TIDMMML
RNS Number : 8341Y
Medusa Mining Limited
30 January 2014
Medusa Mining Limited
("Medusa" or the "Company")
30 January 2013
QUARTERLY ACTIVITIES REPORT PERIOD ENDED 31 DECEMBER 2013
Snapshot of Medusa:
-- Un-hedged, low cost, gold producer focused on organic growth in the Philippines
-- Successful Capital Raising of A$34 million during the quarter
-- Commissioning of new mill delayed to 6 December 2013 due to powercell failures
-- December 2013 quarter production of 11,587 ounces (YTD: 26,089 ounces)
-- Safety - No lost time accidents during the quarter.
Board of Directors:
Andrew Teo (Non-executive Chairman)
Peter Hepburn-Brown (Managing Director)
Raul Villanueva (Executive Director)
Ciceron Angeles (Non-executive Director)
Robert Weinberg (Non-executive Director)
Gary Powell (Non-executive Director)
Capital Structure:
Ordinary
shares: 207,794,301
Unlisted
options: 1,575,000
Listings:
ASX and LSE (Code: MML)
Address and Contact Details:
PO Box 860
Canning Bridge WA 6153
Telephone : +618 9367 0601
Facsimile : +618 9367 0602
Email : admin@medusamining.com.au
Website : www.medusamining.com.au
OVERVIEW:
-- Successfully raised gross proceeds of A$34 million via a placement
-- Exploration drilling utilised four underground drill rigs at
Co-O and two surface rigs at Tambis
-- Crosscutting south from the 8L Shaft has reached all the veins on the resource model
-- Commissioning of the new SAG Mill was delayed until 6th December due to powercell failures
-- The new SAG Mill operated at 1,800 tpd in the last days of December
-- Gold Production of 11,587 ounces for the quarter
Co-O MINE PRODUCTION & DEVELOPMENT
-- Level development continued on the 8L and all the veins in
the resource model were intersected. The Great Hamish Veins
(including Footwall and Hangingwall veins), Jereme Veins and Catto
Veins are now being developed
-- Development and stoping continued on all 8 levels during the quarter
-- Production and development is continued on the Don Pedro and Don Pedro East Veins
-- Exploration drilling continued on the 8L, 2L and on the 3L west of the Tinago Fault
-- Production of 11,587 ounces was down on the September
quarter's production (14,502 ounces) due to powercell failures with
the new SAG Mill, which was not operational until 6th December
2013
-- The grade was lower due to milling low grade stockpiles and
development ore was lower due to mining narrow vein lodes
Co-O MINE EXPLORATION
-- Drilling is continuing with two underground rigs on contract
and two Company owned rigs. Surface exploration, including
geophysical surveys is on-going
TAMBIS AREA - BANANGHILIG GOLD DEPOSIT
-- Diamond drilling at the B2 area is temporarily suspended
pending results and planning of the 2014 exploration and
development programmes
CORPORATE & FINANCIALS (unaudited)
-- Total cash and cash equivalent in gold on metal account at
the end of quarter of approximately US$20.77 million
-- Successfully raised gross proceeds of A$34 million via the
placement of 18,890,390 shares at A$1.80 per share to clients of
Euroz Securities Limited
-- Retirement of Non-executive Chairman Mr Geoff Davis (Founding
Managing Director) and appointment of Mr Andrew Teo as his
replacement
PROJECT OVERVIEW
The locations of the Company's projects are shown on Figures 1
and 2 (please see link at the end of the announcement).
HEALTH, SAFETY & ENVIRONMENT
There were no Lost Time Accidents and no environmental breaches
during the quarter.
EXECUTIVE ORDER ON MINING SECTOR REFORMS IN THE PHILIPPINES
On 6 July 2012, Philippine President Benigno Aquino III signed
Executive Order No. 79 entitled "Institutionalizing and
Implementing Reforms in the Philippine Mining Sector Providing
Policies and Guidelines to Ensure Environmental Protection and
Responsible Mining in the Utilization of Mineral Resources" ("EO
79").
On 10 September 2012, the Department of Environment and Natural
Resources ("DENR") issued Administrative Order No. 2012-07 ("Rules
and Regulations to Implement EO-79" or "EO-79 IRR"), and on 8
October 2012, issued Administrative Order No. 2012-07-A2 ("EO-79
Amended IRR") to revise Sections 3, 7 and 9 of EO-79 IRR. EO-79 IRR
and its amendments took effect on 25 October 2012.
