oz (US$136 per oz before taxes, royalties and local production taxes)

The Co-O mine expansion to raise production to100,000 ozs per annum in early 2010 has been completed, while mill construction wrapped up and commissioning commenced.

In the quarter, the New MPSA 299-2009-XIII with area of 2,200 hectares was granted abutting the east side of the Co-O Mine MPSA.

The re-interpreted resource model of the Co-O Mine, consistent with Agsao Shaft Level 5 development, now provides an accurate development based model for expanding the mine to the east.

It contains a conceptual target size range from 3 million ozs in 9.3 million tonnes to 7 million ozs in 22 million tonnes using a grade range of 9 to 11 g/t gold with a preferred average grade of the current resources of 10 g/t gold.

Meanwhile, planning is underway to commence a pre-feasibility study drilling campaign at Bananghilig deposit in July 2010, while drilling with three surface rigs at the Lingig Copper deposit is continuing.

The exploration budget for the full year increased to US$18M, with a consolidated cash balance of US$35.5 million.

With current mineral resources comprising Indicated 580,000 ounces of gold and Inferred 1,310,000 ounces of gold, Medusa’s corporate strategy is to become a mid tier 300,000 to 400,000 ounce per year, low cost gold producer.

The Company is currently expanding its high grade Co-O Mine operations to increase its forecast production to 100,000 ounces per year in 2010, and is conducting near mine exploration to assess the possibilities of further expansion to 200,000 ounces per year. Current cash costs at the Co-O Mine are approximately US$200 per ounce.

A pipe-line of deposits is now being established with the Bananghilig Deposit (Inferred Resource of 650,000 ounces of gold) recently added and which is expected to expand, potentially in conjunction with nearby discoveries.

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