1st Quarter Results
MEDUSA MINING LIMITED
(AIM: MML)
QUARTERLY ACTIVITIES REPORT
PERIOD ENDING 31 DECEMBER 2008
Medusa Mining Limited ("Medusa" or "The Company"), the Australian
based company operating and developing gold mines in the Philippines,
is pleased to provide its quarterly update on activities for the
period ending 31 December 2007, as required by the Australian Stock
Exchange, together with a report of update information announced on
21 January 2008.
KEY POINTS:
Co-O MINE EXPANSION
* Major expansion, including two new shafts progressing well.
Benefits are anticipated to start to flow in the third calendar
quarter 2008. On completion, annualised mine production is
expected to increase to approximately 60,000 ounces;
* Approximately 70% of the quarter's activities were focused on
expansion, with 821 metres of development completed;
* Major items for installation of grid power to the mine ordered.
Co-O MINE PRODUCTION
* With the Company's main focus on expansion, gold production for
the quarter totalled 3,686 ounces at an average grade of 10.46
g/t gold and average cash cost of US$263 per ounce.
Co-O RESOURCE EXPANSION DRILLING
* Discovery of New Catto Veins to west of Oriental Fault extends
vein system;
* Results include 3.30 metres at 26.09 g/t gold, 1.95 metres at
22.02 g/t gold and 1.40 metres at 20.62 g/t gold.
LINGIG PORPHYRY DISCOVERY
* Preparations underway to commence drilling as soon as possible.
ANOLING
* Drill results continue to define veins;
* Underground exploration continuing on the Alcorn Vein and
underway on the Hope Vein via the completed Rose Shaft.
TAMBIS-BAROBO AREA
* Completion of a soil sampling programme of approximately 4,500
samples;
* Soil results anticipated during Q2 2008.
REGIONAL
* Joint venture with Bunawan Mining Corporation over an additional
88 km2 of contiguous tenements expected to be finalised in the
near future.
PROJECT OVERVIEW
The locations of the Company's projects are shown on Figures 1 and 2
(please see the link at the end of this announcement).
GOLD PRODUCTION
The production statistics for the current financial year are
summarised in Table I.
Table I: Gold Production
Period Gold produced Head Cash Comments
grade costs
(ozs) (g/t gold) (US$ per
oz)
Jul to Sep 5,050 9.45 248 Stoping of accessible
2007 lower grades due to lack
of development miners
and re-assignment of
some of workforce to the
expansion projects
Oct to Dec 3,686 10.46 263 Expansion activities and
2007 shortage of miners
resulted in reduced
production as advised
earlier.
TOTAL 8,736 9.85 254
The Company produced 3,686 ounces of gold at an average grade of
10.46 g/t gold and average cash production costs of US$263 per ounce.
Approximately 70% of the Company's activities during the quarter
focussed on expansion (see the following separate section on Mine
Expansion). As previously advised, during the expansion phase
reduced ore volumes are being sourced primarily from the more
developed and readily accessible Central Vein. However, the benefits
of the expansion resulting in new stopes becoming operational are
currently on track to start to flow through in the third calendar
quarter 2008.
Co-O MINE
Resource Expansion Drilling
The current resource estimation, announced in August 2007, is shown
in Table II. Drilling is continuing with four surface rigs and one
underground rig.
Table II: Resource estimation summary
Category > 3 g/t gold
tonnes g/t gold ounces
Indicated 928,000 12.6 377,000
Inferred 1,106,000 9.5 336,000
Grand total 2,034,000 10.9 713,000
Notes:
* A lower cut-off of 3 g/t gold is the designated lower cut-off based
on economic parameters;
* An upper cut of 300 g/t gold has been applied; and
* Resources are inclusive of reserves.
Drilling programme and results
Figure 1 (please the link at the end of this announcement) shows the
location of the Co-O Mine and Figure 3 (please see the link at the
end of this announcement) shows all the diamond drill holes drilled
and in progress around the Co-O Mine since December 2006. Figure 4
(please the link at the end of this announcement) shows the current
three dimensional model of the vein system which will be updated in
April 2008.
