Quarterly Report

 
TIDMMML 
 
MEDUSA MINING LIMITED 
                             (AIM: MML) 
 
                     QUARTERLY ACTIVITIES REPORT 
                     PERIOD ENDED 31 MARCH 2009 
 
Medusa Mining Limited ("Medusa" or the "Company"), through its 
Philippines operating company Philsaga Mining Corporation 
("Philsaga"), announces its Quarterly Activities Report for the 
period ending 31 March 2009. 
 
Highlights: 
 
Co-O MINE EXPANSION 
 
*      Phase I expansion nearing completion to raise gold production 
  to 60,000 ozs per year in Q3 2009. The 8E Shaft was completed to 
  depth. The Agsao Shaft produced its first development ore. 
 
*      Phase II expansion to raise gold production from 60,000 ozs to 
  100,000 ozs per annum in early 2010 is progressing on schedule 
  (this is independent of Phase I expansion); 
 
*      The Phase II Baguio Shaft is at a depth of 158 metres and on 
  schedule. 
 
Co-O MINE PRODUCTION 
 
*      Gold production of 12,716 ozs (compared to 12,158 ozs in the 
  previous quarter) at an average grade of 13.05 g/t gold and average 
  cash cost of US$211 per ounce. 
 
Co-O RESOURCES DRILLING 
 
*      Resource drilling is continuing at depth and along strike. 
  Drilling is progressing to the east of the Agsao River and 
  approximately 350 metres east of the Agsao Shaft. 
 
*      A drilling update will be provided during the next quarter. 
 
LINGIG PORPHYRY COPPER DISCOVERY 
 
*      Drilling update included encouraging intersections of 125 
  metres at 0.26% copper, 267 metres at 0.62% copper and 224 meters 
  at 0.77% copper. Drilling is continuing. 
 
KAMARANGAN PORPHYRY PROSPECT 
 
*     First pass drilling has been completed. A summary report will 
  be provided during the next quarter. 
 
CORPORATE 
 
*      The Company on 6 March 2009, completed the placement of 
  20,300,000 shares at A$1.21 per share to clients of Euroz 
  Securities Limited, to raise gross proceeds of $24,563,000. 
 
Geoff Davis, Managing Director of Medusa, commented: 
" The continuing increases in gold production and corresponding 
decreases in cash costs are a pleasing result of the Phase I 
expansion programme to 60,000 ounces annualised production. The Phase 
II expansion to 100,000 ounces annualised production is on track for 
completion in early 2010. The Co-O Deposit is continuing to exhibit 
its pedigree as a world class deposit in terms of potential financial 
returns." 
 
For further information, please contact: 
 
 
Medusa Mining Limited                   [phone] 
Geoffrey Davis, Managing Director 
Roy Daniel, Finance Director 
 
Fairfax I.S. PLC                        [phone] 
Nominated Adviser / Joint Broker 
Ewan Leggat / Laura Littley 
 
Mirabaud Securities Limited             [phone] 
Joint Broker 
Peter Krens 
 
Lothbury Financial                      [phone] 
Michael Padley / Libby Moss 
 
 
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 MINE 
 
GOLD PRODUCTION 
 
The  production  statistics  for  the  current  financial  year   are 
summarised in Table I. 
 
Table I.  Gold Production 
 
+-------------------------------------------------------------------+ 
| Period     |   Gold   | Grade |   Cash   | Comments               | 
|            | produced |       |  costs   |                        | 
|------------+----------+-------+----------|                        | 
|            |  (ozs)   | (g/t  | (US$ per |                        | 
|            |          | gold) |   oz)    |                        | 
|------------+----------+-------+----------+------------------------| 
| Jul to Sep |    6.986 | 10.42 |   243    | On-vein development    | 
| 2008       |          |       |          | and stoping            | 
|------------+----------+-------+----------+------------------------| 
| Oct to Dec |   12,158 | 15.84 |   215    | On-vein development    | 
| 2008       |          |       |          | and stoping            | 
|------------+----------+-------+----------+------------------------| 
| Jan to Mar |   12,716 | 13.05 |   211    | On-vein development    | 
| 2009       |          |       |          | and stoping            | 
|------------+----------+-------+----------+------------------------| 
| TOTAL      |   31,860 | 12.83 |   220    |                        | 
+-------------------------------------------------------------------+ 
 
