Description
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.
Share Price
In-depth Medusa Mining Proactive Investors Articles
- 08/03/2010 Medusa Mining announces 1:10 bonus issue
- 07/09/2009 Medusa Mining reports 216% full year revenue hike, aims for growth in 2010
- 12/08/2009 Medusa Mining increases resource inventory to 2 million ounces of gold
- 27/07/2009 Medusa Mining on schedule to produce 100,000 ounces of gold from Co-0 Mine in 2010
- 10/07/2009 Geoff Davis, Managing Director of Medusa Mining talks to Proactive Investors
Recent Medusa Mining news
- 24/02/2010 Medusa Mining reveals record breaking first half, net profit up 201%
- 21/01/2010 Medusa Mining achieves record gold production for the quarter
- 19/01/2010 Fairfax upgrades Medusa Mining after resource estimate revision for Co-O gold mine
- 18/01/2010 Medusa Mining completes re-interpretation of the resource model for the Co-O Mine
- 14/01/2010 Medusa Mining chairman resigns due to increased work commitments elsewhere
Related Media
- 12/05/2008 Medusa Mining talks to Proactiveinvestors
Presentations & Company Media
No Documents available.
Related Research & Media
No Documents available.
Company Statement:
Medusa Mining Limited ("Medusa" or the "Company") was incorporated on 5 February 2002 and officially admitted to the Australian Stock Exchange on 23 December 2003, following a successful Initial Public Offering ("IPO") of 12,500,000 shares at 20 cents each, that raised $2.5 million.
The current Directors of Medusa are Messrs Geoffrey Davis, Dr Robert Weinberg, Roy Daniel and Peter Hepburn-Brown.
Medusa's corporate objectives at listing were to:
- acquire new gold and gold-copper projects with potential to generate cashflow;
- continue to achieve gold production with a low capital exposure; and to
- explore for high grade deposits with good access and infrastructure.
To achieve its stated objectives, Medusa identified the Philippines (with its world class mineral endowment), as the country most likely to provide Medusa with the opportunity of achieving its stated objectives of developing a cash flow from high grade gold deposits.
The Company has witnessed an upsurge of government facilitation of mining investments for foreign companies in the Philippines, and has focused its activities in the Philippines.
Current Operations:
On 22 December 2004 the Company announced it had completed a Heads of Agreement to merge with Philsaga Mining Corporation ("Philsaga") which owned the high grade, underground, narrow vein Co-O Gold Mine. Philsaga was a privately owned Filipino corporation.
On 4 December 2006 the merger was completed, and the Company commenced redeveloping the Co-O Mine with an initial production target of 40,000 ounces per year.
In September 2007 the Company decided to expand the production capacity by commencing a Phase I expansion to increase production to 60,000 ounces annualised by the third quarter of 2009. Phase I was completed ahead of schedule by 30 June 2009 with annualised production of approximately 65,000 ounces in the quarter.
A Phase II expansion independent of Phase I is well advanced to take production to an annualised rate of 100,000 ounces in early 2010. At the 100,000 ounces per year production rate it is anticipated that long term cash costs will be circa US$200/ounce.
Elsewhere in the Company's large tenement holding, work is progressing on a number of other gold prospects as well as the Lingig copper prospect.