Since August 2007 a total of 13 new surface holes have been completed
with assays awaited for hole MD 55. Hole MD 50 was abandoned due to
bad ground conditions in a fault zone.
Table III lists the diamond drilling results from the Co-O Mine for
drill holes MD 46 to MD 58 (excluding MD 50 and 55) announced on 21
January 2008 and for underground drill hole DBH 03. Previous
announcements on the Co-O drilling on 9 July, 15 May and 28 February
2007 contain information regarding drilling and surveying techniques,
comments on vein interpretation and methodologies and assaying
protocols.
Table III: Drill hole results greater than 3g/t gold for holes MD 46
to 58 and DBH 03
Hole East North Dip Azimuth From Width Grade
(�) (�) (metres) (metres) (uncut)
(g/t gold)
EAST
MD 46 614,047 912,472 -48 41 489.30 0.85 8.96
501.40 0.40 4.50
542.90 1.40 20.62
MD 48 614,257 912,704 -60 253 212.45 1.95 22.02
(Agsao
Shaft pilot
hole)
MD 49 614,129 912,487 -50 40 449.85 0.85 14.69
463.90 1.00 4.24
WEST
MD 47 613,805 912,788 -55 30 153.30 1.10 7.01
MD 51 613,749 912,798 -53 17 130.50 0.85 9.31 (*)
155.75 0.25 41.06
286.65 1.00 3.00 (*)
MD 52 613,754 912,816 -50 14 75.25 0.55 3.53
157.60 0.30 5.31
170.40 0.30 14.93
MD 54 613,830 912,745 -47 29 174.00 1.80 14.59
MD 56 613,809 912,706 -54 29 390.85 1.00 3.11
MD 57 613,739 912,767 -54 16 191.90 3.30 26.09
MD 58 613,739 912,767 -58 16 176.10 0.40 43.13 (*)
207.00 0.70 7.15 (*)
280.40 0.90 6.20 (*)
DBH 03 613,918 912,909 -0.2 236 29.05 1.05 6.58
57.30 1.90 9.60
72.20 0.40 17.21
Notes:
(i) (*) denotes Philsaga assays;
(ii) Independent laboratory McPhar assays are quoted in preference
to Philsaga assays;
(iii) Grid coordinates based on the Philippine Reference System 92;
(iv) Intersection lower cut-off grade is 3 g/t gold in line with
resource estimation parameters; and.
(v) MD 55 not yet assayed and MD 50 abandoned.
Discussion
All drill holes completed by the end of February 2008 will be
included in a new interim resource estimate that is expected to be
completed in April 2008. However, drilling will continue after the
resource estimate is completed.
West of the Oriental Fault
The drilling has now successfully demonstrated that the three New
Catto Veins continue to the west of the Oriental Fault for
approximately 200 metres and may extend through to surface similar to
the Central Vein. Consequently, development is underway to intersect
them on the 3150 metre or adit level, on the 3100 metre level, and on
the 3050 metre level as intersected in underground drill hole DBH 3.
It is anticipated that stoping should commence from the west New
Catto Veins on these three levels in the third quarter of this year.
These veins are still open along strike to the west and at depth.
East of the Oriental Fault
Hole MD 48 (Agsao Shaft pilot hole) intersected one of the east New
Catto Veins and returned confirmatory high grades. Hole MD 46
intersected 1.40 metres at 20.62 g/t gold at approximately 400 metres
below surface. This is one of the deepest intersections achieved to
date.
Mine Expansion
Expansion works have proceeded well during the quarter with
approximately 70% of the total activities focussed on the expansion
of the mine. A total of 821 metres of development was completed.
In the third calendar quarter of 2008 it is anticipated that stope
production should be underway from five levels in the mine, these
being the 3150, 3100, 3050, 3000 and 2950 metre levels.
