Medusa Mining Limited ("Medusa" or the "Company"), a public company listed on the ASX and LSE, is an Australian based gold producer. Medusa's corporate strategy is to become a mid-tier, 400,000 ounce per year, low-cost gold producer.The Company has completed the two-phase expansion of its high grade Co-O Mine operations to a production level of 100,000 annualised ounces. The Company is in construction Phase 3 expansion of the mill to increase capacity to 200,000 ounces.Resource drilling at the Bananghilig Deposit has confirmed 1,100,000 ounces of Inferred Resources. Infill drilling to indicated status is nearing completion.Further potential upside exists for the discovery of copper and additional gold deposits within the tenement holding of more than 800km2.
Medusa Mining: gold production at Co-O unimpeded by shaft fire, no injuries
nancial year remains intact as it reported that a shaft at its flagship Co-O project in the Philippines will require refurbishment after fire damage.
In order to offset the temporary loss of production from the Baguio shaft, the company will utilise its fines stockpiles from the mine water settling ponds as well as a second ball mill, it told investors.
On Saturday, during welding works, a fire broke out which damaged approximately 120 metres of timbering from Level 2 to surface. Nobody was injured.
Medusa has started preparations for the re-timbering and re-engineering of the Baguio shaft which is expected to take three months. Once refurbished, the shaft will be capable of operating at higher haulage speeds with additional capacity.
The immediate processing of existing stockpiles with average grades of around 3 grams per ton gold will offset the lost production from Baguio shaft, which hauls on average approximately 250 tonnes per day.
The production guidance of 100,000 to 120,000 ounces for this financial year remains intact.
Managing director Peter Hepburn-Brown said: "Whilst it is never pleasant to have any disruptions to production, the upside of re-furbishing the Baguio shaft by re-timbering and re-engineering will mean a more efficient, high speed shaft with additional capacity which will better service the western end of the mine as we continue to develop more ore sources.
“Not only are we fortunate that no injuries were sustained in the fire, we are fortunate to have stockpiles of fines from our mine water settling ponds, as well as a second ball mill that we can utilise to off-set the temporary loss of production from the Baguio shaft while it is out of action," he added.