Medusa Mining Limited Quarterly Activities Report 31 March 2014 (7011F)

TIDMMML

RNS Number : 7011F

Medusa Mining Limited

29 April 2014

Medusa Mining Limited

("Medusa" or the "Company")

29 April 2014

QUARTERLY ACTIVITIES REPORT

PERIOD ENDED 31 MARCH 2104

Snapshot of Medusa:

   --      Un-hedged, low cost, gold producer focused on organic growth in the Philippines 
   --      New Mill operated for the full quarter 
   --      March 2014  quarter production of 16,200 ounces (YTD  42,289 ounces) 
   --      Safety - one fatality during the quarter 

Board of Directors:

Andrew Teo (Non-executive Chairman)

Peter Hepburn-Brown (Managing Director)

Raul Villanueva(Executive Director)

Ciceron Angeles (Non-executive Director)

Robert Weinberg (Non-executive Director)

Gary Powell(Non-executive Director)

Capital Structure:

 
 Ordinary shares:     207,794,301 
 Unlisted options:    1,575,000 
 

Listings:

ASX and LSE (Code: MML)

Address and Contact Details:

PO Box 860

Canning Bridge WA 6153

Telephone : [phone]

   Facsimile   : [phone] 
   Email          : [e-mail] 
   Website      : www.medusamining.com.au 

OVERVIEW:

   --      Medusa Mining Limited to delist from the London Stock Exchange 

-- Exploration drilling utilised five underground drill rigs at Co-O and three surface rigs at Tambis

-- Gold production increased to 16,200 ounces for the quarter (11,587 ounces December quarter) due to continuous SAG mill operation

   --      Production was less than forecast due to disrupted production from flooding in January 

-- Underground development continued at approximately 1,500m per month. All development ore was hauled and milled.

Co-O MINE PRODUCTION & DEVELOPMENT

   --      Development and stoping continued on all 8 levels during the quarter 

-- Level development continued on 60 headings throughout the mine. Unseasonal wet weather in January caused some flooding issues at the mine but development was able to be maintained at the target rate of 1,500 metres per month during the quarter

-- Production from stoping is now increasing and a greater percentage of stope ore is expected to be mined and trucked to the mill in the June quarter

   --      Exploration drilling continued on the Levels 2, 3 and 8 on the west of the Tinago Fault 

Co-O MINE EXPLORATION

-- Underground diamond drilling is continuing with two rigs on contract and three Company rigs. Surface sampling, mapping and geophysical surveying are on-going

TAMBIS AREA - BANANGHILIG GOLD DEPOSIT

   --      Diamond drilling at the B2 area recommenced with three drill rigs 

CORPORATE & FINANCIALS (unaudited)

-- Total cash and cash equivalent in gold on metal account at the end of quarter of approximately US$20.35 million

PROJECT OVERVIEW

The locations of the Company's projects are shown on Figures 1 and 2 (please see link at the end of this announcement).

HEALTH, SAFETY & ENVIRONMENT

There was one Lost Time Accident, a fatality, during the quarter as reported on 13 February 2014. Lost Time Accident Frequency Rate is 0.15 for the March quarter.

Every effort is being made to ensure our OH&S systems are as effective as possible in keeping our employees and contractors working for and within the Company safe. The health and safety of our people is of the highest priority.

There were no environmental breaches during the March quarter 2014.

EXECUTIVE ORDER ON MINING SECTOR REFORMS IN THE PHILIPPINES

On 06 July 2012, Philippine President Benigno Aquino III signed Executive Order No. 79 entitled "Institutionalizing and Implementing Reforms in the Philippine Mining Sector Providing Policies and Guidelines to Ensure Environmental Protection and Responsible Mining in the Utilization of Mineral Resources" ("EO 79").

On 10 September 2012, the Department of Environment and Natural Resources ("DENR") issued Administrative Order No. 2012-07 ("Rules and Regulations to Implement EO-79" or "EO-79 IRR"), and on 08 October 2012, issued Administrative Order No. 2012-07-A2 ("EO-79 Amended IRR") to revise Sections 3, 7 and 9 of EO-79 IRR. EO-79 IRR and its amendments took effect on October 25, 2012.

The implications of the EO-79 with regards to the Company's projects are discussed in the June 2012 and September 2012 quarterly reports to the ASX. There has been no change in the Company's view since then.

On March 07, 2013, the Secretary of the Department of Environment and Natural Resources (DENR) approved the lifting of the moratorium on acceptance of applications for Exploration Permits and Financial and Technical Assistance Agreements.

The new legislation on mining taxes and royalties is yet to be finalised for submission to Congress.

