100% Increase Co-O Mine JORC Reserve
17 July 2009 - 4:03PM
UK Regulatory
TIDMMML
MEDUSA MINING LIMITED
ABN: 60 099 377 849
Unit 7, 11 Preston Street
Como WA 6152
PO Box 860
Canning Bridge WA 6153
Telephone: +618-9367 0601
Facsimile: +618-9367 0602
Email: admin@medusamining.com.au
Internet: www.medusamining.com.au
17 July 2009
Co-O MINE RESERVE NOW 500,000 OUNCES
Medusa Mining Limited ("Medusa" or the "Company"), through its
Phillipines operating company, Philsaga Mining Corporation
("Philsaga"), advises that it has completed a JORC compliant Ore
Reserve estimation for the Co-O Mine.
The Probable Reserve as at 14 June 2009, now stands at 1,041,000
tonnes at 14.9 g/t gold containing 500,000 ounces of gold.
This represents an increase of 101% or 251,000 ounces over the
Probable Reserve of 249,000 ounces at 10.8 g/t gold announced in
August 2008. Mine depletion since the 2008 estimate is excluded from
the new estimate. This ore reserve will allow an approximate 5 year
mine life at a production rate of 100,000 ounces per year.
Crosscut Consulting of Queensland, Australia was contracted to
complete a reserve estimation based on the resource wireframe model
provided by Cube Consulting Pty Ltd. An Indicated and Inferred
Resource totalling 1,380,000 ounces at a grade of 10.8 g/t gold was
announced on 1 July 2009.
The Probable Reserve was estimated from an Indicated Resource of
1,250,000 tonnes at 15.0 g/t gold containing 603,000 ounces of gold.
The estimate was based on a gold price of US$900 per ounce and a
stope cut-off grade of 3.3 g/t gold.
Geoff Davis, Managing Director of Medusa commented:
"A mine life of 5 years based on reserves is a major achievement for
a narrow vein mine, and is the culmination of over 40,000 metres of
drilling and over 6,000 metres of underground development that has
been completed during the last year. The Company anticipates that it
will be able to maintain this level of reserves on a yearly basis
through continuing conversion of inferred resources to reserves as
the mine develops".
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
Mirabaud Securities Limited +44 (0)20 7321 2508
Joint Broker
Peter Krens
Lothbury Financial +44 (0)20 7011 9411
Michael Padley/Libby Moss
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.
Crosscut Consulting
The information in this report that relates to Ore Reserves is based
on information compiled by Declan Franzmann, B Eng (Mining), MAusIMM.
Mr Franzmann is a full-time employee of Crosscut Consulting.
Mr Franzman 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 Franzmann consents to the inclusion in the report of
the matters based on his information in the form and context in which
it appears.
=--END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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