Proactiveinvestors Australia

• 

  31/08/2010

  Higher gold production and lower cash costs propel Medusa Mining to record net profit

  Production was up an impressive 87% on 2009, while cash costs per ounce of gold fell from $213 per ounce to an ultra-low $184 per ounce.

• 

  08/03/2010

  Medusa Mining announces 1:10 bonus issue

  In a rarity for mining companies, Medusa has announced a bonus issue for shareholders, after a very strong year.

• 

  07/09/2009

  Medusa Mining reports 216% full year revenue hike, aims for growth in 2010

  Higher profits and revenues were mostly due to the progress at the Co-O mine in the Philippines, where Production at the Co-O mine jumped 152% to 47,869 ounces this year, or 60,000 ounces annualised

• 

  12/08/2009

  Medusa Mining increases resource inventory to 2 million ounces of gold

  A maiden JORC inferred resource has been defined at the Bananghilig Gold Deposit of 650,000 ounces of gold at 1.3 g/t.  Together with the Co-O mine, brings total gold inventory to 2.0 million ounces.

• 

  27/07/2009

  Medusa Mining on schedule to produce 100,000 ounces of gold from Co-0 Mine in 2010

  Medusa is on track to produce annualised gold production of 60,000 ounces this year, and 100,000 ounces in 2010 at Co-O gold mine in the Philippines.  There is also exploration upside.

• 15/05/13

  Medusa Mining offers good entry point, says SP Angel

• 02/05/13

  Medusa Mining on track for mid-year boost to production

• 12/04/13

  Medusa Mining clarifies Bananghilig scoping study parameters

• 10/04/13

  Update: Medusa Mining to start feasibility work at Bananghilig

• 09/04/13

  Medusa Mining ticks off list for Co-O expansion

• 

  12/05/2008

  Medusa Mining talks to Proactiveinvestors (MP3)

  Geoff Davis talks about one of the higher grade gold deposits in the world, aiming for a cash cost of US$200 an ounce, and 40, 000 ounces a year - from July

Company Statement:

Current Operations:

PHILIPPINES

Figure 1: Locations of Philippines Projects

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.

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 1 expansion to increase production to 60,000 ounces annualised by the third quarter of 2009. Phase I was completed ahead of schedule by 31 March 2009 with annualised production of approximately 65,000 ounces in the quarter. Phase 2 expansion to annualised production of 100,000 was completed in the March quarter 2010, on schedule.

Elsewhere in the Company's large tenement holding, work is progressing on a number of other gold prospects as well as several copper prospects.

The locations of the Company's projects and projects of other foreign investors in the Philippines are shown on Figure 1.

For more information about Medusa Mining's current operations in the Phillipines, please click here.

NARROW VEIN MINING

Nature of the Veins

The Co-O Mine narrow veins can be thought of as sheets of white paper generally 1-2 metres thick suspended in green space. The white sheets or veins are essentially filling spaces in the green volcanic wall rocks which form when the rocks crack or are faulted. These spaces are not regular hence the vein which fills the crack will take the shape of the crack and form sheets which change in width and attitude according to the shape of the original crack. Some cracks are long and continuous, others are shorter and less continuous. Veins can have complex shapes, with branches or splits, and many other variations.

The volcanic wall rocks are green hence the white veins are visually distinctive underground and are easily followed by the miners. The veins can develop at any depth so the tops of different veins can be at different depths and the bottoms as well at different depths. Not all veins are the same size in terms of lateral extent or vertical extent.

In summary, the geometry oF narrow veins can be very complex, and cannot always be simplistically interpreted from drilling results.

For more information about Medusa Mining's current operations with narrow vein mining, please click here.

Management

Mr. Geoffrey Davis, M.Sc, Mining and Exploration Geology, BSc (Hons), Geology, Member Australian Institute of Geoscientists - Non-Executive Chairman

Mr Geoff Davis worked initially with BHP for 10 years following his graduation in 1972, before becoming a consultant in 1980 to numerous mining and exploration companies in Australia, Asia and South America. This work specialised in epithermal precious metal and porphyry copper-gold opportunities, and included project acquisition, assessment and exploration. Since 1990, most of his work has been with junior explorers where he has been Exploration Manager to a number of these companies.

In more recent times he has also held Directorships and senior executive positions in a number of listed and unlisted Australian, Asian and London based exploration and mining companies. Mr Davis has been Managing Director of Medusa since its inception on 5 February 2002 and was appointed Non-Executive Chairman on 9 June 2011.

Mr Davis is a member of both the Audit and Remuneration Committees.

Mr Peter Hepburn-Brown BAppSc-Mining Engineering (1980), Grad Dip Human Resources(1996), Member of Inst of Engineers, Australia - Managing Director

Mr Peter Hepburn-Brown was appointed to the Board of Medusa on 15 September 2009 and as Managing Director on 9 June 2011.

Mr Hepburn-Brown is a mining engineer with 28 years of experience in a wide range of mining situations, commodities and overseas jurisdictions. He has held senior management positions such as Executive Director Operations for Harmony Gold Australia, General Manager Operations for Great Central Mines, as well as other executive, operational and consulting positions.