 
Gold production increased by 4.6% during the quarter to 12,716 ozs at 
an average recovered grade of 13.05 g/t gold and average cash cost of 
US$211 per ounce.  The reduction  in grade compared  to the  previous 
quarter is primarily due to the contribution of development ore  from 
the Agsao Shaft. 
 
The Company expects a further incremental increase in gold production 
in the forthcoming  quarter with  the full  benefits of  the Phase  I 
expansion to 60,000  ounces annualised  production on  track to  flow 
through in the third quarter of 2009. 
 
PHASE I EXPANSION 
 
Expansion  works  continued  on   schedule  during  the  quarter   is 
approximately 1,665 metres of development completed (previous quarter 
1,256 metres). The connection  of the 8E (Beta)  and Agsao Shafts  is 
the last stage  of the Phase  I expansion. This  development work  is 
underway from the Agsao Shaft and  will shortly be underway from  the 
8E Shaft. 
 
(a)     Agsao Shaft 
Development along two veins on Level 5 westwards towards the 8E Shaft 
is underway. 
 
(b)     8E (Beta) Shaft 
The 8E Shaft was  completed to an inclined  depth of 120 metres  (100 
metres  vertical).   The  sump  and  plat  are  completed  with   the 
construction of a water dam  and installation of pumping systems  and 
other services  in progress.  Driving towards  the Agsao  Shaft  will 
commence shortly. 
 
PHASE II EXPANSION 
 
Work on the Phase II expansion is well advanced and on schedule. 
 
(a)     Baguio Shaft 
The Baguio  Shaft  to  approximately 204  metres  inclined  depth  is 
currently at 158 metres and on schedule. 
 
(b)     Hillview Shaft 
A decision on the  position of this  high capacity three  compartment 
shaft is expected when sufficient deep drilling is completed. 
 
(c)     Mill Expansion 
The construction of two new leach tanks at the mill was completed  in 
February.  Site  works  have commenced  for  the installation  of  an 
expanded crushing circuit to  reduce the feed size  to the ball  mill 
and hence increase ball mill throughput to approximately 1,000 tonnes 
per day depending on rock characteristics. 
 
(d)     Tailings Dam 
The raising of the wall of the current tailings dam has commenced and 
design work, geotechnical drilling and  permitting of a new  tailings 
dam are in progress. 
 
ELECTRIC COMPRESSORS 
 
Two electric compressors for the eastern  end of the mine arrived  in 
late March and are currently being installed. 
 
The power line has been extended  to the Baguio Shaft at the  western 
end of  the mine.  Two electric  compressors are  expected to  arrive 
during the next quarter for installation at the western end. 
 
RESOURCE and RESERVE DRILLING 
 
Drilling in and around the Co-O Mine  (Figs 3 and 4) (please see  the 
link at the  end of  this announcement)  testing the  vein system  at 
depth and along strike is continuing with six surface drill rigs. 
 
Deep drilling of  the Great Hamish  Vein and other  veins within  the 
mine area continues to show vein continuity at depth. 
 
Drilling east of the Agsao River  (Figure 4) (please see the link  at 
the end of this announcement) has intersected extensions of the  main 
vein system approximately 350 metres east of the Agsao Shaft. 
 
A drilling update should be available in June 2009. 
 
A resource estimation update should be available during July 2009. 
 
A reserve estimation update should be available during August 2009. 
 
LINGIG PORPHYRY COPPER DISCOVERY 
 
The Lingig prospect is covered by a Mines Operating Agreement ("MOA") 
over MPSA  application number  APSA 024-XIII  comprising two  parcels 
situated to the  north and to  the east (the  Lingig porphyry  copper 
prospect) of the Co-O Mine and millsite as shown on Figure 2  (please 
see the link at the end of this announcement). 
 
