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Medusa Mining's current work at Co-O mine supports output guidance

Work currently underway at the Co-O mine in the Philippines, supports Medusa Mining Limited's production guidance of 108,000 ounces of the yellow metal for 2016, its chief has said.

Pictured is a heap of gold nuggets.....
Current output guidance for the year from Co-O is down from 120- 130,000 ounces, not least due to lower than expected output in the first quarter to end March.

Work currently underway at the Co-O mine in the Philippines, supports Medusa Mining Limited's (ASX:MML) production guidance of 108,000 ounces of the yellow metal for 2016, its chief has said.

Speaking in a market briefing, newly hired Boyd Timler said the findings of a mine review, which started in December, had fed into current work.

"Additionally, the review will be key in developing the 2016-17 budget and strengthening Medusa’s medium to long term strategy," he said.

"What is critical for the short to medium term, is the completion of the mine capital projects as quickly and prudently as we can, alleviating infrastructure and production constraints at Co-O and enhancing our ability to convert resources to reserves."

Current output guidance for the year is down from 120- 130,000 ounces, not least due to lower than expected output in the first quarter to end March.

But Timler pointed out at the briefing that year to date production was up 14% on the previous corresponding period.

"I expect the average production over this nine-month period is reflective of the mine’s sustainable performance until necessary infrastructure projects are completed."

For the three months to end March, the miner produced 21,980 ounces at a head grade of 5.47 g/t gold compared to 29,674 ounces in the last quarter (to December 2015).

All in sustaining costs (ASIC) were US$1,033, up from US$950 in the preceding quarter.

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ASX:MML
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Market Cap: $179.74 m
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