Mr Hepburn-Brown's experience includes hands-on shaft sinking and airleg mining in narrow vein mines, experience that is well suited to the Company's current operations in the Philippines, as well as mining large open pit, disseminated ore bodies. Mr Hepburn-Brown has a proven track record at operational levels and his skills and experience will complement his fellow Board members.

Mr Hepburn-Brown is a current Board member of ASX listed entities, Alloy Resources Limited (appointed 2 June 2004) and Morning Star Gold NL (appointed 18 February 2010). 

  

Dr. Robert Weinberg BA (Hons) Geology, MA, DPhil, FGS, FIMMM - Independent Non-Executive Director

London based Dr Robert Weinberg who gained his doctorate in geology from Oxford University in 1973, has more than 30 years experience in the international mining industry and is an independent mining research analyst and consultant. He is a Fellow of the Geological Society of London and also a Fellow of the Institute of Materials, Minerals and Mining.

Dr Weinberg brings a wealth of gold marketing and investment banking experience to the Company having held executive positions that include being Managing Director, Institutional Investments at the World Gold Council, Director of Gold Bullion Securities, Director of the Investment Banking & Equities division at Deutsche Bank in London, Head of the Global Mining Research team at SG Warburg Securities. Robert has also held senior positions within Societe Generale and was head of the mining team at James Capel & Co. He was also formerly marketing manager of the gold and uranium division of Anglo American Corporation of South Africa Ltd.

Dr Weinberg is currently a Non-Executive Director of Solomon Gold plc, a company listed on the Alternative Investment Market, London and Kasbah Resources Ltd, an ASX listed entity. Dr Weinberg has been a Board member of Solomon Gold plc since 22 November 2005, and a Board member of Kasbah Resources Ltd since 15 November 2006.

Dr Weinberg who has been a Board member since 1 July 2006 is Chairman of the Remuneration Committee and a member of the Audit Committee. 

 

Mr. Andrew Boon San Teo B.Com, UWA, (CPA) - Independent Non-Executive Director 

Mr Teo is an accountant with 33 years of extensive and diversified experience in accounting, treasury, corporate, legal and business administration across several industries. He is currently the CFO/Executive Director of BGC (Australia) Pty Ltd, one of Australia's largest privately owned companies, with annual turnover in excess of $2 billion and 7,000 plus staff (including sub-contractors).

Mr Teo who was appointed to the Board on 15 February 2010 is Chairman of the Audit Committee and a member of the Remuneration Committee.

Mr Ciceron A. Angeles B.Sc (Geology), MAppSc (Mineral Exploration), FAusIMM(CP) - Independent Non Executive Director

Mr Angeles is a geologist with over 30 years of experience in gold and base metal exploration in Asia, mainly Philippines, Indonesia, China, Malaysia and Iran. His specialisations include epithermal gold-silver, porphyry copper-gold and Carlin styles of mineralisation.

Mr Angeles obtained his MAppSc in Mineral Exploration from the University of New South Wales, Australia in 1985 and is a Fellow and an accredited Chartered Professional (CP) in the discipline of geology of the Australasian Institute of Mining and Metallurgy (AusIMM). 

Mr Angeles was also the Asia Exploration Manager for Newcrest Mining during which time Newcrest brought the Gosowong Mine into production.  Currently he is a Director of GGG Resources plc, a company listed on the ASX in Australia and AIM in London.

Mr Angeles was appointed to the Board on 28 June 2011.

Mr Raul Villanueva - Independent Executive Director

NO IMAGE

Attorney Raul Villanueva was appointed an Executive Director of Medusa on 24 January 2013 following his recent appointment as President of the Company’s Philippines operating company, Philsaga Mining Corporation (“Philsaga”) in December 2012. Attorney Villanueva who has been the Executive Vice President of Philsaga since November 2011 was appointed President of Philsaga.

Attorney Villanueva who has Bachelor degrees in Economics, Military Science & Tactics, and Law has been a member of the Integrated Bar of the Philippines and an Attorney and Counsellor-at-Law since 1994. He brings a focused approach to improving the operating systems and professionalism of the Company, based on his education and several years of experience in law as well as managing companies and will further align the objectives of the Medusa Group of Companies.

 

Mr Gary Powell - Independent Non-Executive Director

NO IMAGE

Mr Gary Powell was appointed Non-executive Director on 24 January 2013 and brings Philippines operating experience to the Board. Mr Powell is a geologist with over 30 years of experience working in West Australia, Central Asia and importantly, since 1997, in the Philippines.

Mr Powell has worked for major and junior companies as an employee and on a consulting basis. He was a founding and Managing Director of ASX listed Egerton Gold NL from 1993 to 2000, and more recently a founding, Non-Executive and then Executive Director from 2004 to 2009 of Metals Exploration plc listed on the Alternative Investment Market in the United Kingdom. In his role with Metals Exploration plc, Mr Powell managed the progressing of the Runruno Deposit in the Philippines to the drilled up resource stage (and which is now moving towards construction).

Mr Powell has been overseeing the resource drilling at the Company’s Bananghilig Project and continues to consult to the Company as required.

Major Shareholders