![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Medusa Mining | LSE:MML | London | Ordinary Share | AU000000MML0 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 97.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Quarterly Report MEDUSA MINING LIMITED (AIM: MML) QUARTERLY REPORT PERIOD ENDING 31 MARCH 2008 Medusa Mining Limited ("Medusa" or "The Company"), the Australian based company operating and developing gold mines in the Philippines, is pleased to provide its quarterly update on activities for the period ending 31 March 2008, as required by the Australian Stock Exchange. KEY POINTS: Co-O MPSA GRANTED FOR 25 YEARS Co-O MINE PRODUCTION * Production target of 5,086 ounces achieved at an average grade of 11.95 g/t gold and average cash cost of US$238 per ounce. Co-O MINE EXPANSION * Phase I expansion on schedule. Benefits anticipated to commence to flow in Q3 2008. On completion of the Agsao shaft in Q2 2009, mine production is expected to increase to approximately 60,000 annualised ounces in Q3 2009; * Phase II Hill View Shaft expansion to raise production to 100,000 ozs per year from Co-O Mine by early 2010; * Poles and line have arrived for installation of grid power to the mine, transformers awaited. Sub-station completion delayed until at least August 2008. Co-O RESOURCE EXPANSION DRILLING * Significant new intersections discovered, including 3.45 metres at 12.48 g/t gold, 14.6 metres at 5.29 g/t gold and 1.45 metres at 12.64 g/t gold; * Resource drilling is continuing. LINGIG PORPHYRY COPPER DISCOVERY * Permitting is still in progress to allow drilling as soon as possible. ANOLING * Underground exploration continuing. TAMBIS - BAROBO AREA * Iron ore and gold target outlined at Kamarangan. REGIONAL & RESEARCH * Remote sensing tectonic analysis has demonstrated excellent mega-scale structural preparation consistent with known mineralisation orientations and locations; * Research programme through the University of Western Australia recommenced. For further information, please contact: Medusa Mining Limited +61 8 9367 0601 Geoffrey Davis, Managing Director Roy Daniel, Finance Director Fairfax I.S. PLC +44 (0)20 7598 5368 Nominated Adviser / Joint Broker Ewan Leggat Mirabaud Securities Limited +44 (0)20 7321 2508 Joint Broker Peter Krens Bankside Consultants +44 (0)20 7367 8888 Michael Padley / Louise Davis PROJECT OVERVIEW The locations of the Company's projects are shown on Figures 1 and 2 (please see the link at the end of this announcement). Co-O MPSA On 20 March 2008, Mineral Production and Sharing Agreement ("MPSA") number 262-2008-XIII mining rights was registered over the Co-O Mine for 25 years renewable. The MPSA covers an area of 2,209 hectares (22 km²) and replaces MPSA application number XIII-00084. GOLD PRODUCTION The production statistics for the current financial year are summarised in Table I. Table I: Gold Production Period Gold Head Cash Comments produced grade costs (ozs) (g/t (US$ per gold) oz) Jul to Sep 5,050 9.45 248 Stoping of accessible lower grades 2007 due to lack of development miners and re-assignment of some of workforce to the expansion projects Oct to Dec 3,686 10.46 263 Expansion activities and shortage 2007 of miners results in reduced production as advised. Jan to Mar 5,086 11.95 238 Mainly on-vein development, some 2008 minor stope production. TOTAL 13,822 10.69 248 In line with its Phase I expansion production target, the Company produced 5,086 ounces of gold at an average grade of 11.95 g/t gold and average cash production costs of US$238 per ounce. The benefits of the Phase I expansion are currently on track to start to flow through in the third quarter 2008. Co-O MINE RESOURCE EXPANSION DRILLING After discussions with its resource consultants and as a result of continuing positive drill intersections west of the Oriental Fault, the Company has decided to postpone the estimation of an interim resource as it concentrates on increasing the levels of confidence by drilling and development for the interpretation of the veins. Other factors influencing this decision include: * At the 3050 metre level, a number of splits in the West Catto Veins are being delineated by the on-going on-vein development, including the discovery of a vein that shows dip variations from sub-vertical to 30º to the north and swings in strike directions. This vein's variable dip and strike requires further development work to determine