GEOLOGICAL SETTING 
 
Figure 5 (please see the link at the end of this announcement)  shows 
the current  interpretation  of the  regional  geology and  Table  II 
contains drill hole results to date.   Figure 6 (please see the  link 
at the end of this  announcement) shows a longitudinal projection  of 
the drilling  completed to  date and  the relevant  historical  drill 
holes. 
 
Comparison with the Atlas Mine on Cebu Island shows there may be some 
similarities   with   the   structural   setting   and   styles    of 
mineralisation. At Atlas, mineralisation  is hosted predominantly  in 
intrusive porphyry rocks at the  Biga Barot and Carmen deposits,  and 
predominantly in volcanic rocks  (and associated with some  intrusive 
and mineralised porphyry sills or dykes) at the Lutopan deposit where 
mineralisation is 120 metres thick and 900 metres long. The Biga  and 
Carmen deposits  are located  between  two steeply  dipping  regional 
scale faults (Bureau of Mines and Geosciences, 1986). 
 
The Atlas deposits, including mined material, have total resources of 
1.53  billion   tonnes   at   0.41%  copper   and   0.24   g/t   gold 
(www.atlasphilippines.com). 
 
MINERALISED THRUST ZONE 
 
Since commencing drilling  in June  2008, the  Company has  completed 
approximately 4,000 metres in 8 holes (angle and vertical)  utilising 
one drilling rig.  Drilling difficulties were  experiencd in  several 
holes  which  led  to  the  premature  abandoning  of  LIN  1  and  4 
drillholes. LIN 4, which was  twinned by LIN 5,  has not as yet  been 
assayed. LIN 8 has just been completed and assays are awaited. 
 
The mineralisation discovered by a  1974 aid programme in drill  hole 
DDH 1 (the five DDH aid programme  holes are now relabelled as JDH  1 
to JDH  5,  see the  announcement  dated  13 November  2007  and  the 
December 2007 quarterly  report dated  31 January  2008 for  detailed 
descriptions) has now been shown to be contained within an  extensive 
east dipping 200 to 300 metre thick thrust zone. The thrust  footwall 
is an  unmineralised  quartz  diorite  which  intruded  the  basaltic 
sequence (numerous  basalt xenoliths  are  present near  the  diorite 
contact). The intrusive contact  appears to have subsequently  become 
the footwall of the regional thrust zone. 
 
The mineralised porphyry intersected in  the bottom of the  discovery 
hole JDH 1 (and  subsequently in several new  holes) appears to be  a 
north-plunging or  dipping partly  mineralised  porphyry sill  up  to 
approximately 100 metres thick within the thrust zone. Some  chilling 
has been noted in places on its contacts. This porphyry sill has also 
been found  as  a  west-trending 60  metre  long  copper  mineralised 
outcrop approximately 200 metres southeast of holes LIN 2 and 3.  Its 
full extent, role in mineralisation and degree of mineralisation  are 
not yet understood. 
 
Within the thrust  zone, and  to a  lesser extent  above the  thrust, 
there is  widespread epidote  alteration  as epidote  veins,  epidote 
quartz-sulphide veins and disseminated epidote clots and disseminated 
grains. To date  the epidote  alteration has been  ubiquitous in  the 
area drilled.  Magnetite as  disseminations  and veins  is  generally 
closely associated with the copper mineralisation. 
 
Sulphide mineralisation within the copper mineralised zone  comprises 
fairly ubiquitous  pyrite  up  to 10%  and  lesser  copper  sulphides 
predominantly as chalcopyrite with some chalcocite and minor bornite, 
particularly in holes LIN 2 and 3. 
 
Assaying of  selected samples  from  hole LIN  6 indicates  that  the 
mineralising system is clean and does not contain arsenic, mercury or 
antimony above detection limits. 
 
Roadways approximately 200 to  300 metres south of  LIN 2 and 3  have 
exposed intensely  sulphide (now  limonite) veined  and  stockworked, 
argillically weathered basalt indicating  that the mineralisation  is 
likely to extend beyond these outcrops to the south. 
 
