Medusa Mining Limited

Medusa Mining Limited

January 25, 2010 05:02 ET

Medusa Mining Limited: Notice of No Corporate Associations

COMO, WESTERN AUSTRALIA--(Marketwire - Jan. 25, 2010) - It has come to Medusa Mining Limited's ("Medusa" or the "Company") (TSX:MLL)(ASX:MML)(AIM:MML) attention that there have been articles in the media creating the impression of a connection between Medusa and other listed companies within the gold sector. 

We wish to advise that the Company has NO corporate association, affiliation nor involvement with any such entity, and any contrary impression is entirely false.


Medusa Mining Limited ("Medusa" or the "Company"), a public company listed on the ASX, AIM and the TSX, is an Australian based gold producer, focussed solely on the Philippines.

With current mineral resources comprising Indicated 580,000 ounces of gold and Inferred 1,310,000 ounces of gold, Medusa's corporate strategy is to become a mid tier 300,000 to 400,000 ounce per year, low cost gold producer.

The Company is currently expanding its high grade Co-O Mine operations (Indicated Resources 580,000 ounces of gold inclusive of a Probable Reserve of 500,000 ounces of gold, and Inferred Resources 660,000 ounces of gold) to increase its forecast production to 100,000 ounces per year in 2010, and is conducting near mine exploration to assess the possibilities of further expansion to 200,000 ounces per year. Current cash costs at the Co-O Mine are approximately US$200 per ounce.

A pipe-line of deposits is now being established with the Bananghilig Deposit (Inferred Resource of 650,000 ounces of gold) recently added and which is expected to expand, potentially in conjunction with nearby discoveries.

Further potential upside exists in the discovery of substantial copper deposits within the tenement holding of > 800km2.

ABN: 60 099 377 849

Contact Information

  • Australia
    Medusa Mining Limited
    Geoffrey Davis
    Managing Director
    +61 8 9367 0601
    Medusa Mining Limited
    Roy Daniel
    Finance Director
    +61 8 9367 0601
    United Kingdom
    Fairfax I.S. PLC
    Nominated Adviser/Joint Broker
    Ewan Leggat
    +44 (0)20 7598 5368
    Lothbury Financial
    Michael Padley/Libby Moss
    +44 (0)20 7011 9411
    Nicholas Sayce
    Investor Relations
    +1 416 822 4404