The Co-O Mine
The Co-O underground mine is developed on a series of low sulphide, epithermal quartz veins and to date have been worked to approximately 370 metres below surface. When the mine was originally developed in the late 1980s, the vein system had only been discovered on the west side of the Oriental Fault (despite exploration drilling on the east side) and all mine development was carried out on the west side over approximately 600 metres of strike length. The mine is accessed through an adit for nearly 300 metres before encountering the mineralised veins. The height above sea level of the adit is 150 metres but for convenience this is now designated as Level I (previously 3150 metre level).
Kamarangan Project
Kamarangan Porphyry Copper Target
The Kamarangan prospect is centrally located in a large aeromagnetic anomaly approximately ten kilometres in diameter.
The area is underlain by a well-banded calcareous sequence that appears to be at least 1,600 metres wide. The calcareous sequence has been intruded by a complex of fine- to coarser-grained diorites and some andesite bodies. The intrusives have changed the calcareous rocks to skarn rocks over an approximate area of 1,600 metres by 1,400 metres (Figure 1). The skarn area is open to the east under the younger overlying limestone. The surface geology outcrops are limited mainly to magnetite-rich horizons with secondary hematite.
Some of the skarn rocks may contain variable amounts of garnet, diopside, epidote and pyrite. Areas of siliceous hornfels and unaltered massive limestone were also intersected in the drilling.
Bananghilig Gold Deposit
In the 1980s and 1990s a large amount of diamond and reverse circulation drilling totalling 29,477 metres in 344 holes was undertaken by various explorers to investigate a large area of known mineralisation. In 2005 to 2007, Philsaga undertook underground exploration through a 50 metre deep shaft and development, adits, and underground and surface drilling totalling 7,715.50 metres in 31 holes.
Lingig (Das-Agan) Project
The Lingig copper discovery is within the Das-Agan project which consists of MPSA application number 000024-XIII situated in Surigao del Sur province in east Mindanao as shown on Figure 1. The APSA covers approximately 80 km² (8,019 hectares) in two blocks. The Lingig copper discovery is contained within the eastern most tenement block on Figure 1. Permits for drilling were granted in June 2008.
The Lingig discovery was located by an aid programme between Filipino and Japanese geologists and technicians in 1972 to 1974 over eastern Mindanao. An initial 3000 km² prospective area was located by geological and geochemical surveys and was subjected to additional geological mapping and geochemistry, followed by drilling of five diamond drill holes, each to 250 metres vertical depth.
Anoling Project
The Anoling project is located approximately 8 kilometres by road from the Co-O Plant and is operated under a Mines Operating Agreement with Alcorn Gold Resources Inc. over MPSA application number 039-XIII.
The Anoling Mine area consisted of a large number of artisanal workings and old mines on narrow veins dating back to pre-World War II. The veins generally consist of banded quartz-carbonate material within clay-chlorite-pyrite gouge zones with both types of material carrying gold values. Drilling has been discontinued while the tenement is being progressed to granting. Detailed geological work is still progressing.
Apical Gold Project (Medusa earning 70%)
A Joint Venture Agreement ("JVA") with MRL Gold Phils., Inc. ("MRL") and an underlying claim owner covers MPSA application number 0028-XIII situated in the provinces of Agusan del Sur and Surigao del Sur in east Mindanao to the north of the Co-O Mine and Plant. The MPSA comprises approximately 20.84 km² (2084 hectares) in the Tambis area MRL is the Philippine operating company of Mindoro Resources Ltd, a public company listed on the TSX Venture Exchange in Canada.
The Company is advancing the tenement for granting.
Saugon Gold-Silver Project (Medusa 50%)
The Saugon prospect is situated approximately 10 kilometres south of the Co-O Gold Mine and 28 kilometres by road from the Co-O Plant. Work commenced in early 2003 on the First Hit Vein which has been followed intermittently at the surface over 600 metres and which has been explored underground via a 40 metre deep winze, level development and drilling of 31 diamond drill holes.
Re-assessment of the drilling in combination with the aeromagnetics has identified a large alteration area within which there are aeromagnetically defined targets for further work.
Work is in progress in preparation for drilling in late 2010.
Corplex Gold Projects
The Company through Philsaga has two Memoranda of Agreement ("MOA") with Corplex Resources Incorporated ("CRI") on two separate parcels of ground immediately south of the Tambis Project, being an application for Financial and Technical Assistance Agreement (FTAA 000004-XIII) comprising approximately 162 hectares and an application for Mineral Production Sharing Agreement (APSA 000077-XIII) comprising approximately 810 hectares.
The Company is advancing the tenement applications.
Barobo Gold Corridor
The regional structure and geology highlights the mineralisation potential in favourable limestone and calcareous clastic rocks along the Barobo Fault Corridor. Mineralisation has been located in numerous outcrops and in drill holes. The mineralisation located to date is generally associated with silica and sphalerite-galena replacement of the host rocks.
Management

Mr Geoffrey John Davis
M.Sc, Mining and Exploration Geology, BSc (Hons), Geology,
Member Australian Institute of Geoscientists
Managing Director

Mr Roy Philip Daniel
B.Com UWA
Finance Director

Dr Robert Weinberg
BA (Hons) Geology, MA, DPhil
Non-Executive Director

Mr Peter Gordon Hepburn-Brown
BAppSc-Mining Engineering (1980), Grad Dip (1996), Mem of Inst of Engineers, Australia
Non-Executive Director
Major Shareholders
Top 20 Shareholders
Name of Shareholder No of Shares Held
% Held
1 Citicorp Nominees Pty Limited 29,200,808 17.14 2 National Nominees Limited 12,746,621 7.48 3 HSBC Custody Nominees (Australia) Limited 11,422,715 6.70 4 Advanced Concept Holdings Limited 10,385,271 6.10 5 JP Morgan Nominees Australia Limited 7,683,159 4.51 6 Pershing Nominees Limited 6,125,415 3.60 7 Zero Nominees Pty Ltd 5,821,000 3.42 8 ANZ Nominees Limited Cash Income A/C 4,650,527 2.73 9 Yandal Investments Pty Ltd 4,500,000 2.64 10 Forty Traders 3,964,210 2.33 11 Mr William Douglas Goodfellow 3,386,750 1.99 12 Secdea Philippines Holdings Corporation 3,000,000 1.76 13 Cogent Nominees Pty Limited 2,821,073 1.66 14 Cedardale Holdings Pty Ltd 2,673,500 1.57 15 Mrs Susan Davis 2,220,000 1.30 16 LR Nominees Limited 1,362,919 0.80 17 Mr Samuel Gonzales Afdal 1,290,000 0.76 18 Hargreaves Lansdown (Nominees) Limited 1,255,968 0.74 19 Barclayshare Nominees Limited 1,135,643 0.67 20 Lynchwood Nominees Limited <2006420> 1,056,250 0.62 Total 116,701,829 68.52
For further shareholder information please CLICK HERE
Contact Information
Unit 7
11 Preston Street
Como 6152
Western Australia
Postal Address
PO Box 860
Canning Bridge
Western Australia 6153
Telephone: +618 9367 0601
Facsimile: +618 9367 0602
Email: admin@medusamining.com.au
Web: www.medusamining.com.au
Corporate Information
Auditors
Australia:
Grant Thornton Audit Pty Ltd
Level 1
10 Kings Park Road
West Perth 6005
Western Australia
Telephone: +618 9480 2000
Facsimile: +618 9322 7787
Philippines:
RSB & Associates
18 Floor Citiland Condominium 10 - Tower 1
6815 Ayala Avenue cnr HV Dela Costa St
Makati City
Philippines 1200
Share Registry
Investor Services
Level 2
45 St George's Terrace
Perth 6000
Western Australia
Telephone: +618 9323 2043
Facsimile: +618 9323 2033
Web: www.computershare.com.au
Canadian Investor Relations
Mr Nicholas Sayce
Tel: (416) 822 4404
Email: mail@sayce.org
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