EXECUTIVE ORDER ON EXTRACTIVE INDUSTRIES TRANSPARENCY IN THE PHILIPPINES

On 26 November 2013, Philippine President Benigno Aquino III signed Executive Order No. 147 entitled "Creating the Philippine Extractive industries transparency Initiative" ("EO 147").

Pursuant to Section 14 of the EO 79, the Philippine government commits to participate in the Extractive Industries Transparency Initiative (EITI) that sets international standards for transparency and accountability in the extractive industries and in government. Established in 2003, the EITI is a global coalition of governments, companies and civil society collaborating to improve honest and responsible management of revenues from natural resources, particularly oil, gas, metals and minerals.

Through EO 147, the Philippine government has instituted the Philippine Extractive Industries Transparency Initiative (PH-EITI), which commits to ensure greater transparency and accountability in the extractive industries, specifically in the way the government collects, and companies pay taxes from extractive industries;

The implications of the EO 147 with regards to the Company's projects are not considered to have any negative impact and the Company sees the Executive Order as a positive commitment by the Philippine Government to adopt good governance practices in accordance with International Guidelines of the EITI.

MINERAL RESOURCES AND ORE RESERVES

The Company's current mineral resources (including the Saugon resource) and ore reserves were previously announced in accordance with the guidelines of the JORC Code 2004 (Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). Refer to announcement of 08 August 2013, the September 2013 Quarterly Report, and the 2013 Annual Report.

The Co-O and Bananghilig deposits are currently undergoing review, re-interpretations and revised mineral resource and ore reserve estimations in accordance with the guidelines of the recently adopted JORC Code 2012. The revised resources and reserves for Co-O and Bananghilig are expected to be reported during the September 2014 quarter.

Co-O MINE

Production

The production statistics for the March 2014 quarter and comparatives for the previous four quarters are summarised in Table 1 below.

Table I. Gold production statistics

 
                        Unit     Qtr ended   Qtr ended   Qtr ended   Qtr ended   Qtr ended 
                                   31 Mar      31 Dec      30 Sep      30 Jun      31 Mar 
                                    2014        2013        2013        2013        2013 
--------------------  --------  ----------  ----------  ----------  ----------  ---------- 
 Tonnes mined            WMT      146,017     108,264     114,380     103,028     83,134 
--------------------  --------  ----------  ----------  ----------  ----------  ---------- 
 Ore milled              DMT      140,879     98,590      91,461      92,567      73,273 
--------------------  --------  ----------  ----------  ----------  ----------  ---------- 
 Head grade              g/t       4.20        4.51        5.68        5.97        6.76 
--------------------  --------  ----------  ----------  ----------  ----------  ---------- 
 Recovery                 %         85%         85%         87%         88%         89% 
--------------------  --------  ----------  ----------  ----------  ----------  ---------- 
 Gold produced           ozs      16,200      11,587      14,502      15,642      14,021 
--------------------  --------  ----------  ----------  ----------  ----------  ---------- 
 Cash costs (1)        US$/oz      $398        $526        $339        $355        $296 
--------------------  --------  ----------  ----------  ----------  ----------  ---------- 
 Gold sold               ozs      15,843      11,774      15,560      16,236      17,760 
--------------------  --------  ----------  ----------  ----------  ----------  ---------- 
 Average gold price 
  received               US$      $1,299      $1,262      $1,336      $1,410      $1,630 
--------------------  --------  ----------  ----------  ----------  ----------  ---------- 
 

Note:

(1) Net of development costs and includes royalties and local business taxes

The Company produced 16,200 ounces of gold for the quarter, at an average head grade of 4.20 gpt and cash costs of US$398 per ounce, inclusive of royalties and local business taxes (YTD cash costs of US$413 per ounce).

Gold production for the quarter was higher than the December quarter due to continuous operation of the new SAG Mill.

Compared to the previous quarter, March quarter cash costs were lower primarily due to increased gold production.

Operations

Mine Development

All shafts continued to operate during the quarter. The deepening of the Baguio Shaft was successfully completed to Level 5 and is now fully operational, hauling ore from Levels 3 and 5.

Due to unseasonal heavy rains in January, parts of the mine were flooded, but caused no safety issues to personnel at the mine or the mine infrastructure. Some development headings were temporarily stopped due to the flooding but have since been re-opened.

The rain also disrupted ore transport to the mill due to landslides along the haul road as announced on 28 January 2014. Development continued on Levels 1 to 8 during the quarter and the current overall development rate of 1,500m per month should continue for the remainder of the calendar year.

Production continued on all levels during the quarter and more stoping ore will be mined and milled during the June quarter.