(a) Development of the New Catto Veins
The Company announces a new drive following underground drill hole
DBH 3 on the 3050 metre level is underway to initially intersect the
New Catto Veins to the west of the Oriental Fault before driving to
locate the Catto Veins on the east side of the Oriental Fault. It is
anticipated that this drive will intersect the veins on the west side
in February and that stopes should be set up ready for production to
commence in the third calendar quarter of 2008.
(b) Beta Shaft
The set-up for the new internal inclined Beta Shaft (footings,
headframe and winder), to an inclined depth of 120 metres (100 metres
vertical) is in progress following the drilling of the large diameter
siter hole.
Provided ground conditions are reasonable, ore production through the
Beta Shaft should commence in the last calendar quarter of 2008.
(c) Agsao Shaft
The new external Agsao Shaft, to an inclined depth of 240 metres (200
metres vertical) has commenced sinking following the setting up of
the head frame and associated infrastructure. The bottom of this
shaft will be at the 2950 metre level and will be connected to the
Beta internal inclined shaft at the same 2950 metre level. Plate 1
(please see the link at the end of this announcement) shows the Agsao
Shaft headframe.
Provided ground conditions are reasonable, ore production through the
Agsao Shaft should commence early in 2009.
(d) 3150 metre level
Following the on-going success of the drilling for the Catto Veins to
the west of the Oriental Fault, development is now underway to
intersect these veins in March to the south of the Central Vein and
to set up stopes. Stope production should commence in the third
quarter of 2008.
Co-O Mine Grid Power
The Company has ordered the long lead time items required for the
power line. As announced on 1 October 2007, the Company had
anticipated delivery in and completion of installation in early 2008,
however the timing of the completion of the power line will depend on
the arrival of these items and further updates will be forthcoming.
TAMBIS-BAROBO AREA
The Company has recently completed a comprehensive ridge and spur
soil sampling programme along the Barobo Corridor and around the
Sopon area, totalling approximately 4,500 samples from several soil
horizons. These samples are currently being selectively processed
with the results anticipated to be announced in the second calendar
quarter of 2008.
Drilling is continuing in the Bananghilig area targeting the vein
systems specifically where they are hosted by intrusive,
coarse-grained andesitic rocks. It has now been demonstrated that
these competent rocks are superior host rocks for the formation of
constrained high grade veins compared to the more permeable diatreme
breccias where mineralisation is generally more diffused or
disseminated.
ANOLING
The Mines Operating Agreement ("MOA") with Alcorn Gold Resources Inc.
covers Mining Production Sharing Agreement ("MPSA") application
number 039-XIII. The mine is situated approximately 8 kilometres
north of the millsite as shown on Figure 2 (please see the link at
the end of this announcement). Processing of the Anoling MPSA is in
progress.
Diamond Drilling and Geology
As announced on 4 December 2007, the two parallel Alcorn and Hope
veins, when undeformed, consist of banded quartz carbonate with minor
pyrite and base metal sulphides. The veins are controlled by shear
zones with consequent brecciation of the vein material in some
places. The shearing has also induced vein width variations due to
pinch and swell characteristics. Both veins are open to the east.
Figure 6 (please see the link at the end of the announcement) shows
the vein projections from surface mapping and sampling and the
location of the all diamond drill holes completed to date. Table IV
summarises all the diamond drillhole intersections greater than 2 g/t
gold.