The implications of the EO-79 with regards to the Company's
projects are discussed in the June 2012 and September 2012
quarterly reports. There has been no change in the Company's view
since then.
On 7 March 2013, the Secretary of the Department of Environment
and Natural Resources (DENR) approved the lifting of the moratorium
on acceptance of applications for Exploration Permits and Financial
and Technical Assistance Agreements.
The new legislation on mining taxes and royalties is yet to be
finalised for submission to Congress.
EXECUTIVE ORDER ON EXTRACTIVE INDUSTRIES TRANSPARENCY IN THE
PHILIPPINES
On 26 November 2013, Philippine President Benigno Aquino III
signed Executive Order No. 147 entitled "Creating the Philippine
Extractive industries transparency Initiative" ("EO 147").
Pursuant to Section 14 of the EO 79, the Philippine government
commits to participate in the Extractive Industries Transparency
Initiative (EITI) that sets international standards for
transparency and accountability in the extractive industries and in
government. Established in 2003, the EITI is a global coalition of
governments, companies and civil society collaborating to improve
honest and responsible management of revenues from natural
resources, particularly oil, gas, metals and minerals.
Through EO 147, the Philippine government has instituted the
Philippine Extractive Industries Transparency Initiative (PH-EITI),
which commits to ensure greater transparency and accountability in
the extractive industries, specifically in the way the government
collects, and companies pay taxes from extractive industries.
The implications of the EO 147 with regards to the Company's
projects are not considered to have any negative impact and the
Company sees the Executive Order as a positive commitment by the
Philippine Government to adopt good governance practices in
accordance with International Guidelines of the EITI.
MINERAL RESOURCES AND ORE RESERVES
The Company's current mineral resources (including the Saugon
resource) and ore reserves were previously reported in accordance
with the guidelines of the JORC Code 2004 (Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves). Refer to announcement of 08 August 2013, the September
2013 Quarterly Report, and the 2013 Annual Report.
The Co-O and Bananghilig deposits are currently undergoing
review, interpretations and revised mineral resource and ore
reserve estimations in accordance with the guidelines of the
recently adopted JORC Code 2012. Since there may be material
changes to the mineral resources and ore reserves, due to changes
in gold price, mining dilution and so forth, the Company will not
be reporting the resources and reserves until the revised
estimations have been completed and signed off by the independent
Competent Persons. The revised resources and reserves for Co-O and
Bananghilig are expected to be reported during the September 2014
quarter.
Co-O MINE
Production
The production statistics for the December 2013 quarter and
half-year with comparatives for the previous three quarters are
summarised in Table 1 below.
Table I. Gold production statistics
Unit Qtr ended Qtr ended Qtr ended Qtr ended HY ended
31 Dec 30 Sep 30 Jun 31 Mar 31 Dec
2013 2013 2013 2013 2013
-------------------- -------- ---------- ---------- ---------- ---------- ---------
Tonnes mined WMT 108,264 114,380 103,028 83,134 222,644
-------------------- -------- ---------- ---------- ---------- ---------- ---------
Ore milled DMT 98,590 91,461 92,567 73,273 190,051
-------------------- -------- ---------- ---------- ---------- ---------- ---------
Head grade g/t 4.51 5.68 5.97 6.76 5.07
-------------------- -------- ---------- ---------- ---------- ---------- ---------
Recovery % 85% 87% 88% 89% 86%
-------------------- -------- ---------- ---------- ---------- ---------- ---------
Gold produced ozs 11,587 14,502 15,642 14,021 26,089
-------------------- -------- ---------- ---------- ---------- ---------- ---------
Cash costs (1) US$/oz $526 $339 $355 $296 $422
-------------------- -------- ---------- ---------- ---------- ---------- ---------
Gold sold ozs 11,774 15,560 16,236 17,760 27,334
-------------------- -------- ---------- ---------- ---------- ---------- ---------
Average gold price
received US$ $1,262 $1,336 $1,410 $1,630 $1,304
-------------------- -------- ---------- ---------- ---------- ---------- ---------
Note:
(1) Net of development costs and includes royalties and local
business taxes
The Company produced 11,587 ounces of gold for the quarter, at
an average head grade of 4.51 g/t and cash costs of US$526 per
ounce, inclusive of royalties and local business taxes (YTD cash
costs of US$422 per ounce). Cash costs were higher during the
quarter primarily due to lower gold production.
