Quarterly Report
28 January 2009 - 6:02PM
UK Regulatory
TIDMMML
MEDUSA MINING LIMITED
(AIM: MML)
QUARTERLY ACTIVITIES REPORT
PERIOD ENDED 31 DECEMBER 2008
Medusa Mining Limited ("Medusa" or the "Company"), through its
Philippines operating company Philsaga Mining Corporation
("Philsaga"), announces its Quarterly Activities Report for the
period ending 31 December 2008.
Highlights:
Co-O MINE EXPANSION
* Phase I expansion will raise gold production to 60,000 ozs per
year in Q3 2009. Agsao shaft was completed to depth ahead of
schedule with the first development ore expected in Q1 2009.
* Phase II expansion to raise gold production from 60,000 ozs to
100,000 ozs per annum in early 2010 has commenced (this is
independent of Phase I expansion);
* Power line to the mine has been energised.
Co-O MINE PRODUCTION
* The Company achieved in the quarter an increase of 76 % in gold
production to 12,158 ounces at an average recovered grade of 15.84
g/t gold and average cash cost of US$215 per ounce.
Co-O RESOURCES EXCEED 1.2 MILLION OZS
* Resources increased by 341,000 ozs (40% increase) to 1,203,000
ounces at 13.3 g/t gold in 2,820,000 tonnes.
Co-O NEW HIGH GRADE VEIN DISCOVERED
* Twelve drill holes into Great Hamish Vein averaged 61.84 g/t
gold over an average intersection width of 2.23 metres.
LINGIG PORPHYRY COPPER DISCOVERY
* Drilling is continuing. A comprehensive report will be
provided in March 2009 after receipt of back-logged assays and
completion of a revision of the geology.
KAMARANGAN PORPHYRY PROSPECT
* Drilling is continuing. A comprehensive report will be provided
after completion of first pass drilling.
CORPORATE
* On 3 November 2008, Crosby Capital Limited announced that it
had withdrawn its unsolicited, highly conditional off-market
takeover offer for the entire issued share capital of Medusa.
Geoff Davis, Managing Director of Medusa, commented:
"We continue to make excellent progress at the Co-O Mine where we
have increased production this quarter by 76% and recently announced
a 40% increase in JORC resource to over 1.2 million ozs of gold. We
are confident that the ongoing drilling programme will further
increase this resource figure. We are on schedule to increase
production to 100,000 ozs per annum in 2010 and, with an anticipated
cash cost of US$200 per ounce, the Company will be well positioned as
a low cost gold producer."
28 January 2009
For further information, please contact:
Medusa Mining Limited +61 8 9367 0601
Geoffrey Davis, Managing Director
Roy Daniel, Finance Director
Fairfax I.S. PLC +44 (0)20 7598 5368
Nominated Adviser / Joint Broker
Ewan Leggat / Laura Littley
Mirabaud Securities Limited +44 (0)20 7321 2508
Joint Broker
Peter Krens
Lothbury Financial +44 (0)20 7011 9411
Michael Padley / Louise Davis
PROJECT OVERVIEW
The locations of the Company's projects are shown on Figures 1 and 2
(please see the link at the end of this announcement).
Co-O MINE
GOLD PRODUCTION
The production statistics for the current financial year are
summarised in Table I.
Table I. Gold Production
+-------------------------------------------------------------------+
| Period | Gold | Head | Cash | Comments |
| | produced | grade | costs | |
|------------+----------+-------+----------| |
| | (ozs) | (g/t | (US$ per | |
| | | gold) | oz) | |
|------------+----------+-------+----------+------------------------|
| Jul to Sep | 6,986 | 10.42 | 243 | On-vein development |
| 2008 | | | | and stoping |
|------------+----------+-------+----------+------------------------|
| Oct to Dec | 12,158 | 15.84 | 215 | On-vein development |
| 2008 | | | | and stoping |
|------------+----------+-------+----------+------------------------|
| TOTAL | 19,144 | 12.71 | 225 | |
+-------------------------------------------------------------------+
An incremental production increase of 76% to 12,158 ounces at 15.84
g/t gold at a cash cost of US$215 per ounce was achieved as a result
of the Phase I expansion nearing completion.
