Medusa Mining, a public company listed on the ASX and LSE, is an Australian based gold producer, focused solely on the Philippines. Medusa's corporate strategy is to become a mid-tier, 400,000 ounce per year, low-cost gold producer.
The Company has completed the two-phase expansion of its high grade Co-O Mine operations to a production level of 100,000 annualised ounces. The Company has approved a Phase 3 expansion to build an expanded mill with capacity for 200,000 ounces of production.
Ongoing drilling is verifying and expanding the Bananghilig Deposit with the aim of defining one million ounces of reserves to initiate feasibility studies.
Further potential upside exists for the discovery of copper and additional gold deposits within the tenement holding of more than 800km2.
Medusa discovers new high grade vein at Co-O gold mine in Philippines
1st Dec 2008, 9:31 am
Medusa Mining Ltd said it has discovered a new high grade vein at the Co-O Gold Mine in the Philippines. The Great Hamish Vein is currently interpreted to be between 600 to 650 metres long and open along strike and at depth.
Results from 12 drill holes at the property show on average 2.23 metres intercepted at 61.84 grams per ton of gold. Within the drilling program, hole MD86 found 2.65 meters at 113.80 g/t and hole MD88 encountered 1.45 metres at 97.62 g/t.
Managing Director Geoff Davis said: "These spectacular results from the 12 drill holes, into the GHV, average very close to two ounces of gold to the tonne, and are strongly supported by the development already underway.
“These again demonstrate the excellent potential of the Co-O Mine vein system which management believes will continue to deliver more discoveries as we carry out further drilling,” he added.
No investment advice
The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.
You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.
From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.