Gold production for the quarter was low due to the following
reasons:
-- late commissioning of the new SAG Mill;
-- milling of marginal ore from low grade stockpiles;
-- milling of development ore sourced from narrow vein lodes.
The new SAG Mill commenced operations on the 6(th) December 2013
and on the last days of December 2013, it achieved 1,800 tonnes per
day.
Operations
Mine Development
The 8 level Shaft has been operating and during October, new
sheave wheels, ropes, skips and man cages were fitted to the Shaft
and the haulage speed increased from 2 m/s to 5.3 m/s.
The two ore pass system from the 6 level to 8 level loading
pocket were completed and are operational.
Development continued on levels 1 to 8. During the quarter, all
the veins in the resource model on the 8 level were intersected
with the crosscut heading south. Development on all these veins
continued during the quarter. The veins developed during the
quarter were narrow, but as the south crosscut reached the Great
Hamish Veins, the veins were wider and the grade from development
improved towards the end of December.
Development and production continued on the Don Pedro and Don
Pedro East Vein during the quarter and an exploration winze was
commenced on the Don Pedro East vein from the 8 level to the 9
level.
Stoping on levels 1 to 6 continued, with stoping on the Don
Pedro veins on the 8 level.
Co-O Mill
The new SAG Mill commenced operations on the 6(th) December 2013
following the re-instalment of the repaired powercells. The Mill
operated for the rest of December and in the last days of December
achieved 1,800 tonnes per day.
The Dominion mill was relined during December and will commence
operating in January 2014. The Kurimoto Ball mill will be relined
in January and be ready to operate in February 2014.
The Detox, Thickener, CIL tanks, Gold Room and associated
equipment with "Wet" processing were all successfully operated
during the quarter.
Co-O Mine Drilling
Underground diamond drilling continued during the quarter
utilising two large and two smaller portable drilling rigs. A total
of 20 holes were completed at Levels 2, 3 and 8 for an advance of
6,160 metres.
Currently there are four diamond drill rigs operating two (on
contract), two (owned by the company) on Levels 2, 3 and 8.
The Company has recently purchased an additional six portable
underground diamond drill rigs to be deployed at various levels
within the mine to assist in exploring for zones of additional
mineralisation.
Table II. Co-O surface and underground drill hole results of >= 0.5 metres at >= 3 g/t gold.
(Refer Appendix A for JORC Code, 2012 Edition - Table 1
Report)
Hole Number East North RL Depth Dip Azimuth From Width Gold Grade
(4) (4) (4) (metres) ((o) ((o) (metres) (2) (1,3)
) ) (metres) (uncut)
(g/t gold)
------------- --------- --------- ------- ---------- ------ --------- ---------- ---------- ------------
UNDERGROUND EXLORATION DRILL HOLES - LEVEL 3
-----------------------------------------------------------------------------------------------------------------
L3-64W-010 613348.2 913026.6 60.5 492.00 -25 124 335.60 1.10 20.30
------------- --------- --------- ------- ---------- ------ --------- ---------- ---------- ------------
L3-64W-011 613341.2 913031.9 61.4 255.40 +3 331 223.65 0.90 3.47
---------- ---------- ------------
241.65 1.00 3.20
------------- --------- --------- ------- ---------- ------ --------- ---------- ---------- ------------
L3-64W-012 613343.1 913032.7 61.4 256.80 +3 013 65.50 1.40 5.19
---------- ---------- ------------
L3-64W-014 613344.3 913032.9 61.3 327.40 +3 020 74.50 2.20 3.70
---------- ---------- ------------
UNDERGROUND EXLORATION DRILL HOLES - LEVEL 8
-----------------------------------------------------------------------------------------------------------------
L8-19E-001 614207.3 913105.2 -192.0 487.10 +3 247 62.85 1.00 5.88
------------- --------- --------- ------- ---------- ------ --------- ---------- ---------- ------------
L8-29E-008 614274.0 912908.3 -190.6 473.40 +3 174 57.80 0.65 47.77
---------- ---------- ------------
85.95 1.00 4.60
---------- ---------- ------------
169.30 1.20 5.30
---------- ---------- ------------
203.80 0.50 3.78
------------- --------- --------- ------- ---------- ------ --------- ---------- ---------- ------------
L8-29E-009 614276.3 912912.8 -190.6 452.20 +3 093 80.65 0.85 16.77
---------- ---------- ------------
186.60 5.80 5.62
---------- ---------- ------------
236.55 1.00 78.50
---------- ---------- ------------
326.60 0.40 5.33
---------- ---------- ------------
338.25 4.15 16.51
includes 340.40 1.00 43.77
------------- --------- --------- ------- ---------- ------ --------- ---------- ---------- ------------
L8-29E-010 614274.0 912908.3 -190.7 474.30 +3 142 194.50 1.00 13.53
---------- ---------- ------------
292.00 1.70 40.50
includes 292.00 0.75 73.73
------------- --------- --------- ------- ---------- ------ --------- ---------- ---------- ------------
Notes:
1. Composited intercepts' 'weighted average grades' calculated
by using the following parameters:
i. no upper gold grade cut-off applied;
ii. lower cut-off grade of 3.0 g/t gold;
iii. high-grade samples (>= 20 g/t gold) within composited
interval are individually reported; and
iv. >= 0.5 metres down hole intercept width at >= 3.0 g/t
gold, or
v. >= 6 gram.metres,and
vi. maximum of 1.0 metre of down-hole internal dilution at <=
3 g/t gold.