Further incremental production increases are forecast in the coming
quarters with the full benefits of the Phase I expansion to 60,000
ounces annualised production on track to flow through in the third
quarter of 2009.
The mine was closed from 19 December 2008 to 4 January 2009 to enable
repairs to be carried out on shafts, rails, tipping bays, equipment
and other facilities. These were completed on schedule.
PHASE I MINE EXPANSION
Expansion works have proceeded well during the quarter with a total
of 1,256 metres of development completed (previous quarter 1,637
metres). The connection of the 8E and Agsao Shafts is the last stage
of the Phase I expansion.
The levels in the mine have recently been renamed as follows:
Level 1: adit level or 3150 metre level
Level 2: 3100 metre level
Level 3: 3050 metre level
Level 4: 3000 metre level
Level 5: 2950 metre level, etc
(a) Agsao Shaft
The new external Agsao Shaft, to an inclined depth of 240 metres (200
metres vertical) reached final depth in early December with the
bottom of this shaft at Level 5. Cutting of the plat and installation
of services are in progress with driving along vein to connect to the
8E (or Beta) internal inclined shaft at Level 5 expected to commence
during January 2009.
(b) 8E(Beta) Shaft
The 8E Shaft to an inclined depth of 120 metres (100 metres vertical)
is currently at 89.50 metres inclined depth. The timing of the
completion of this shaft is being coordinated with the development
driving from the Agsao Shaft so that correct drainage levels between
the shafts can be set up.
PHASE II EXPANSION
Work on the Phase II expansion has commenced with the setting up of
the collar and headframe for the Baguio Shaft at the western end of
the mine. Sinking commenced in early October.
(a) Baguio Shaft
The Baguio Shaft is designed to provide ore from the western end of
the mine above Level 3 for the production increase in 2010 to 100,000
ounces annualised. It is an inclined shaft with a revised inclined
depth of approximately 240 metres. It is currently at a depth of
70.30 metres and, provided ground conditions are reasonable,
completion is estimated in late 2009.
(b) Ventilation Shaft
The vertical ventilation shaft at the western end of the mine to link
with the upper level workings has been completed at 80 metres depth
and is now linked to the Levels 1 and 2 providing improved
ventilation at the western end of the mine. This shaft will be set-up
to haul ore derived from above Level 1.
(c) Hillview Shaft
A decision on the final position of this high capacity three
compartment shaft is expected next quarter.
(d) Mill Expansion
The construction of two new leach tanks at the mill (commenced in
August) which will boost leaching capacity to approximately 750
tonnes per day is expected to be completed during the next quarter.
Budgets and quotes are being finalised for the installation of an
expanded crushing circuit to reduce the feed size to the ball mill
and increase ball mill throughput to approximately 1,000 tonnes per
day depending on rock characteristics.
(e) Tailings Dam
Tailings dam quotes are currently being considered for raising the
wall of the current dam.
MINE GRID POWER
The grid power line to the Co-O Mine has been energised and is
performing satisfactorily. The arrival of electric compressors, to
replace diesel compressors, for the eastern end of the mine is
expected during the next quarter.
The power line is currently being extended to the western end of the
mine where electric compressors will also be installed.
MINE RESOURCE EXPANSION
On 19 January 2009 the Company published a new resource estimate
(Table II) for the Co-O Mine. The new estimation increases the
resources by 341,000 ounces or 40% (from 862,000 ounces) after
allowing for mine depletion since 12 August 2008. The main increase
is from the new high grade discovery named the Great Hamish Vein
which currently contains 318,000 ounces in 265,000 tonnes at 37.3 g/t
gold.