Co-O SAG Mill

The new SAG Mill operated satisfactorily throughout the quarter achieving its "name plate" throughput of 2,500tpd on a number of occasions. The tonnage throughput is now operating at below 2500tpd to improve grind size and recoveries. Once gold recoveries improve, the tonnage throughput of the SAG mill will be increased accordingly.

The Dominion and Kurimoto Ball Mills have been re-lined and the old mill is now on Care and Maintenance.

All other equipment and functions associated with the Processing Plant, including the Primary Crusher, the Detoxification unit, Thickener, CIL tanks and gold room operated successfully throughout the quarter.

Co-O Mine Drilling

Underground diamond drilling continued during the quarter utilising two large contract rigs and three smaller Company portable drilling rigs. At total of 21 holes were completed at Levels 2, 3 and 8 for an advance of 5,976 metres.

The Company is in the process of deploying the Company's remaining five new portable underground diamond drill rigs to various levels within the mine to assist in exploring for zones of additional mineralisation.

Table II. Co-O surface and underground drill hole results of >= 0.5 metres at >= 3 g/t gold.

(Refer Appendix A for JORC Code, 2012 Edition - Table 1 Report)

 
 Hole Number     East    North     RL      Depth      Dip    Azimuth      From        Width     Gold Grade 
                  (4)      (4)     (4)    (metres)    ((o)     ((o)      (metres)      (2)         (1,3) 
                                                       )         )                   (metres)     (uncut) 
                                                                                                 (g/t gold) 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                UNDERGROUND EXLORATION DRILL HOLES - LEVEL 2 
----------------------------------------------------------------------------------------------------------- 
 L2-65W-004     613299   913087    107       96.26       3     190.87       61.65        1.00          6.03 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
 L2-6E-001      614063   913100    103       26.30       3     331.27       18.30        1.60          4.77 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                            23.90        2.40          9.77 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                             includes       25.40        0.90         20.77 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                UNDERGROUND EXLORATION DRILL HOLES - LEVEL 3 
----------------------------------------------------------------------------------------------------------- 
 L3-64W-015     613346   913032     62      327.10       3      36.74       78.60        1.00          3.24 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
 L3-64W-016     613348   913026     62      439.30     -25     137.52      193.20        1.00         12.10 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           262.00        1.00          4.35 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           286.00        1.30          3.67 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           305.30        0.20         48.80 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           360.20        3.00          3.38 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           428.30        0.90         15.10 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
 L3-64W-017     613347   913023     60      550.70     -25      150.2       25.90        1.35          3.60 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                            41.40        1.00          8.33 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           311.50        1.00         10.17 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           341.95        1.00        123.13 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
 L3-64W-018     613341   913025     61      515.50     -26     185.12       26.80        0.30          3.32 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                UNDERGROUND EXLORATION DRILL HOLES - LEVEL 8 
----------------------------------------------------------------------------------------------------------- 
 L8-19E-003     614207   913104   -192      477.80      -3     204.02      103.35        0.35          6.27 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           175.45        0.30         19.83 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           330.50        4.45         14.87 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                             includes      334.15        0.80         35.93 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           375.45        1.95         51.83 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                             includes      375.45        1.00         98.07 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           474.60        0.20         10.17 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
 L8-19E-004     614208   913104   -192      500.90      -3     213.63      286.40        0.45         31.20 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           320.10        2.00          3.04 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           385.85        0.35          7.70 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           395.10        0.75          8.99 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
 L8-19E-005     614207   913104   -192      494.00      -3      222.7      184.50        0.50          7.97 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           192.05        0.40          6.87 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           237.30        1.60          8.75 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           303.30        0.70          7.53 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
                                                                           329.50        2.30          3.59 
-------------  -------  -------  -----  ----------  ------  ---------  ----------  ----------  ------------ 
 

Notes:

1. Composited intercepts' 'weighted average grades' calculated by using the following parameters:

(i) no upper gold grade cut-off applied;

(ii) lower cut-off grade of 3.0 g/t gold;

(iii) high-grade samples (>= 20 g/t gold) within composited interval are individually reported; and

(iv) >= 0.5 metres down hole intercept width at >= 3.0 g/t gold, or

(v) >= 6 gram.metres,and

(vi) maximum of 1.0 metre of down-hole internal dilution at <= 3 g/t gold.