2. Intersection widths are downhole drill widths not true
widths;
3. Assays are by Philsaga Mining Corporation's laboratory;
and
4. Grid coordinates based on the Philippine Reference System 92.
RL is elevation in metres relative to Mine Datum.
Co-O EXPLORATION
IP Survey
The ground Induced Polarisation ("IP") and Resistivity ("RES")
survey is ongoing within the Co-O tenements including the Co-O mine
environs. During the December 2013 quarter, approximately 67 line
kilometres of IP survey were completed. Heavy rain has hampered the
survey and it is now expected that the balance (104 line
kilometres) will be completed early in the June 2014 quarter, with
interpretation being carried out during the June/September 2014
quarters.
Ground Magnetics Survey
A Ground Magnetics survey is ongoing, using the same grid as the
IP survey. A total of approximately 118 line kilometres were
completed during the December quarter. Approximately 94 line
kilometres remains to be completed, and is expected to be completed
at the same time as the IP survey, with interpretation being
carried out concurrent with the IP interpretation.
Reconnaissance Programmes
Reconnaissance mapping and sampling programmes are ongoing.
TAMBIS REGION
The Tambis project comprising the Bananghilig Gold Deposit
(Figure. 2) is operated under a Mining Agreement with Philex Gold
Philippines Inc. over Mineral Production Sharing Agreement ("MPSA")
344-2010-XIII, which covers 6,262 hectares.
The Executive Order on Mining (EO 79) signed on 6 July 2012, by
the President of the Philippines, will have no immediate impact on
the Bananghilig Project as the Company can continue to explore,
conduct feasibility studies and planning.
BANANGHILIG GOLD DEPOSIT
The announcement of 12 September 2011 summarises the Tambis
regional geological setting, local geological setting, deposit
description and mineralisation. Additional information is contained
in the September 2011 quarterly report dated 24 October 2011,
drilling updates on 17 January 2012, 8 August 2012, 21 November
2012, and 02 April 2013, operations update on 08 July 2013, and
resource estimation updates on 29 January 2013 and 08 August
2013.
Indicated & Inferred Mineral Resource Estimation
The Bananghilig resource was previously announced in accordance
with the guidelines of the JORC Code 2004 (Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves). Refer to announcement of 08 August 2013, the September
2013 Quarterly Report, and the 2013 Annual Report.
The Bananghilig deposit is currently undergoing review,
interpretation and revised mineral resource and estimation in
accordance with the guidelines of the recently adopted JORC Code
2012. Since there may be material changes to the mineral resources,
due to changes in gold price, and so forth, the Company will not be
reporting the project's mineral resources until the revised
estimations have been completed and signed off by the independent
Competent Persons. The revised mineral resources for Bananghilig
are expected to be reported during the September 2014 quarter.
Bananghilig Scoping & Pre-Feasibility Study(1)
On 09 April 2013, the Company published the results of a first
pass Scoping Study(1) of the Bananghilig Gold Deposit. The Scoping
Study was carried out and reported under the guidelines of the JORC
Code 2004, therefore the results of the Scoping Study do not now
necessarily comply with the requirements of the JORC Code 2012 and
will not be reported henceforth.
(1) The Scoping Study referred to in the announcement dated 9
April 2013 was based on low-level technical and economic
assessments of Indicated and Inferred Mineral Resources, as defined
under the guidelines of JORC Code 2004, and is insufficient to
support estimation of Ore Reserves or to provide assurance of an
economic development case at this stage, or to provide certainty
that the conclusions of the Scoping Study will be realised.
A Feasibility Study was initiated on the completion of the
Scoping Study. Sterilisation and geotechnical drilling programmes
were completed in early October 2013.
A decision was made towards the end of the September quarter to
temporarily suspend the feasibility study given the mineralisation
being encountered at the new B2 discovery area, as well as given
consideration to the depressed gold price and commissioning of the
new Co-O milling circuit.
B2 Discovery Area
During the September reporting period, two large capacity
diamond drilling rigs completed two diamond drill holes (TDH332
& TDH334) within the B2 area for a total advance of 622.6
metres.
Figure 3 shows the Bananghilig area geology showing the position
of the new B2 mineralisation discovery, beneath the limestone
cover, relative to the Bananghilig resource (please see link a the
end of the announcement to view Figure 3).
Figure 4 shows the drill hole projection plan of the B2 drill
holes relative to the Bananghilig 2013 resource model (please see
link at the end of the announcement to view Figure 4).
B2 Drilling Results
Results of diamond drilling at B2 were announced on 2 April 2013
and 8 July 2013, in the March 2013, June 2013 and September 2013
Quarterly Reports, and the September 2013 Annual Report. Results
have subsequently been received for all outstanding sample
submissions as well as for the holes completed during this quarter.
Significant intercepts for completed drill holes are included in
Table III below.
Geotechnical and Sterilisation Drilling Programmes
The Geotechnical drilling and test pitting programmes were
completed in first week of October with one last diamond drill hole
completed for a total of 60 metres. Drilling was carried out to
investigate sites suitable for infrastructure associated with the
potential development of the Bananghilig resource, including plant
site, waste, tailings and process water storage facilities.
Sterilisation drilling programme was completed in the same areas.
No significant assay results have been received for any of the
drilling programmes in these areas.
Regional Exploration
Reconnaissance mapping and sampling is on-going within the
Tambis Region.
Table III. Bananghilig B2 Discovery Area drill hole results
>= 1 g/t gold.
(Refer Appendix B for Table 1 prepared in accordance with JORC
Code 2012)
Hole East North RL Depth Dip Azimuth From Width Gold Grade
(4) (4) (4) (2) (1,3)
Number (metres) ((o) ((o) (metres) (metres) (g/t gold)
) )
--------- --------- --------- ------ ---------- ------ --------- ---------- ---------- ------------
BANANGHILIG - B2 DISCOVERY AREA
------------------------------------------------------------------------------------------------------------
TDH328 613241.7 945191.7 214.6 312.50 -60 130 260.20 1.45 8.82
---------- ---------- ------------
289.20 15.60 1.51
--------- --------- --------- ------ ---------- ------ --------- ---------- ---------- ------------
TDH330 613626.8 945064.5 123.7 294.50 -56 130 154.85 16.50 3.78
includes 159.05 0.55 40.64
includes 161.05 0.75 16.71
---------- ---------- ------------
197.85 5.80 0.93
--------- --------- --------- ------ ---------- ------ --------- ---------- ---------- ------------
TDH332 613554.7 945020.3 142.1 320.50 -60 130 170.35 7.00 7.27
includes 174.70 1.00 45.49
---------- ---------- ------------
236.30 0.70 22.40
---------- ---------- ------------
254.50 7.55 5.79
includes 254.50 1.00 21.90
includes 259.70 1.00 14.69
--------- --------- --------- ------ ---------- ------ --------- ---------- ---------- ------------
TDH334 613001.7 944955.1 147.5 302.10 -60 130 80.30 9.50 2.77
---------- ---------- ------------
200.15 6.85 1.26
--------- --------- --------- ------ ---------- ------ --------- ---------- ---------- ------------
Notes:
1. Composited intercepts' 'weighted average grades' calculated
by using the following parameters:
i. no upper gold grade cut-off applied;
ii. lower cut-off grade of 0.5 g/t gold;
iii. high-grade samples (>10 g/t gold) within composited
interval are individually reported;
iv. >= 5 metres down hole intercept width at >= 1.0 g/t
gold, or
v. <= 5 metres down hole intercept width at >= 5 gram per
metres, and
vi. maximum of 3 metres of downhole internal dilution at
<=0.5 g/t gold;
2. Intersection widths are downhole drill widths not true
widths;
3. Assays are by Intertek McPhar Mineral Services Inc. in
Manila; and
4. Grid coordinates and RL (elevation) based on the Philippine
Reference System 92.
