Medusa Mining

Medusa is an expanding gold producer in the Philippines, listed on the Australian Stock Exchange (ASX;MML), London AIM (AIM: MML) and Toronto Stock Exchange (TSX: MLL) markets. With an expanding resource base now at 1.2million ounces at 13.3g/t gold and production on track to achieve 60,000 ounces annualised in Q3 09 and 100,000 ounces annualised early 2010, it is anticipated that long term cash costs will be approximately US$200/ounce. Numerous new discoveries of gold and copper-gold are anticipated in the future within the large regional tenement package totalling 820km². The operations are an integral part of the local communities.

Medusa Mining on track to meet gold production target this quarter

Tuesday, March 16, 2010

Medusa Mining (ASX, AIM: MML, TSX: MLL) said the commissioning of the mill expansion is at the Co-O mine in the Philippines is progressing well and the company is set to meet its targeted production of 25,000 ounces of gold this quarter.

Managing director Geoff Davis commented: "The company is set to achieve another production milestone on schedule. This expansion increases the company's ability to optimise future gold production.”

Earlier this month, the company announced a one for ten bonus issue of shares to all shareholders of the company. It said it had achieved several significant milestones in the last calendar year and the bonus issue is in recognition of the invaluable support the company has received from its shareholders. The bonus issue was also designed to encourage greater liquidity in Medusa shares.

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When it reported interims in February for the six months ended 31 December 2009, Medusa flagged a net profit of US$28.3m, representing a 201% increase from US$9.4m in the corresponding period a year earlier. Revenues grew by 161% to US$41.3m. The emerging gold miner’s record-breaking performance was driven by both increased gold production, lower costs and higher received gold prices, it said.

Co-O’s annualised production is planned to be ramped up to 100,000 ounces.

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Medusa Mining (ASX:MML, LON:MML, TSX:MLL) has said that the new estimate for its Co-O gold mine in the Philippines put the probable reserve at 505,000 oz (ounces) contained in 1.46 Mt (million tonnes) grading 10.7 g/t gold.
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Medusa Mining increases resource inventory to 2 million ounces of gold

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In further good news for Medusa Mining (ASX, AIM: MML) shareholders, additional inferred resources have been converted to gold reserves. Probable reserves at the Co-O mine in the Philippines have now doubled to a JORC compliant 500,000 ounces of gold as of June 14 2009, compared with a 249,000 ounces estimate announced in August 2008.
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Additional Information

Market:	AIM / ASX / TSX
Sector:	General Mining - Gold
EPIC:	MML
Latest Price:	251.00p (0.00%)
52-week High:	300.00p
52-week Low:	128.64p
Market Cap:	470.84M

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