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.
Fairfax positive on Medusa Mining following Co-O mill update
Tuesday, March 16, 2010
Institutional investment bank Fairfax has issued a positive note on Medusa Mining (ASX, AIM: MML, TSX: MLL) following the company’s update on the commissioning of mill expansion at the Co-O mine in the Philippines earlier today.
Fairfax pointed towards the stock retaining some attraction for investors seeking exposure to gold.
The bank noted that Medusa’s management has confidence of reaching its targets and it has potential to expand its operations at or around Co-O as well as other targets within its tenement packages.
Fairfax also noted that work is also underway to explore around Co-O to establish the potential for expansion, which may increase the mine's production base.
Medusa announced earlier that the commissioning of the mill expansion at the Co-O mine in the Philippines is progressing well and the company is set to meet its targeted production of 25,000 ounces of gold this quarter.
Managing director Geoff Davis commented: "The company is set to achieve another production milestone on schedule. This expansion increases the company's ability to optimise future gold production.”
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