The footwall of the thrust fault is interpreted to extend  southwards 
at  least   as  far   as  the   quartz  dacite   intrusive   complex. 
Mineralisation, possibly  within or  related to  the thrust,  located 
approximately  1,500  metres  south  of  the  current  drilling   was 
intersected  by  previous  drill  holes  JDH  3  and  5  (Table  II). 
Mineralisation controls  and trends  within  the thrust  will  become 
clearer as drilling progresses over the coming months. 
 
QUARTZ DACITE PORPHYRY INTRUSIVE COMPLEX 
 
The extensive quartz  dacite intrusive  complex to the  south of  the 
current drilling covers  an area  of approximately 2km  by 1.5km.  In 
1996-97 Barrick  Gold (Phils)  Inc. undertook  extensive sampling  of 
outcropping altered material targeting  bulk gold mineralisation.  An 
old report indicates that 16 outcrop samples returned gold values  in 
the range from 0.2 to 1.5 g/t gold, however detailed sample  location 
maps are not available. 
 
Large areas of the complex are brecciated and commonly silicified and 
quartz vein stockworked. Many of the silicified rocks are cut by late 
fine quartz veining. Sulphides (now limonite) generally comprise 1 to 
5% of the  silicified rock.  Argillic alteration is  also present  in 
some areas. 
 
Other areas of sulphidic milled breccias with approximately 30 to 50% 
milled fragments in a 50 to 70% limonite matrix have been observed. 
 
Some deeper  creek  exposures  show common  chalcopyrite  and  lesser 
covellite. 
 
A comprehensive programme of mapping,  outcrop sampling, and in  some 
areas, soil sampling, is continuing. 
 
WORK PROGRAMME 
 
One drilling rig will continue working along the thrust zone and  has 
commenced LIN 9 to the south of LIN  2 and 3, and will then work  its 
way southwards. 
 
Additional rigs will be added when they become available. 
 
Table II.  Summary of new Lingig drilling results and relevant 1974 
drilling results for 
intersections >10 metres wide (including sub-grade material up to 10 
metres wide). 
 
+-----------------------------------------------------------------------------------------+ 
|Hole  |East    |North   |Azimuth  |Dip  |              Cut-off 0.1% copper               | 
|      |        |        |         |     |------------------------------------------------| 
|      |        |        |         |     |From      |To        |Width     |Grade  |Gold   | 
|      |        |        |         |     |(metres)  |(metres)  |(metres)  |(% Cu) |(g/t)  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|LIN 1 |652072  |896918  |0        |-90  |     71.00|    196.10|    125.10| 0.26  | 0.03  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |          |          |          |       |       | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|LIN 2 |652075  |896844  |0        |-90  |      2.00|    269.30|    267.30| 0.62  | 0.06  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |          |          |          |       |       | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |          |          |          |       |       | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |          |          |          |       |       | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|LIN 3 |652075  |896844  |180      |-60  |      0.00|    224.00|    224.00| 0.77  | 0.11  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |          |          |          |       |       | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |          |          |          |       |       | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |          |          |          |       |       | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |          |          |          |       |       | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|LIN 6 |651994  |897150  |166      |-62  |     94.10|    114.10|     20.00| 0.13  | 0.01  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |    280.40|    294.40|     14.00| 0.14  | 0.01  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |    362.20|    421.60|     59.40| 0.31  | 0.02  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|JDH 1 |652073  |896908  |0        |-90  |     52.00|    250.00|    198.00| 0.34  | 0.01  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |          |          |          |       |       | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |          |          |          |       |       | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|JDH 3 |651865  |895926  |0        |-90  |     12.00|    100.00|     88.00| 0.14  | 0.00  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|JDH 5 |651828  |895648  |0        |-90  |     18.00|    100.00|     82.00| 0.18  | 0.00  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |    224.00|    242.00|     18.00| 0.15  | 0.00  | 
+-----------------------------------------------------------------------------------------+ 
 
 
 
