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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 |
Takeover Offer 5th November 2008 MEDUSA MINING LIMITED (AIM: MML) CROSBY CAPITAL NOT TO PROCEED WITH PROPOSED UNSOLICITED HIGHLY CONDITIONAL TAKEOVER OFFER On 19 September 2008, Crosby Capital Limited ("Crosby") of Hong Kong announced a proposal to make an unsolicited and highly conditional takeover offer ("Offer Announcement") for Medusa Mining Limited ("Medusa" or the "Company"). On 23 September, the Board of Medusa advised shareholders to take no action. Market reaction to the proposal, and interactions between the Company and shareholders representing over 50% of the shares in Medusa, strongly indicated that the A$1.15 per share to be offered under Crosby's highly conditional takeover was inadequate. On 3 November 2008, Crosby announced that it had decided not to proceed with its proposed takeover offer, relying primarily on certain market conditions which were described in the Offer Announcement. The Board and management of the Company can now focus on delivering the on-schedule incremental expansion of gold production from the Co-O Mine. 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 Lothbury Financial +44 (0)20 7011 9411 Michael Padley / Louise Davis ABOUT MEDUSA Medusa is an expanding gold producer operating in the Philippines. The September quarterly report with incremental production of 6,986 ounces of gold at a cash cost of US$243 supports the production guidance for the financial year to June 2009 of 38,000 to 45,000 ounces, and 80,000 ounces for the following financial year. The Company's resource base at the Co-O Mine is 862,000 ounces at 10.72 g/t gold including probable reserves of 249,000 ounces at 10.77 g/t gold. Drilling is continuing to expand the resources. On completion of the mine expansion, the Company presently anticipates a long term cash cost of approximately US$200 per ounce. JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS 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 Charles Hastie BAppSc (Mining Engineering), B AppSc (Multidisciplinary Science), MAusIMM and Peter Onley MBA, MSc, BSc (Hons), FAusIMM, CP. Mr Hastie and Mr Onley are full-time employees of Golder Associates Pty Ltd. Messrs Hastie and Onley have 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". Charles Hastie and Peter Onley consent 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. ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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