Table IV: Summary of drilling results for holes ANL 01 to ANL 32 for
intersection grades >2 g/t gold
Hole East North Dip Azimuth From (metres) Width Grade
(�) (�) (metres) (uncut)
(g/t gold)
ANL 05 614662 922889 -56 3 190.25 0.95 4.39 (*)
ANL 06 614552 922989 -65 0 66.80 0.50 4.07 (*)
ANL 08 614601 922987 -60 0 59.00 0.95 2.95 (*)
ANL 09 614508 922984 -60 0 55.90 2.70 13.96 (*)
ANL 11 614480 922980 -50 0 65.45 0.45 7.77
ANL 14 614395 923137 -55 0 84.50 1.90 2.86
87.40 0.65 2.33
ANL 15 614445 923123 -55 0 99.40 0.60 13.10
ANL 16 614498 923140 -68 0 88.95 1.00 2.09
ANL 17 614545 923143 -70 0 57.30 1.40 4.20
62.70 1.60 10.08
ANL 18 614595 923143 -60 0 59.70 0.90 9.30
ANL 19 614644 923139 -60 0 91.50 4.00 17.17
-60 0 147.70 0.55 7.26
ANL 20 614692 923139 -60 0 92.50 1.50 7.39
104.60 0.30 24.30
ANL 22 614696 923158 -40 0 32.40 0.70 10.75 (#)
ANL 26 614578 922972 -50 0 74.85 0.60 9.84 (#)
ANL 27 614743 923118 -60 0 72.05 0.55 3.77 (#)
ANL 28 614789 923117 -60 0 102.15 3.35 13.14 (*)
ANL 30 614794 922947 -50 0 101.90 3.00 2.35 (#)
ANL 31 614744 922947 -50 0 91.20 1.60 10.10 (#)
ANL 32 614508 922971 -68 0 28.65 0.50 5.35 (#)
92.50 0.50 2.21 (*)
Note:
(*) denotes assays conducted by the Philsaga on-site laboratory. All
other assays undertaken by McPhar Geoservices Inc.
(#) denotes assays undertaken by McPhar Geoservices Inc. which have
previously been announced using data from Philsaga on-site laboratory
on 4 December 2007
ANL 21 and 25 McPhar intersection assayscontained less than 2g/t gold
and are no longer included.
Work in Progress
Underground exploration will continue from both the Rose and Loring
Shafts to verify the drill results achieved to date and to assess
mining conditions. Positive results from this work may justify
production from these veins in the third calendar quarter of 2008.
Drilling will continue along and across strike to outline additional
zones of mineralisation that could justify underground exploration
and assessment.
OTHER PROJECTS
Das-Agan (Lingig) Project
The MOA covering MPSA application number APSA 024-XIII comprises two
parcels situated to the north and to the east (the Lingig porphyry
copper prospect) of the Co-O Mine and millsite as shown on Figure 2
(please see the link at the end of this announcement).
As previously advised, drilling will commence as soon as possible,
upon finalisation of the permits. Road and bridge repairs to allow
access are in progress.
A detailed compilation of previous work was recently completed and is
detailed below:
The Lingig area was located as a result of an aid programme between
Filipino and Japanese geologists and technicians in 1972 to 1974 over
eastern Mindanao (Dept of Natural Resources, 1974). An initial 3,000
km� prospective area was located by geological and geochemical
surveys and was subjected to additional geological mapping and
geochemistry. A smaller 170 km� area was selected and subjected to
detailed geological mapping and geochemistry followed by Induced
Polarisation ("IP") geophysical surveys.
A programme of five holes with pre-set depths of 250 metres was
completed on five different targets.
Geology and drilling results
Figure 7 (please see the link at the end of the announcement) shows
the current geology of the area as well as the copper soil
geochemistry and contoured resisitivity and frequency effect results
of the Induced Polarisation survey. The surface mapping and drilling
suggests that this is an intrusive complex with dacite, dolerite,
diorite and quartz diorite rocks intruding a basaltic sequence.
Epithermal veins up to 1 metre wide are generally gold poor and
relatively base metal enriched. They have been worked sporadically
by local prospectors.
In 1997 Barrick Gold Philippines assessed the project for its gold
potential through mapping and the collection of 110 rock samples.
This work identified a circular feature (Figure 2 - please see the
link at the end of this announcement) that contains most of the
mapped argillic alteration and a large elongate quartz veined breccia
measuring 750 metres x 1,200 metres and located approximately 1,500
metres south of drill hole DDH1.
