TIDMMML
RNS Number : 7790B
Medusa Mining Limited
08 April 2013
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
08 April 2013
Co-O MILL & MINE EXPANSION UPDATE
(ASX & LSE: MML)
Medusa Mining Limited ("Medusa" or the "Company"), through its
Philippines operating company Philsaga Mining Corporation advises
the current status of the Co-O mill and mine expansion as
follows:
MILL
Leach tanks: conversion from Carbon-in-Pulp to Carbon-in-Leach
completed and commissioned. Six old small leach tanks removed.
Thickener: upgrade completed and in operation.
Gold room upgrade: completed and in operation.
Detoxification plant: on schedule for commissioning in April
(Photo 1 - please see the link at the end of this
announcement).
SAG mill: installation on schedule for commissioning in June
(Photo 2 - please see the link at the end of this
announcement).
Primary crusher: on schedule for commissioning in June (Photo 3
- please see the link at the end of this announcement).
Emergency feed facility: completed.
Upgraded and new sub-stations: the main sub-station, and mill
and mine transformer stations are all completed and electrified
(Photos 4, 5 and 6 - please see the link at the end of this
announcement).
Electrical wiring of new plant: the installation of
approximately 42 kilometres of cabling is in progress with expected
completion in May.
MINE
Level 8 development: approximately 200 metres of horizontal
development measuring 3m x 3m have been completed and 4 veins have
been intersected (Fig. 1- please see the link at the end of this
announcement) to the south of the Saga Shaft, with another 7 veins
to be intersected. Development for infrastructure installation is
on-going. On-vein development is progressing on the East Agsao 13,
14, 15 and 16 Veins with 7 headings active. At June 30
approximately 12 on-vein headings should be operational and
producing development ore.
Ore passes: The winze ore pass from Level 5 to Level 8 is
expected to be connected to the level development in July 2013. Two
Alimak rise ore passes are in progress from Level 8 to Level 6 and
are expected to be operational in August 2013. Ore from these ore
passes will be fed by conveyor to the ore bins.
Figure 1 (please see the link at the end of this announcement) -
Level 8 plan showing planned development and veins with average
grades and widths. The veins are open in all directions.
RESEARCH
The Company has recently received research results conducted by
the Centre for Exploration Targeting, School of Earth and
Environment at The University of Western Australia. The research
involved measurement of the temperatures of ore formation and the
salinity of the ore fluids with the aim to determine the trends and
dimensions of the gold potential in the Co-O hydrothermal
system.
The samples were collected in June 2011 and April 2012 from
available drill holes throughout the various veins at the Co-O
Deposit.
The temperatures of formation are epithermal (19 vein samples
recording 216 +/- 32 degC), i.e., no temperatures are too high or
too low which would be unfavourable for epithermal gold deposition.
In addition, the salinity of the ore fluid compositions in all
samples indicates meteoric or ground water has been involved in the
ore formation, i.e., all water composition determinations are
within the range of normal epithermal gold deposition. There are no
apparent trends to indicate that the margins of the epithermal gold
zone had been reached.
These results support the "potential exploration target size" of
3,000,000 ounces in 9,800,000 tonnes to 7,000,000 ounces in
23,500,000 tonnes using a grade range of 9 to 11 g/t gold with a
preferred average grade of 10 g/t gold. The potential exploration
target size and grade is conceptual in nature, and there has been
insufficient exploration to define a mineral resource, and it is
uncertain if further exploration will result in the target being
defined as a mineral resource. Refer to Stock Exchange announcement
dated 24 August 2011.
As drilling subsequent to June 2012 has extended the
mineralisation, the Company is investigating undertaking additional
sampling and research to expand the ore formation temperature and
ore fluid data sets in an attempt to define the potential
dimensions of the Co-O gold-bearing hydrothermal system.
The following photos can be viewed by cutting and pasting the
link at the end of this announcement into your browser:
Photo 1. Detoxification plant.
Photo 2. SAG mill.
Photo 3. Primary crusher.
Photo 4. Main sub-station.
Photo 5. Mine transformer station.
Photo 6. Mill transformer station
For further information please contact:
Australia
--------------------------------- -----------------
Medusa Mining Limited +61 8 9367 0601
--------------------------------- -----------------
Peter Hepburn-Brown, Managing
Director
--------------------------------- -----------------
United Kingdom
--------------------------------- -----------------
SP Angel Corporate Finance LLP +44 (0)20 3463
(Financial Adviser & Broker) 2260
--------------------------------- -----------------
Ewan Leggat/Laura Littley
--------------------------------- -----------------
DISCLAIMER
This announcement may contain certain forward-looking
statements. The words 'anticipate', 'believe', 'expect', 'project',
'forecast', 'estimate', 'likely', 'intend', 'should', 'could',
'may', 'target', 'plan' and other similar expressions are intended
to identify forward-looking statements. Indications of, and
guidance on, future earnings and financial position and performance
are also forward-looking statements.
Such forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and
other factors, many of which are beyond the control of Medusa, and
its officers, employees, agents and associates, that may cause
actual results to differ materially from those expressed or implied
in such statements.
Actual results, performance or outcomes may differ materially
from any projections and forward-looking statements and the
assumptions on which those assumptions are based.
You should not place undue reliance on forward-looking
statements and neither Medusa nor any of its directors, employees,
servants or agents assume any obligation to update such
information.
http://www.rns-pdf.londonstockexchange.com/rns/7790B_-2013-4-8.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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