+-----------------------------------------------------------------------------------------+ 
|Hole  |East    |North   |Azimuth  |Dip  |              Cut-off 0.3% copper               | 
|      |        |        |         |     |------------------------------------------------| 
|      |        |        |         |     |From      |To        |Width     |Grade  |Gold   | 
|      |        |        |         |     |(metres)  |(metres)  |(metres)  |(% Cu) |(g/t)  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|LIN 1 |652072  |896918  |0        |-90  |    118.50|    153.50|     35.00| 0.32  | 0.02  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |    161.50|    196.10|     34.60| 0.35  | 0.04  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|LIN 2 |652075  |896844  |0        |-90  |     26.00|    240.65|    214.65| 0.72  | 0.07  | 
|------+--------+--------+---------+-----+------------------------------------------------| 
|      |        |        |         |     |Including                                       | 
|------+--------+--------+---------+-----+------------------------------------------------| 
|      |        |        |         |     |    132.00|    142.65|     10.00| 1.00  | 0.27  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |    172.00|    240.65|     68.65| 1.03  | 0.08  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|LIN 3 |652075  |896844  |180      |-60  |     10.00|    222.00|    212.00| 0.80  | 0.07  | 
|------+--------+--------+---------+-----+------------------------------------------------| 
|      |        |        |         |     |Including                                       | 
|------+--------+--------+---------+-----+------------------------------------------------| 
|      |        |        |         |     |     68.00|    146.00|     78.00| 1.16  | 0.21  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |    180.00|    190.00|     10.00| 1.02  | 0.06  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |    206.00|    218.00|     12.00| 0.98  | 0.20  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|LIN 6 |651994  |897150  |166      |-62  |    364.20|    400.20|     36.00| 0.37  | 0.03  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |          |          |          |       |       | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |          |          |          |       |       | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|JDH 1 |652073  |896908  |0        |-90  |    100.00|    112.00|     12.00| 0.43  | 0.00  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |    134.00|    146.00|     12.00| 0.40  | 0.00  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |    200.00|    250.00|     50.00| 0.67  | 0.04  | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|JDH 3 |651865  |895926  |0        |-90  |          |          |          |       |       | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|JDH 5 |651828  |895648  |0        |-90  |          |          |          |       |       | 
|------+--------+--------+---------+-----+----------+----------+----------+-------+-------| 
|      |        |        |         |     |          |          |          |       |       | 
+-----------------------------------------------------------------------------------------+ 
 
Notes: 
(i)    Holes LIN 1 and 4 were terminated prematurely due to bad 
ground conditions. No assays are currently available for LIN 4 which 
was subsequently twinned by LIN 5. 
(ii)   Assays are awaited for LIN 8. 
 
TAMBIS-BAROBO AREA 
 
The  Tambis  project,  currently   comprising  the  Bananghilig   and 
Kamarangan prospects,  is  operated  under a  Mining  Agreement  with 
Philex  Gold  Philippines  Inc.   over  Mineral  Production   Sharing 
Agreement ("MPSA")  application APSA-000022-XIII  which covers  6,262 
hectares. 
 
BANANGHILIG 
 
Interpretation work of the diatreme breccia hosted mineralisation  is 
continuing. 
 
KAMARANGAN PORPHYRY TARGET 
 
A first pass drilling  programme of ten holes  has been completed.  A 
drilling update should be available during the next quarter. 
 
ANOLING 
 
The Mines Operating Agreement ("MOA") with Alcorn Gold Resources Inc. 
covers  Mining  Production  Sharing  Agreement  ("MPSA")  application 
number 039-XIII situated  approximately 8 kilometres  north from  the 
millsite as shown on Figure 2 (please see the link at the end of this 
announcement). Processing of the Anoling MPSA is progressing. 
 
Diamond drilling  has  been  temporarily  suspended  as  the  rig  is 
currently undertaking geotechnical drilling  on the new tailings  dam 
site. 
 