Sampling by Barrick returned gold values between 0.1 and 1.3 g/t
gold. Fresh rocks with disseminated grains of sphalerite (zinc) and
galena (lead) were found to have higher gold values, ranging from 0.3
to 1.3 g/t gold, than intensely weathered rocks. The lead-zinc
association is consistent with generally accepted metal zoning that
occurs around the periphery of porphyry copper deposits.
In addition, within the circular feature, a second zone of silicified
rocks with quartz stockworking was identified over an area of
approximately 500 metres x 600 metres which assayed from 0.03 to 1.5
g/t gold.
Recent reconnaissance has located bleached and silica-clay altered
rocks with quartz veinlets approximately 300 metres to the north of
DDH1.
Drill hole DDH1
As announced on 13 November 2007, after passing through 100 metres of
propylitically and argillically altered doleritic and basaltic rocks
with erratic copper mineralisation, drill hole DDH1 intersected
disseminated and stringer style pyrite and chalcopyrite
mineralisation for 98 metres in increasingly argillically altered
basaltic and doleritic rocks before entering higher grade
mineralisation in phylitically altered quartz diorite porphyry. The
graphic log of the drill hole is shown in Figure 8 (please see the
link at the end of this announcement).
Table V: Summary of intersections in drill hole DDH 1
Depth (metres) Intersection Host rocks, alteration &
mineralisation
0 to 100 Erratic values to Propylitically (chlorite and
0.89% Cu epidote) and
argillically altered dolerite
and basalt with
disseminated and stringer
pyrite, rare
chalcopyrite.
100 to 198 98 metres @ 0.27% Cu Propylitically and argillically
(clay) altered
dolerite and basalt with a
moderate increase of
disseminated and stringer
pyrite and
chalcopyrite.
198 to 250 52 metres @ 0.65% Cu Phylitically altered
(silica-sericite) quartz
diorite
porphyry with disseminated and
stringer pyrite
and chalcopyrite increasing
with depth.
Incl. 248 to 2 metres @ 4.93% Cu,
250 0.4g/t Au,10g/t Ag
[End of Hole]
TOTAL: 100 to 150 metres @ 0.40% Cu
250
The DDH1 drill hole results bode well for a fully preserved porphyry
copper deposit which is exhibiting increasing grades with depth, and
suggests that DDH1's pre-set depth stopped short of the high grade
core that is commonly present in these styles of deposit. Further
drilling at this site was recommended but not carried out. The other
four holes to the south intersected minor copper mineralisation.
Drill holes DDH2 to DDH5
DDH2 intersected quartz diorite intruded by diorite dykes from 11
metres to the bottom of the hole at 250 metres. Both rock types
exhibit weak propyllitic alteration. Minor copper mineralisation of
0.16% was encountered from 16 to 20 metres and 0.24% from 48 to 50
metres.
DDH3 intersected basaltic rocks from nine metres to the end of the
hole at 250 metres and which have been intruded by doleritic and
quartz diorite dykes. The rocks have been affected by weak
chloritisation and rare epidotisation. Minor pyrite occurs along
fractures and pyrite-chalcopyrite stringers are rare with the highest
copper value of 0.99% at 12 to 14 metres and all other values are
less than 0.1% copper.
DDH4 intersected basaltic and doleritic rocks from 7.5 metres to 96
metres and quartz diorite to the bottom of the hole at 250 metres.
The quartz diorite exhibits an upper chilled margin and is cut by
quartz diorite dykes at 138 and 216 metres. Except for one assay of
0.69% copper at 128 metres, all other copper values are less than
0.1% copper.
DDH5 intersected dolerite from 15.20 metres to 69 metres, quartz
diorite to 210 metres and dolerite to the end of the hole at 250
metres. The dolerite's alteration is propylitic and of a similar
intensity as in holes DDH3 and DDH4. Hydrothermal alteration of the
quartz diorite is weak. Copper mineralisation was encountered from
15.20 metres to 34 metres with 18.80 metres at 0.34%, from 52 to 54
metres with 2 metres at 0.69%, 68 to 70 metres with two metres at
0.69% and four metres from 230 to 234 metres with 0.34%. All other
intervals were less than 0.1% copper.