Table II. Co-O Mine resource summary
+------------------------------------------------+
| Category | > 0 g/t gold |
| |----------------------------------|
| | tonnes | g/t gold | ounces |
|-------------+-----------+----------+-----------|
| Indicated | 1,110,000 | 13.4 | 480,000 |
|-------------+-----------+----------+-----------|
| Inferred | 1,710,000 | 13.2 | 723,000 |
|-------------+-----------+----------+-----------|
| Grand total | 2,820,000 | 13.3 | 1,203,000 |
+------------------------------------------------+
Estimation undertaken by Cube Consulting Pty Ltd (2009)
The Company is continuing drilling with a total of six surface rigs
and three underground rigs. Two surface rigs were added in early
December and one more underground rig.
Figure 3 shows the current three dimensional model of the vein system
(please see the link at the end of this announcement).
Figure 4 shows a composite plan view of the vein system and surface
extensions as outlined by recent mapping (please see the link at the
end of this announcement).
DRILLING
On 1 December 2008 the discovery of the high grade Great Hamish Vein
("GHV") was announced.
The GHV has been defined over approximately 550 metres on the west
side of the Oriental Fault and is interpreted to have been
intersected on the east side of the fault in holes MD 87, 98, 108
and 112 over a strike length of approximately 100 metres. The vein
has consistent high grades and generally dips northwards around
60-70�.
The GHV has been intersected by drives on Levels 2 (50 metres below
adit) and 3 (100 metres below adit), with driving on vein and
sub-level development commenced.
Assays from the levels to date are:
Level 2: Level drive: 119 metres length at average width of 1.4
metres at 39.79 g/t gold
Sublevel: 133 metres length at average width of 1.2
metres at 33.72 g/t gold
Level 3: Level drive: 87 metres length at average width of 1.2 metres
at 92.00 g/t gold
Sub-level: 82 metres length at average width of 1.0 metres
at 70.09 g/t gold
Drill results
Table III lists the surface diamond drilling results greater than 3
g/t gold from the Co-O Mine for drill holes MD 85 to MD 113 which are
included in the new resource estimate. Some intersections in MDs
85-88 have been previously reported on 11 August 2008. Other 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 >3g/t gold for holes MD 85 to 113 which
are included in the new resource estimate. GHV intersections are
highlighted with an #.
+---------------------------------------------------------------------------------+
|Hole | East | North | Dip | Azimuth | From | Width | Grade |
| | | | (�)| (�) | (metres) | (metres) | (uncut) |
| | | | | | | | (g/t gold) |
|----------------------------+---------------+------------------------------------|
|EAST | | | | | | | | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 87 | 614206| 912994| -43| 212| 224.75| 1.00|5.46 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 277.20| 5.00|3.50 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 289.00| 4.30|22.66 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 313.00| 1.00|23.19 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 347.10| 0.20|11.45 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 376.30| 2.00|29.20 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 388.90| 3.90|26.45 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 406.90| 0.60|11.65 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 413.60| 1.70|13.65 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 419.40#| 1.60#|19.55# | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 98 | 614150| 912993| -57| 210| 313.80| 1.10|5.10 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 340.45| 0.20|28.04 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 504.60| 0.20|4.37 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 508.70#| 4.90#|67.03 | |
| | | | | | | |#(*) | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 108 | 613856| 912812| -54| 185| 249.40| 0.80|3.21 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 250.75| 0.35|5.80 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 371.95#| 0.25#|120.55 | |
| | | | | | | |#(*) | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 112 | 614010| 912889| -65| 180| 245.20| 0.25|13.07 (*)| |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 252.75| 0.85|30.23 (*)| |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 331.00| 1.70|60.86 (*)| |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|WEST | | | | | | | | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 85 | 613587| 912868| -75| 180| 157.80| 0.30|11.44 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 183.50| 0.40|7.82 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 214.50| 1.30|9.23 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 257.00#| 2.50#|16.02# | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 264.30| 0.40|6.56 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 277.65| 1.05|8.09 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 86 | 613737| 912855| -60| 190| 217.25#| 2.65#|113.80# | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 287.80| 0.50|33.26 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 88 | 613546| 912850| -75| 195| 66.05| 