Medusa Mining Limited ("Medusa" or the "Company"), a public company listed on the ASX, AIM and the TSX, is an Australian based gold producer, focused solely on the Philippines
Medusa's corporate strategy is to become a mid-tier, 300,000 to 400,000 ounce per year, low-cost gold producer.
Medusa Mining says on track to meet Co-O gold mine target production this quarter
16th Mar 2010, 7:25 am
Medusa Mining (ASX, AIM: MML, TSX: MLL) said the commissioning of the mill expansion is at the Co-O mine in the Philippines is progressing well and the company is set to meet its targeted production of 25,000 ounces of gold this quarter.
Managing director Geoff Davis commented: "The company is set to achieve another production milestone on schedule. This expansion increases the company's ability to optimise future gold production.”
Earlier this month, the company announced a one for ten bonus issue of shares to all shareholders of the company. It said it had achieved several significant milestones in the last calendar year and the bonus issue is in recognition of the invaluable support the company has received from its shareholders. The bonus issue was also designed to encourage greater liquidity in Medusa shares.
When it reported interims in February for the six months ended 31 December 2009, Medusa flagged a net profit of US$28.3m, representing a 201% increase from US$9.4m in the corresponding period a year earlier. Revenues grew by 161% to US$41.3m. The emerging gold miner’s record-breaking performance was driven by both increased gold production, lower costs and higher received gold prices, it said.
Co-O’s annualised production is planned to be ramped up to 100,000 ounces.
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