2. Intersection widths are downhole drill widths not true widths;

3. Assays are by Philsaga Mining Corporation's laboratory; and

4. Grid coordinates based on the Philippine Reference System 92. RL is elevation in metres relative to Mine Datum.

Co-O EXPLORATION

Induced Polarisation Survey

The ground Induced Polarisation ("IP") survey is ongoing within the Co-O tenements including the Co-O Mine environs. During the March 2014 quarter, 18 line kilometres of IP survey were completed as rainy weather hampered the survey. It is anticipated that the remaining balance of the IP survey (86 line kilometres) will be completed in the September 2014 quarter, with interpretation being carried out during the September/December 2014 quarters.

Ground Magnetics Survey

No ground magnetics survey was carried out during the March 2014 quarter. Approximately 94 line kilometres remains to be completed, and is expected to be completed at the same time as the IP survey, with interpretation being carried out concurrent with the IP interpretation.

Reconnaissance Programmes

Reconnaissance mapping and sampling programmes are ongoing.

TAMBIS REGION

The Tambis project comprising the Bananghilig Gold Deposit (Figure. 2) is operated under a Mining Agreement with Philex Gold Philippines Inc. over Mineral Production Sharing Agreement ("MPSA") 344-2010-XIII, which covers 6,262 hectares.

The Executive Order on Mining (EO 79) signed on 6 July 2012, by the President of the Philippines, will have no immediate impact on the Bananghilig Project as the Company can continue to explore, conduct feasibility studies and planning.

BANANGHILIG GOLD DEPOSIT

The announcement of 12 September 2011 summarises the Tambis regional geological setting, local geological setting, deposit description and mineralisation. Additional information is contained in the September 2011 quarterly report dated 24 October 2011, drilling updates on 17 January 2012, 8 August 2012, 21 November 2012, and 02 April 2013, operations update on 08 July 2013, and resource estimation updates on 29 January 2013 and 08 August 2013.

Indicated & Inferred Mineral Resource Estimation

The Bananghilig resource was previously announced in accordance with the guidelines of the JORC Code 2004 (Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). Refer to announcement of 08 August 2013, the September 2013 Quarterly Report, and the 2013 Annual Report.

The Bananghilig deposit is currently undergoing review, re-interpretations and revised mineral resource estimation in accordance with the guidelines of the recently adopted JORC Code 2012. The revised mineral resources for Bananghilig are expected to be reported during the September 2014 quarter.

Bananghilig Scoping & Pre-Feasibility Study (1)

On 09 April 2013, the Company published the results of a first pass Scoping Study(1) of the Bananghilig Gold Deposit. The Scoping Study was carried out and reported under the guidelines of the JORC Code 2004, therefore the results of the Scoping Study do not now necessarily comply with the requirements of the JORC Code 2012 and will not be reported henceforth.

(1) The Scoping Study referred to in the announcement dated 09 April 2013 was based on low-level technical and economic assessments of Indicated and Inferred Mineral Resources, as defined under the guidelines of JORC Code 2004, and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised.

A Feasibility Study was initiated on the completion of the Scoping Study. Sterilisation and geotechnical drilling programmes were completed in early October 2013.

A decision was made towards the end of the September 2013 quarter to temporarily suspend the Feasibility Study due to the mineralisation being encountered at the new B2 discovery area, as well as taking into consideration the depressed gold price and prioritising the commissioning of the new Co-O milling circuit.

B2 Discovery Area

During the March 2014 reporting period, diamond drilling recommenced with two large capacity and one man-portable diamond drilling rigs completing 6 drill holes (TDH335 to TDH340) within the B2 area for a total advance of 1,820.2 metres. Drilling is currently being conducted on a 150 metre grid spacing to delineate the extent of B2 mineralisation.

Figure 3 (please see link at the end of this announcement) shows the Bananghilig area geology showing the position of the new B2 mineralisation discovery, beneath the limestone cover, relative to the Bananghilig resource.

Figure 4 (please see the link at the end of this announcement). Plan of the Bananghilig resource block model and the B2 drill hole locations.

B2 Drilling Results

Results of diamond drilling at B2 to the end of 2013 have been announced on 02 April 2013 and 08 July 2013, in the March 2013, June 2013, September 2013 and December 2013 Quarterly Reports, and the September 2013 Annual Report. Results have only recently being received for one hole (TDH335) of the current drilling program. Significant intercepts for completed drill holes are included in Table III below. Results are still pending for drill holes TDH336 to TDH340, inclusive.

Table III. Bananghilig B2 Discovery Area drill hole results >= 1 g/t gold.