Discussion
Drill hole DDH1 has intersected the top of a mineralised
copper-gold-silver quartz diorite porphyry. The other drill holes
indicate varying degrees of low intensity alteration and minor copper
mineralisation probably associated with lithothogy boundaries and
faults.
Of particular note is the 98 metre disseminated copper halo above the
quartz diorite, suggestive of an intense mineralising system, as well
as the erratic copper values in the propylitic alteration envelope
above this disseminated zone. This has similarities to the Lutopan
orebody of the Atlas Toledo Mine where ore grade replacement
mineralisation is hosted in volcanics for a width of 120 metres along
a strike length of 900 metres (Mines & Geosciences Bureau, 1986).
The Atlas Toledo orebodies are also similarly bounded by two
parallel northeast-trending faults as seen at Lingig.
Diorite and quartz diorite intrusive rocks are commonly closely
associated with many porphyry copper deposits in the Philippines.
Some examples are the Tampakan Deposit (resources of 2 billion
tonnes at 0.59% copper and 0.23 g/t gold, www.indophil.com and
Middleton et al., 2004), the Boyongan Deposit (resources of 300
million tonnes at 0.6% copper and 1.0 g/t gold, www.mgb.gov.ph,
www.philexmining.com.ph), the Atlas Toledo deposits (resources of
1.53 billion tonnes at 0.41% copper and 0.24 g/t gold,
www.atlasphilippines.com), the Hinoba-an Deposit (resources of 293
million tonnes at 0.36% copper, www.copperresources.com), and others.
It is also noteworthy that copper mineralisation is more common in
DDH5 than DDH2 to DDH4 and that DDH5 is located on the edge of the
circular feature and its contained extensive argillic alteration zone
and large breccia and stockwork bodies.
* Abacus Project
The Mines Operating Agreement ("MOA") with Abacus Consolidated
Resources and Holdings Inc. covers Exploration Permit ("EP")
application number 000028-XIII situated to the north of the Co-O mine
and millsite as shown on Figure 2 (please see the link at the end of
this announcement). The granting process for the Abacus EP is now
being pursued.
The ridge and spur soil sampling described in the Tambis-Barobo
section above has covered the eastern parts of the tenement.
* Saugon Project
The Saugon Exploration Permit has been renewed and a regional soil
sampling programme is planned.
* Philsaga-Magnum Project (Magnum Gold NL earning 50%)
No field work was conducted during the quarter.
* Bunawan Mining Corporation JV (Medusa earning 50%)
The Company has signed a joint venture agreement("JVA") with Bunawan
Mining Corporation ("Bunawan"), the Philippine operating company of
ASX listed Sierra Mining Limited ("Sierra"), whereby Medusa, after
completing satisfactory due diligence, will earn a 70% joint venture
interest in Exploration Permit application ("EPA") 000037-XIII and
Mineral Production Sharing Agreement application ("APSA") 000003-XIII
(together the "Bunawan JV").
Upon satisfactory completion of due diligence, which is expected in
the near future, Medusa has agreed to take a 9.9% placement in Sierra
of 4.85 million shares (at an issue price of A$0.25, totalling A$1.21
million) with 2.425 million unlisted attaching options exercisable at
A$0.30 each with an expiry date of 4 years from the date of
completion of due diligence.
SAMPLING AND ASSAYING PROTOCOLS
Samples are taken from mainly HQ sized and some NQ sized drill core.
The selected sample intervals are halved by diamond saw and half the
core is bagged, numbered and sent to the Company laboratory. In a
small number of cases to confirm the geological logging, the selected
interval was re-split and � core re-submitted for assay.
Initial sample preparation and assaying is undertaken at the
Company's on-site laboratory. Samples are dried at 105�C for 6 to 8
hours, crushed to less than 1.25 cm by jaw crusher, re-crushed to
less than 3 mm using a secondary crusher followed by ring grinding of
700 to 800 grams of sample to nominal particle size of less than 200
mesh. Barren rock wash is used between samples in the preparation
equipment. The samples are assayed by fire assay with Atomic
Absorption Spectrometer (AAS) finish on a 30 gram sample. All assays
over 5 g/t gold are re-assayed using gravimetric fire assay
techniques on a 30 gram sample.