OTHER PROJECTS 
 
*          Abacus Project 
The MOA with Abacus Consolidated  Resources and Holdings Inc.  covers 
Exploration Permit ("EP") application number 000028-XIII situated  to 
the north of the Co-O Mine and millsite. 
 
Following compilation and  review of regional  sampling and  mapping, 
due to the lack of encouraging results and prospectivity and as  only 
45% of the tenement is available  for exploration due to a  watershed 
reservation and  oil  palm  plantations, the  Company  has  commenced 
proceedings to return this tenement to Abacus. 
 
*           Saugon Project 
The Saugon regional ridge and  spur soil sampling programme is  under 
revision. 
 
*          Bunawan Joint Venture (Medusa earning 70%) 
The Company,  through  its Philippines  operating  company,  Philsaga 
Mining Corporation  ("Philsaga"), signed  a joint  venture  agreement 
("JVA") with  Bunawan Mining  Corporation  ("Bunawan") on  23  August 
2007, the Philippine  operating company of  ASX listed Sierra  Mining 
Limited ("Sierra"), whereby  Philsaga will earn  a 70% joint  venture 
interest in Exploration  Permit application  ("EPA") 000037-XIII  and 
Mineral Production Sharing Agreement application ("APSA") 000003-XIII 
(together the "Bunawan JV"). 
 
The Company  through Philsaga  Mining  Corporation is  continuing  to 
fulfil its obligations under the JVA. 
 
CORPORATE 
 
On 6 March 2009 the Company raised gross proceeds of $24,563,000  via 
the issue of  20,300,000 shares at  A$1.21 each to  clients of  Euroz 
Securities Limited. 
 
 
 
 
JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS 
Medusa Mining Limited 
Information in this report relating to Exploration results, is  based 
on information compiled by   Mr Geoff Davis, who  is a member of  The 
Australian Institute  of  Geoscientists.  Mr Davis  is  the  Managing 
Director of Medusa Mining Limited and has sufficient experience which 
is relevant to the style of mineralization and type of deposits under 
consideration and to the activity which he is undertaking to  qualify 
as a  Competent  Person  as  defined  in  the  2004  Edition  of  the 
"Australian  Code  for  Reporting  of  Exploration  Results,  Mineral 
Resources and Ore Reserves".  Mr Davis consents  to the inclusion  in 
the report of the  matters based on his  information in the form  and 
context in which it appears. 
 
Cube Consulting Pty Ltd 
Information  in  this  report  relating  to  Mineral  Resources   has 
been estimated and complied by  Mark  Zammit  of Cube Consulting  Pty 
Ltd. Mr Zammit is a member of  The Australasian Institute of Mining & 
Metallurgy and  has  sufficient experience  that is  relevant to  the 
style of mineralisation and type  of deposit under consideration  and 
to the activity  which he is  undertaking to qualify  as a  Competent 
Person as defined  in the 2004  Edition of the  "Australian Code  for 
Reporting  of  Exploration   Results,  Mineral   Resources  and   Ore 
Reserves". Mr Zammit consents to the  inclusion in the report of  the 
matters based on his information in the form and context in which  it 
appears. 
Cube Consulting is an independent Perth based resource industry 
consulting firm specialising in geological modelling, resource 
estimation and information technology. 
 
Golder Associates Pty Ltd 
The information in this report that relates to Ore Reserves is  based 
on information compiled by Peter Onley MBA, MSc, BSc (Hons), FAusIMM, 
CP.  Mr Onley is a full-time employee of Golder Associates Pty Ltd. 
 
Mr Onley has sufficient experience which is relevant to the style  of 
mineralisation and type  of deposit  under consideration  and to  the 
activity which they are undertaking  to qualify as Competent  Persons 
as defined  in  the  2004  Edition  of  the  "Australasian  Code  for 
Reporting  of  Exploration   Results,  Mineral   Resources  and   Ore 
Reserves". Mr Onley consents  to the inclusion in  the report of  the 
matters based on their information in  the form and context in  which 
it appears. 
 
Golder Associates is  a global consulting  group employing more  than 
5500 staff offering services  in earth engineering and  environmental 
sciences. 
. 
 
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