its geometry, as well as for the Catto West veins. The wide intercept in MD 61 (14.60 metres at 5.29 g/t gold) may be another example of yet to be understood dip and strike variations not previously seen in the mine. There are also increasing indications of other low angle veins elsewhere in the mine. * At the eastern end of the vein system, additional drilling is required to assist with vein interpretation due to faulting of the vein system in this area around the Agsao River. The drilling and underground development will continue to the point where vein interpretations can be undertaken with confidence. At that time a new resource estimation will be undertaken. Drilling programme and results Figure 1 shows the location of the Co-O Mine and Figure 5 shows the diamond drill holes drilled around the Co-O Mine up to the announcement of 24 January 2008. Figure 4 shows an updated three dimensional model of the vein system. (Please see the link at the end of the announcement for these images.) Since the last drilling update on 24 January 2008 a total of 11 new surface holes have been completed. Drilling is continuing, utilising four surface drilling rigs and two underground rigs. Table II lists the diamond drilling results greater than 3 g/t gold from the Co-O Mine for drill holes MD 46 to MD 68 and for underground drill hole DBH 03. Previous announcements on the Co-O drilling on 9 July, 15 May and 28 February 2007 contain information regarding drilling and surveying techniques, comments on vein interpretation and methodologies and assaying protocols. Table II. Drill hole results greater than 3 g/t gold for holes MD 46 to 68. Grade (uncut) Dip Azimuth From Width (g/t Hole East North (°) (°) (metres) (metres) gold) EAST MD 46 614,047 912,472 -48 41 489.30 0.85 8.51 501.40 0.40 4.50 542.90 1.40 20.62 MD 48 (Agsao Shaft 614,257 912,704 -60 253 212.45 1.95 22.02 pilot hole) MD 49 614,129 912,487 -50 40 449.85 2.05 6.61 463.90 1.00 4.24 MD 55 614,134 912,495 -45 35 361.60 3.45 12.48 421.20 0.70 12.23 486.25 0.70 3.89 MD 64 614,175 912,505 -45 41 405.80 1.00 3.19 MD 67 614,173 912,504 -52 43 278.00 0.80 7.20 398.30 1.30 6.55 WEST MD 47 613,805 912,788 -55 30 153.30 1.80 4.70 MD 51 613,749 912,798 -53 17 130.50 1.30 6.50 155.75 0.25 41.06 MD 52 613,754 912,816 -50 14 75.25 0.55 3.53 157.60 0.30 5.31 170.40 0.30 14.93 MD 54 613,830 912,745 -47 29 174.00 1.80 14.59 MD 56 613,809 912,706 -54 29 390.85 1.00 3.11 MD 57 613,739 912,767 -54 16 152.55 0.45 39.64 191.90 3.45 26.26 MD 58 613,739 912,767 -58 16 176.10 0.40 43.46 207.00 0.70 7.45 280.40 0.90 6.18 MD 61 613,662 912,804 -47 347 249.10 14.60 5.29 308.20 1.45 12.64 MD 62 613,723 912,767 -56 2 184.65 2.10 9.07 MD 65 115.60 0.65 25.42 153.05 2.75 8.80 DBH 03 613,918 912,909 -0.2 236 29.05 1.05 6.58 57.30 1.90 9.60 72.20 0.40 17.21 Notes: (i) Independent laboratory McPhar assays are quoted in preference to Philsaga assays; (ii) Grid coordinates based on the Philippine Reference System 92; (iii) Intersection lower cut-off grade is 3 g/t gold in line with current resource estimation parameters; (iv) Some previously reported intersection widths and grades may have changed as a result of check assaying by McPhar. Co-O PHASE 1 MINE EXPANSION Expansion works have continued to proceed well during the quarter with more of the activities focussed on on-vein development in preparation for the setting up of production stopes. A total of 1,147 metres of development was completed (compared to 821 metres in the previous quarter). In the third quarter of 2008 it is anticipated that stope production should be underway from five levels in the mine, these being the 3150, 3100, 3050, 3000 and 2950 metre levels. (a)Development of the Catto Veins A new drive following underground drill hole DBH 3 on the 3050 metre level on the west side of the Oriental Fault has intersected the West Catto Veins and driving west along the veins is underway. A number of branch veins have been encountered including one vein on the 3050 metre level which has a dip of 30º to 50º north together with abrupt changes in strike. When more vertical and horizontal development is completed in these areas, interpretation of the veins can be completed. Driving to the New Catto Veins on the east side of the Oriental Fault is underway by driving along the Jereme Vein first to the east from the 3000 metre level. (b)Beta Shaft The set-up for the new internal inclined Beta Shaft (footings, headframe and winder), to an inclined depth of 120 metres (100 metres vertical) is nearly completed and sinking is underway. Provided ground conditions are reasonable, ore production through the Beta Shaft should commence in the last quarter of 2008. (c)Agsao Shaft The new external Agsao Shaft, to an inclined depth of 240 metres (200 metres vertical) has commenced sinking in hard, fresh rock following cementing of the top section of the shaft down through the soft weathered material. The bottom of this shaft will be at the 2950 metre level and will be connected to the Beta internal inclined shaft at the same 2950 metre level. Plate 1 (please see the link at the end of this announcement) shows the Agsao Shaft headframe and winder. Provided ground conditions are reasonable, ore production through the Agsao Shaft should commence in the second quarter of 2009. (d)3150 metre level Development has intersected the West Catto Veins and on-vein development is now underway. Provided vein widths and grades are suitable, stope production should commence in the third quarter of 2008. Co-O PHASE II DEEP SHAFT EXPANSION The current resource size, combined with on-going drill intersections indicating the deposit is still open along strike in both directions as well as at depth, justifies an expanded production profile to approximately 100,000 ounces per year. The initial Hill View Shaft target depth, as shown on Figures 3 and 4 (please see the link at the end of this announcement), is approximately 420 metres or 100 metres below (at the 2850 metre level) the "in-progress" Agsao Shaft (which will bottom at the 2950 metre level). The shaft will have the capacity to be further deepened to 600 metres. The new shaft will have a double drum winder with the capacity to hoist up to 700 tonnes per day of ore, which when combined with the Agsao Shaft, Beta, 3W and 10W shafts will lift hoisting capacity from the mine to approximately 1,000 tonnes of ore per day. At the current reserve grade of 11.1 g/t gold, this equates to approximately 100,000 ounces of gold production per year. This Phase II expansion will not interfere with the current expansion of the mine to a target of 60,000 annualised ounces on commencement of ore haulage from the Agsao Shaft in the second quarter of 2009. Co-O MINE GRID POWER The poles and cable for the power line to the Co-O Mine have been delivered however transformers and associated electrical equipment are now expected to be delivered during the next quarter. The upgrade of the sub-station at the nearby town of San Francisco to the north of the Co-O millsite has been delayed until at least August 2008 and consequently the timing of the completion of the power line will depend on completion of the sub-station and the arrival of the outstanding items. TAMBIS-BAROBO AREA Soil sampling Processing of the recently completed ridge and spur soil samples is in progress with results anticipated in the second quarter of the 2008. KAMARANGAN IRON ORE TARGET During the recent ridge and spur soil sampling programme described above, an extensive area of weathered magnetite with secondary hematite skarn mineralisation was located (Figure 2, please see the link at the end of this announcement). The magnetite skarn area is also marked by extensive alluvial gold workings from previous local sluicing operations. Magnetite is a magnetic iron oxide mineral that contains 72.36% iron. Its magnetic property permits recovery of a magnetite concentrate by relatively simple magnetic separation techniques. Skarn rocks are formed when hot fluids containing silica, iron and other metals emanate from intrusive rocks (such as granites or porphyry copper bodies) and come into contact with and react with limestones and other calcareous rocks. At Kamarangan the skarns are hosted by a banded limestone sequence which is older than the "younger" massive white limestone which outcrops prominently to east. The younger limestone is the unit which caps the blanket style disseminated gold mineralisation hosted by diatreme breccias at Bananghilig. Table III lists the iron, gold, silver and copper assay results from various outcrops. Table III. Assay results from 21 surface samples in the Kamarangan iron skarn area Sample number Sample type Au (ppm) Cu (ppm) Ag (ppm) Fe (%) 425253 1m channel 1.23 602
1 Year Medusa Chart |
1 Month Medusa Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions