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Medusa Mining

Medusa Mining still on track to hit production guidance of between 85,000 and 95,000 ounces of gold this year

Medusa is continuing with underground development work at Co-O

gold and dollars
Underground gold continues apace at Co-O

Medusa Mining Ltd (ASX:MML) produced 22,918 ounces of gold from its Co-O mine in the Philippines during the quarter to March 2018. That was down slightly on the previous quarter as planned maintenance work prevented access to shafts.

Medusa continues to guide for full year production of between 85,000 and 95,000 ounces.

That guidance was revised upwards in December, and the company continues to predict that it will hit the upper end of that guidance.

All in sustaining costs rang in at US$1,073 per ounce, allowing for decent margin against the prevailing gold price of around US$1,310.

Ongoing drilling work has continued to push out known areas of mineralisation.

Total cash and cash equivalent of gold on metal account at the end of the quarter was approximately US$18.1mln, up from the Dec 2017 figure of US$16.7mln.

Quick facts: Medusa Mining

Price: $0.89

Market: ASX
Market Cap: $183.9 m
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