The majority of samples which contain more than 0.5 metres at more
than 2 g/t gold are re-assayed by McPhar Geoservices Phils Inc
("McPhar"), a NATA and ISO 9001/2000 accredited laboratory in Manila.
The pulps are airfreighted to McPhar who fire assay 30 grams of
sample using AAS finish and a selected number of samples are checked
using gravimetric fire assay techniques. Duplicate samples and
standards are included in each batch of check samples.
When reporting results, where available, as McPhar is an independent
laboratory, McPhar assays are given priority over the Company
laboratory's results.
JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS
Medusa Mining Limited
Information in this report relating to Exploration Results, is based
on information compiled by Mr Geoff Davis, who is a member of The
Australian Institute of Geoscientists. Mr Davis is the Managing
Director of Medusa Mining Limited and has sufficient experience which
is relevant to the style of mineralization and type of deposits under
consideration and to the activity which he is undertaking to qualify
as a Competent Person as defined in the 2004 Edition of the
"Australian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Mr Davis consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears.
Cube Consulting Pty Ltd
Information in this report relating to Mineral Resources has
been estimated and complied by Mark Zammit of Cube Consulting Pty
Ltd. Mr Zammit is a member of The Australasian Institute of Mining &
Metallurgy and has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the "Australian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Mr Zammit consents to the inclusion in the report of the
matters based on his information in the form and context in which it
appears.
Cube Consulting is an independent Perth based resource industry
consulting firm specialising in geological modelling, resource
estimation and information technology.
A full version of this announcement, including location maps, as
issued to the Australian Stock Exchange is available on the Company's
website: www.medusamining.com.au.
The information in the above announcement was compiled by Geoff
Davis, who has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as
defined in the 2004 Edition of the "Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves". Geoff
Davis consents to the inclusion in the report of the matters based on
his information in the form and context in which it appears.
For further information, please contact:
Medusa Mining Limited + 61 8 9367 0601
Geoffrey Davis, Managing Director
Roy Daniel, Finance Director
www.medusamining.com.au
Ambrian Partners + 44 (0)20 7776 6417
Richard Brown / Richard Greenfield
Bankside Consultants + 44 (0)20 7367 8888
Michael Padley / Louise Davis
Note to editors:
Medusa Mining is an ASX and AIM-listed gold producer, focused on the
Philippines. The Company controls over 800km� of tenements over a
70km strike length of the richly endowed East Mindanao ridge.
Production is currently heading for 60,000ozs per annum on completion
of an expansion phase at the Co-O Mine in early 2009. The main
producer will be the Co-O Mine which currently has a resource base of
713,000 ounces of gold at a grade of 10.9g/t gold. Additional ore
sources are anticipated.
COMPANY PROFILE:
* Resources at Co-O Mine are 713,000 ounces @ 10.9 g/t gold in
2,034,000 tonnes;
* Reserves at Co-O Mine are 256,000 ounces @ 11.1 g/t gold in 717,000
tonnes;
* Centrally located mill, multiple mines;
* Major expansion in progress at Co-O to increase production;
* Estimated long term cash costs of approximately US$200 per ounce;
* Extensive exploration area of >800 km� along 70 km strike of the
richly endowed East Mindanao ridge;
* Regional assessment confirms excellent prospectivity for gold and
porphyry copper-gold deposits.
Share capital as at 31 December 2007:
Shares 145,057,548
Unlisted options 12,801,446
ASX code: MML
Listings
Australian Stock Exchange (Home Exchange)
Alternative Investment Market (London)
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http://hugin.info/138050/R/1186798/237890.pdf
Medusa (LSE:MML)
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From Jun 2024 to Jul 2024
Medusa (LSE:MML)
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From Jul 2023 to Jul 2024