LINGIG
The Lingig prospect is located in Mineral Production Sharing
Agreement 343-2010-XIII with an area of 3,824 hectares over which
the Company has an operating agreement.
Detailed geological mapping was completed during the quarter.
Data compilation from the mapping, soil sampling, and geophysical
surveys will commence during the March 2014 quarter.
Interpretations will be reviewed prior to planning drill
targets.
USA PORPHYRY COPPER-GOLD PROSPECT
A Memorandum of Agreement with Corplex Resources Inc. covers the
Usa prospect, which is located within MPSA application XIII-00077.
Processing of the tenement application is progressing.
SAUGON DEPOSIT
Detailed and reconnaissance geological mapping, trenching and
sampling programmes are on-going.
FINANCIALS (unaudited)
As at 31 December 2013, the Company had total cash and cash
equivalent in gold on metal account of approximately US$20.77
million (30 September 2013: US$5.99 million).
The Company sold 11,774 ounces of gold at an average price of
US$1,262 per ounce (September 2013 quarter: sold 15,560 ounces at
an average price of US$1,336 per ounce).
During the quarter, the Company incurred,
-- exploration expenditure of US$4.1 million (September 2013 quarter: US$4.4 million);
-- US$2.7 million on capital works associated sustaining capital
at the mine and mill and costs for the new mill construction and
infrastructure (September 2013 quarter: US$8.9 million); and
-- US$8.3 million on continued mine development (September 2013 quarter: US$9.2 million).
CORPORATE
-- During the quarter, the Company raised gross proceeds of
A$34,002,702 via the issue of 18,890,390 shares at A$1.80 each to
clients of Euroz Securities Limited. (refer announcement dated 31
October 2013)
-- Mr Geoff Davis (Founding Managing Director of Medusa) retired
as Non-executive Chairman on 22 November 2013 and was succeeded by
Non-executive Director, Mr Andrew Teo.
JORC CODE 2012 COMPLIANCE - CONSENT OF COMPETENT PERSONS
Medusa Mining Limited
Information in this report relating to Exploration Results has
been reviewed and is based on information compiled by Mr Gary
Powell who is a member of The Australian Institute of
Geoscientists. Mr Powell is a Non-Executive Director and has
sufficient experience, which is relevant to the style of
mineralisation and type of deposits under consideration, and to the
activity which they are undertaking, to qualify as a "Competent
Person" as defined in the 2012 Edition of the "Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Mr Powell consents to the inclusion in the report of the
matters based on his information in the form and context in which
it appears.
DISCLAIMER
This report contains certain forward-looking statements. The
words 'anticipate', 'believe', 'expect', 'project', 'forecast',
'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target',
'plan' and other similar expressions are intended to identify
forward-looking statements. Indications of, and guidance on, future
earnings and financial position and performance are also
forward-looking statements.
Such forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and
other factors, many of which are beyond the control of Medusa, and
its officers, employees, agents and associates, that may cause
actual results to differ materially from those expressed or implied
in such statements.
Actual results, performance or outcomes may differ materially
from any projections and forward-looking statements and the
assumptions on which those assumptions are based.
You should not place undue reliance on forward-looking
statements and neither Medusa nor any of its directors, employees,
servants or agents assume any obligation to update such
information.
For further information please contact:
Australia
Medusa Mining Limited +61 8 9367 0601
Peter Hepburn-Brown, Managing Director
United Kingdom
SP Angel Corporate Finance LLP (Financial
Adviser & Broker) +44 (0)20 3463 2260
Ewan Leggat/Laura Littley
Appendices:
(Please see link at the end of this announcement to view
tables)
Co-O Gold Project
JORC Code, 2012 Edition - Table 1 Report
Section 1. Sampling Techniques and Data
Section 2. Reporting of Exploration Results
Tambis Project - Bananghilig Gold Deposit
JORC Code, 2012 Edition - Table 1 Report
Section 1. Sampling Techniques and Data
Section 2. Reporting of Exploration Results
To view the figures, graphs, photos and appendices, please click
on or paste the following link in your browser:
http://www.rns-pdf.londonstockexchange.com/rns/8341Y_-2014-1-29.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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