1.10|20.04 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 69.70| 1.80|13.65 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 126.35| 1.85|16.61 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 219.20| 3.35|3.82 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 228.45| 1.15|3.71 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 264.20| 0.35|42.49 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 280.30| 5.00|4.59 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 328.20| 0.90|3.92 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 366.10#| 1.45#|97.62# | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 399.50| 0.85|13.79 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 91 | 613477| 912845| -70| 205| 61.20| 2.40|4.47 (*) | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 69.10| 0.50|39.63 (*)| |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 198.40#| 1.00#|31.71# | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 287.95| 0.35|11.50 (*)| |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 92 | 613544| 912844| -62| 196| 65.10| 1.15|4.52 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 193.30| 0.25|88.45 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 195.40#| 1.60#|61.05# | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 211.60| 0.75|14.97 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 278.70| 0.40|9.49 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 97 | 613660| 912837| -65| 190| 151.50| 0.30|33.10 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 172.40#| 3.45#|43.26# | |
| | | | | | | |(*) | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 195.60| 0.30|12.03 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 201.05| 0.20|40.76 (*)| |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 206.90| 1.30|7.31 (*) | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 295.90| 0.60|43.59 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 307.60| 0.30|6.73 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 100 | 613350| 912846| -72| 185| 119.70| 0.40|8.80 (*) | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 155.60| 2.50|17.31 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 218.30| 1.20|6.79 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 223.40#| 2.80#|31.09# | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 249.00| 0.75|7.57 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 267.00| 0.60|10.39 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 277.80| 1.20|4.89 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 343.80| 2.60|10.53 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 357.65| 1.00|5.49 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 362.00| 1.00|7.53 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 103 | 613663| 912782| -50| 196| 99.30#| 0.30#|28.29# | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 104 | 613840| 912883| -60| 168| 202.00| 1.10|14.96 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 258.65#| 2.25#|166.29# | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 111 | 613766| 912841| -70| 180| 161.00| 0.60|4.50 (*) | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 190.50| 1.70|15.77 (*)| |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 248.85#| 2.25#|28.10# | |
| | | | | | | |(*) | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 330.75| 0.25|9.57 | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 112 | 614010| 912889| -65| 180| 245.20| 0.25|13.70 (*)| |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 252.75| 0.85|30.23 (*)| |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 331.00| 1.70|60.86 (*)| |
|----------+--------+--------+--------+------+---------+------------+---------+---|
|MD 113 | 613767| 912847| -81| 173| 187.40| 1.10|26.13 (*)| |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 420.45| 0.55|7.10 (*) | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 485.15| 0.55|4.15 (*) | |
|----------+--------+--------+--------+------+---------+------------+---------+---|
| | | | | | 544.70| 1.00|5.93 (*) | |
+---------------------------------------------------------------------------------+
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;
(v) Some previously reported intersection widths and grades may
have changed as a result of check assaying by McPhar.
TAMBIS-BAROBO AREA
The Tambis project, currently comprising the Bananghilig and
Kamarangan prospects, is operated under a Mining Agreement with
Philex Gold Philippines Inc. over Mineral Production Sharing
Agreement ("MPSA") application APSA-000022-XIII which covers 6,262
hectares.
BANANGHILIG
Drilling has been completed at the Bananghilig area for the time
being. Detailed compilation of the results has been completed, and
subject to further interpretative work demonstrating good continuity
of mineralisation, an initial resource estimate may be undertaken.
KAMARANGAN PORPHYRY TARGET
An extensive area of weathered magnetite with secondary hematite
skarn mineralisation was located early in 2008. The area is also
marked by extensive alluvial gold workings from previous artisinal
sluicing operations. Detailed descriptions and results are contained
in an announcement dated 29 February 2008 and 14 August 2008.
