Medusa Mining
Medusa Mining is an expanding gold producer in the Philippines, listed on the London AIM and the Australian ASX. Medusa's gold production operations are very robust due to its high grades and low production costs, and over the next 12 to 18 months should expand considerably from an initial annualised 40,000oz as new multiple mines are brought into production to feed a central milling facility. Medusa is focused on expanding its resource base and production profile to benefit not only shareholders but also its employees and local communities. The Company’s exploration upside is rated as excellent for the discovery of new gold and copper-gold deposits.
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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 Kevin Tomlinson, Geoffrey Davis, Dr Robert Weinberg and Roy Daniel.
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 divested all its current mining interests in Australia to focus its activities in the Philippines.
Current Operations
Mining and Exploration Projects in the Philippines
Co-O
In September 2007 the Company completed resource and reserve estimations for the Co-O Mine based on drilling and underground development. The estimations are based on 3D mine frame models of eight veins. The Resource estimation has increased contained ounces by 446,000 ounces (266%) to 713,000 ounces using a lower cut of 3 g/t gold. (Read More)
Anoling
The MOA with Alcorn Gold Resources Inc. covers Mining Production Sharing Agreement ("MPSA") application number 039-XIII situated in the Agusan del Sur province in east Mindanao to the north of the Co-O mine and mill site as shown on Figure 1. The MPSA comprises approximately 405 hectares (4.05 km²) and covers mineralised extensions of the favourable geology found further south. (Read More)
