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Update: Medusa Mining reports more high grades at Co-O

Last updated: 11:27 21 Feb 2013 GMT, First published: 12:27 21 Feb 2013 GMT

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More high grades from Medusa Mining’s (LON:MML ASX:MML) ongoing exploration drilling at the Co-O gold mine in the Philippines highlight the miner's all-round appeal, says Cantor Fitzgerald.

The latest data came from the 50 holes (35,989m) drilled from surface and underground between 30 June 2012 and 28 January 2013.

Grades from the best holes included 2.76 metres (m) width at 14.94 grams per tonne (g/t); 3.00m at 19.08 g/t; 1.20m at 749.8; 2.30m at 19.25 g/t; 4.80m at 26.28 g/t; 1.45m at 21.97 g/t; 2.55m at 10.85 g/t; and 1.70m at 30.25 g/t.

The data, which will be fed into a new resource estimate in the September quarter, continues to provide positive resource in-fill and extension information for mine planning purposes, said the broker.

Cantor said: “With Medusa’s share price suffering along with that of its peers in the light of an easing gold price, we take this opportunity to highlight again Medusa’s lowest quartile operating cost profile, its self-funded growth profile (first stop 200,000 oz pa) and commitment to dividend payment following the completion of the current expansion.”

Drilling is now continuing with four surface rigs and three more underground.

Peter Hepburn-Brown, managing director of Medusa, said: "The Co-O Mine drilling continues to deliver high grade intersections over a strike length of approximately two kilometres and at depth.

Elsewhere drilling continues to return good values from in-fill and extensional drilling,” he added.

 

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