Medusa Mining, a public company listed on the ASX and LSE, is an Australian based gold producer, focused solely on the Philippines. Medusa's corporate strategy is to become a mid-tier, 400,000 ounce per year, low-cost gold producer.
The Company has completed the two-phase expansion of its high grade Co-O Mine operations to a production level of 100,000 annualised ounces. The Company has approved a Phase 3 expansion to build an expanded mill with capacity for 200,000 ounces of production.
Ongoing drilling is verifying and expanding the Bananghilig Deposit with the aim of defining one million ounces of reserves to initiate feasibility studies.
Further potential upside exists for the discovery of copper and additional gold deposits within the tenement holding of more than 800km2.
Medusa Mining promotes Peter Hepburn-Brown to operations director
Medusa Mining (LON:MML, ASX:MML, TSX:MLL) has promoted Peter Hepburn-Brown from his role as a non-exec director to a new position of executive director of operations.
Hepburn-Brown will be responsible for the management of all operational and technical aspects of the companys operations in the Philippines.
"Peter has a proven track record of operational management. His skills and experience will prove invaluable for Medusa, as the company heads towards an exciting phase of further expansion and growth", Medusa MD Geoff Davis commented.
"The company is currently undergoing steady growth. Peter's appointment to an executive role in charge of the company's operations in the Philippines reinforces the company's position as a serious mid-tier gold producer."
Medusa highlighted that Hepburn-Brown has 28 years of experience in a wide range of mining situations, commodities and overseas jurisdictions, and his experience includes hands-on shaft sinking and airleg mining in narrow vein mines, experience that is well suited to the current operations in the Philippines.
The newly promoted director also has experience with mining large open pit, disseminated ore bodies.
Hepburn-Brown has previously held senior management positions for Harmony Gold (NYSE:HMY) and Great Central Mines, as well as other executive, operational and consulting positions at other companies.
The company also noted that, as a result of the promotion, Medusa's board of directors will comprise three non-executive directors and three executive directors. Consequently, in order to ensure that the majority of the board are independent directors - in line with the principles of the ASX Corporate Governance Council - Medusa plans to hire an additional non-exec director once a suitable candidate has been identified.
In the Philippines, the company's primary project is the Co-O underground mine. Last week, through its Philippines operating company, Philsaga Mining Corporation, Medusa increased the Indicated Resource at Co-O by 4% to 603,000oz and increased the Inferred Resource by 36% to 898,000oz. The grade of both categories also increased.
Alongside the new resource estimate, the company also announced additional information, supporting estimates of the conceptual target sizes for the mine.
The target size estimates we done by using various parameters which indicate a range of 3Moz (million ounces) in 9.3Mt (million tonnes) to 7Moz in 22Mt using a grade range of 9-11 g/t (grams per tonne) gold with a preferred average grade of 10g/t gold.
The company noted that potential target size and grade is conceptual in nature, and there has been insuffiicient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being defined as a mineral resource.
On June 30, the company said a number of rigs which will continue drilling on the Co-O Mine and surrounding area will be rationalised to four or five rigs over the next few months as some of the rigs are planned to be transferred to commence feasibility study related drilling at the Bananghilig Deposit.
