Proactiveinvestors recommends

Additional Information

Market:	ASX
Sector:	Gold Mining
EPIC:	MML
Latest Price:	6.01 (-0.50% )
52-week High:	8.71
52-week Low:	4.34
Market Cap:	1,134.86M

1 year chart

1 day chart

Medusa Mining Full Medusa Mining profile here

Medusa Mining (ASX: MML) is an Australian based gold producer, focused solely on the Philippines. Medusa's corporate strategy is to become a mid-tier, 300,000 to 400,000 ounce per year, low-cost gold producer.

Medusa Mining's expansion of gold production on track at Co-O mill in Philippines

Tuesday, March 16, 2010

Medusa Mining (ASX & AIM: MML: TSX: MLL) has advised that the commissioning of the Co-O mill expansion is progressing well and the Company is set to meet its targeted production of 25,000 ounces of gold this quarter.

The company is currently expanding its high grade Co-O Mine operations in the Philippines (Indicated Resources 580,000 ounces of gold inclusive of a Probable Reserve of 500,000 ounces of gold, and Inferred Resources 660,000 ounces of gold) to increase its forecast production to 100,000 ounces per year in 2010.

Medusa is conducting near mine exploration to assess the possibilities of further expansion to 200,000 ounces per year.

Geoff Davis, Managing Director, commented, “the company is set to achieve another production milestone on schedule. We commend the efforts of those concerned at the Co-O Mine and Mill for meeting operational deadlines whilst continuing to produce gold at or above forecasted levels."

"This expansion increases the company’s ability to optimise future gold production,” he added.

Current cash costs at the Co-O Mine are approximately US$190 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.

The company says further potential upside exists in the discovery of substantial copper deposits within the tenement holding of > 800km2.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.