The iron-rich skarn rocks, as well as other skarn types including
epidote-silica skarns and sulphide-rich skarns, and hornfels rocks
have been mapped as covering an area approximately 2,000 metres
east-west by > 800 metres north-south. The skarns are developed in
sub-vertical, banded limestones and associated sedimentary rocks.
Figure 2 shows the location of the Kamarangan area in the
Tambis-Barobo region. Drill results from holes KAM 1 and 2 were
provided in the September 2008 quarterly report. Drilling is
continuing and a comprehensive report will be provided after the
initial drilling campaign which is estimated to be completed in
February.
LINGIG PORPHYRY COPPER DISCOVERY
The Lingig prospect is covered by a Mines Operating Agreement ("MOA")
over MPSA application number APSA 024-XIII comprising 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).
Detailed information on the Lingig porphyry copper prospect was
provided in a release dated 13 November 2007 and in the December 2007
quarterly report.
Initial drill results from the first hole were provided in the
September 2008 quarterly report. Drilliing with one rig is continuing
with some difficult ground conditions being encountered. The geology
is being revised through comprehensive new mapping as previous maps
have been found to be inaccurate and not supported by subsurface
geology. On completion of this mapping, subsequent interpretations
and receipt of a back-log of assays, a comprehensive update will be
provided in March 2009.
ANOLING
The Mines Operating Agreement ("MOA") with Alcorn Gold Resources Inc.
covers Mining Production Sharing Agreement ("MPSA") application
number 039-XIII situated approximately 8 kilometres north from the
millsite as shown on Figure 2 (please see the link at the end of this
announcement). Processing of the Anoling MPSA is progressing.
Diamond drilling with one rig is continuing. Underground exploration
has been discontinued and drilling may be increased in 2009 if rigs
are available whilst the tenement application is progressed.
OTHER PROJECTS
* Abacus Project
The 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). Processing of the
Abacus EP is being progressed.
* Saugon Project
The Saugon regional ridge and spur soil sampling programme is
continuing.
* Bunawan Joint Venture (Medusa earning 70%)
The Company, through its Philippines operating company, Philsaga
Mining Corporation ("Philsaga"), signed a joint venture agreement
("JVA") with Bunawan Mining Corporation ("Bunawan") on 23 August
2007, the Philippine operating company of ASX listed Sierra Mining
Limited ("Sierra"), whereby Philsaga 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").
The Company through Philsaga Mining Corporation is continuing to
fulfil its obligations under the JVA.
COMMUNITY PROGRAMMES
Work has commenced on a 16 bed hospital at the Co-O Mine and is
expected to be operational around mid-year. A helipad for emergency
evacuations will also be constructed adjacent to the hospital.
Construction of six new class rooms to be commenced at the Manabo
Village serving the Co-O Mine will be completed for the new school
year commencing in July.
The first full season of support for rice growers through
interest-free micro-loans is underway. Initial field trials have
established base line costs which have been incorporated into formal
agreements between the Company's Foundation and the rice farmers.
CORPORATE
On 19 September 2008 Crosby Capital Limited ("Crosby") of Hong Kong
announced a proposal to make an unsolicited and highly conditional
takeover offer ("Offer Announcement") for the Company.
On 23 September 2008, the Medusa Board conducted an initial review of
the proposed offer as outlined in the Offer Announcement and advised
shareholders to take no action as the Board believed the offer was
inadequate and opportunistic.
On 3 November 2008 Crosby withdrew its offer.
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.
Golder Associates Pty Ltd
The information in this report that relates to Ore Reserves is based
on information compiled by Peter Onley MBA, MSc, BSc (Hons), FAusIMM,
CP. Mr Onley is a full-time employee of Golder Associates Pty Ltd.
Mr Onley has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which they are undertaking to qualify as Competent Persons
as defined in the 2004 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Mr Onley consents to the inclusion in the report of the
matters based on their information in the form and context in which
it appears.
Golder Associates is a global consulting group employing more than
5500 staff offering services in earth engineering and environmental
sciences.
.
=--END OF MESSAGE---
http://hugin.info/138050/R/1285230/288107.pdf
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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