(Refer Appendix B for Table 1 prepared in accordance with JORC Code 2012)

 
 Hole Number     East    North     RL      Depth      Dip    Azimuth     From        Width     Gold Grade 
                  (4)      (4)     (4)    (metres)    ((o)     ((o)     (metres)      (2)         (1,3) 
                                                       )        )                   (metres)     (uncut) 
                                                                                                (g/t gold) 
-------------  -------  -------  -----  ----------  ------  --------  ----------  ----------  ------------ 
                                      BANANGHILIG - B2 DISCOVERY AREA 
---------------------------------------------------------------------------------------------------------- 
 TDH330         612725   944857    202      301.80     -60       130      143.70        1.95          6.03 
-------------  -------  -------  -----  ----------  ------  --------  ----------  ----------  ------------ 
 
 

Notes:

1. Composited intercepts' 'weighted average grades' calculated by using the following parameters:

(i) no upper gold grade cut-off applied;

(ii) lower cut-off grade of 0.5 g/t gold;

(iii) high-grade samples (>10 g/t gold) within composited interval are individually reported;

(iv) >= 5 metres down hole intercept width at >= 1.0 g/t gold, or

(v) <= 5 metres down hole intercept width at >= 5 gram per metres, and

(vi) maximum of 3 metres of downhole internal dilution at <=0.5 g/t gold;

2. Intersection widths are downhole drill widths not true widths;

3. Assays are by Intertek McPhar Mineral Services Inc. in Manila; and

4. Grid coordinates and RL (elevation) based on the Philippine Reference System 92.

REGIONAL EXPLORATION

Detailed and reconnaissance geological mapping, trenching and sampling programmes are on-going within the Company's granted tenements.

Processing of the Company's own and joint venture tenement applications are progressing.

FINANCIALS (unaudited)

As at 31 March 2014, the Company had total cash and cash equivalent in gold on metal account of approximately US$20.35 million (31 December 2013: US$20.77 million).

The Company sold 15,843 ounces of gold at an average price of US$1,299 per ounce (December 2013 quarter: 11,774 ounces sold at an average price of US$1,262 per ounce).

During the quarter, the Company incurred;

   --      exploration expenditure of US$3.7 million (December 2013 quarter: US$4.1 million); 

-- US$2.6 million on capital works associated sustaining capital at the mine and mill and costs for the new SAG mill construction and infrastructure (December 2013 quarter: US$2.7 million); and

   --      US$8.9 million on continued mine development (December 2013 quarter: US$8.5 million). 

CORPORATE

On 04 April 2014, Application has been made to the UK Listing Authority for the Securities to be removed from the Official List, and to the London Stock Exchange (LSE) for the Securities to be removed from trading. The last day of dealings in the Securities on the LSE is expected to be 22 May 2014. The cancellation of the listing and of trading in the Securities on the LSE is expected to take effect at or about 8.00 a.m. on 23 May 2014.

JORC CODE 2012 COMPLIANCE - CONSENT OF COMPETENT PERSONS

Medusa Mining Limited

Information in this report relating to Exploration Results has been reviewed and is based on information compiled by Mr Gary Powell who is a member of The Australian Institute of Geoscientists and the Australasian Institute of Mining and Metallurgy. Mr Powell is a Non-Executive Director and has sufficient experience, which is relevant to the style of mineralisation and type of deposits under consideration, and to the activity which they are undertaking, to qualify as a "Competent Person" as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Powell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

DISCLAIMER

This report contains certain forward-looking statements. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan' and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements.

Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Medusa, and its officers, employees, agents and associates, that may cause actual results to differ materially from those expressed or implied in such statements.

Actual results, performance or outcomes may differ materially from any projections and forward-looking statements and the assumptions on which those assumptions are based.

You should not place undue reliance on forward-looking statements and neither Medusa nor any of its directors, employees, servants or agents assume any obligation to update such information.

APPENDICES:

(Please see link at the end of this announcement to view appendices)

Appendix A: Co-O Gold Project

JORC Code, 2012 Edition - Table 1 Report

Section 1. Sampling Techniques and Data

Section 2. Reporting of Exploration Results

Appendix B: Tambis Project - Bananghilig Gold Deposit

JORC Code, 2012 Edition - Table 1 Report

Section 2. Sampling Techniques and Data

Section 3. Reporting of Exploration Results

Appendix C: Tenement Schedule

To view the figures, graphs, photos and appendices, please click on or paste the following link in your browser:

http://www.rns-pdf.londonstockexchange.com/rns/7011F_-2014-4-28.pdf

For further information please contact:

 
  Australia 
  Medusa Mining Limited                           [phone] 
  Peter Hepburn-Brown, Managing Director 
  United Kingdom 
  SP Angel Corporate Finance LLP 
   (Financial Adviser & Broker)                   [phone] 
  Ewan Leggat/Laura Harrison 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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