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gold production to 60,000 ozs in 2009

Medusa Mining is an expanding gold producer in the Philippines, listed on the London AIM and the Australian ASX. Medusa's gold production operations are very robust due to its high grades and low production costs, and over the next 12 to 18 months should expand considerably from an initial annualised 40,000oz as new multiple mines are brought into production to feed a central milling facility. Medusa is focused on expanding its resource base and production profile to benefit not only shareholders but also its employees and local communities. The Company’s exploration upside is rated as excellent for the discovery of new gold and copper-gold deposits.
Medusa Mining to increase gold production to 60,000 ozs in 2009
by Andrew McCrea

Medusa Mining (ASX/AIM:MML) achieved an increase of 76% in gold production to 12,158 ounces at the company's Co-O mine in the Philippines, at an average grade of 15.84 g/t and average cost of US$215 per ounce during the September quarter. 

Forecast production for 2008/09 is 38-45,000 ounces. Anticipated long term cash costs are forecast at approximately US$200 per ounce.

Increase in gold production stages

Expansion (Phase 1) will raise gold production to 60,000 ozs (annualised) per year in Q3 2009. The Agsao shaft was completed to depth ahead of schedule with the first development ore expected in Q1 2009.

Phase II expansion will raise gold production from 60,000 ozs to 100,000 ozs per annum in early 2010, has commenced (this is independent of Phase I expansion). A new power line to the mine has been energised.

Co-O Resources gold inventory at Co-O Mine exceeds 1.2 million ounces

Resources were increased by 341,000 ozs (40% increase) to 1,203,000 ounces at 13.3 g/t gold in 2,820,000 tonnes. This increase resulted from the new high-grade discovery named Great Hamish Vein, announced on December 1, which currently contains 318,000oz in 265,000 tonnes at 37.3gpt gold. The company drilled 12 holes into Great Hamish Vein in the December quarter, which averaged 61.84gpt gold over an average intersection of 2.23m wide.

Co-O new high grade vein discovery

Twelve drill holes into Great Hamish Vein averaged 61.84 g/t gold over an average intersection width of 2.23 metres.

Lingig Porphyry Copper Discovery

Drilling is continuing. A comprehensive report will be provided in March 2009 after receipt of back-logged assays and completion of a revision of the geology.

Kamarangan Porphry Prospect

Drilling is continuing. A comprehensive report will be provided after completion of first pass drilling.