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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Medusa Mining increases gold resource to 1.2 million ounces in Philippines
Monday, January 19, 2009 Medusa Mining increases gold resource to 1.2 million ounces in Philippines Medusa Mining (ASX & AIM:MML) has announced that it has completed a new resource estimation at the Co-O Mine in the Philippines, which has increased the JORC compliant resources by 40% to 1,203,000 ounces at 13.3 g/t gold (from 862,000 ounces).
The resource estimation has increased the contained ounces by 341,000 ounces (excluding mining depletion since July 2008). The grade has increased by 23.7% from the previously reported grade of 10.7 g/t gold. Diamond drilling has continued since the resource estimate announced on 12 August 2008 with the aim of extending the known Co-O vein system to depth and along strike.
A total of 28 drill holes have been completed since the previous resource estimation and considered for the current resource estimation in conjunction with available underground sampling data.
