Philippines-based gold miner Medusa Mining Limited (ASX:MML) has raised its production forecast for the current year though financial guidance is unchanged as a new shaft is taking longer than expected.
Output from the Co-o mine in 2017 is now forecast at between 85,000-95,000 ounces against the 80,000 to 90,000oz previously forecast.
Cost estimates have also been trimmed to an All-In-Sustaining US$1,000 to US$1,150 per ounce compared to US$1,050 to US$1,200oz.
Medusa said mill feed grades have improved since June as main veins on the lower levels (levels 8-9-10) have been developed ahead of plan.
Even so, second-half result estimates are unchanged as they are linked to the completion date of the E15 Service Shaft, which now expected to be in April 2018.