TIDMMML
RNS Number : 6188R
Medusa Mining Limited
29 October 2013
Medusa Mining Limited
("Medusa" or the "Company")
29 October 2013
QUARTERLY ACTIVITIES REPORT
PERIOD ENDED 30 SEPTEMBER 2013
Snapshot of Medusa:
-- Un-hedged, low cost, gold producer focused on organic growth in the Philippines
-- Commissioning of new mill delayed due to Powercell failures
-- September quarter production 14,502 ounces
-- Safety - No lost time accidents during the quarter.
Board of Directors:
Geoffrey Davis (Non-executive Chairman)
Peter Hepburn-Brown (Managing Director)
Raul Villanueva (Executive Director)
Ciceron Angeles (Non-executive Director)
Robert Weinberg (Non-executive Director)
Andrew Teo (Non-executive Director)
Gary Powell (Non-executive Director)
Capital Structure:
Ordinary
shares: 188,903,911
Unlisted
options: 1,715,000
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:
-- Exploration drilling utilised 2 underground drill rigs at
Co-O and 2 surface rigs at Tambis.
-- Don Pedro Vein discovered at Co-O on the 8L
-- Commissioning of the new mill delayed due to Powercell failures
-- Old mill continues to operate and produce gold
-- Mines Rescue Team sent to assist earthquake victims at Bohol.
EXECUTIVE ORDER ON MINING IN THE PHILIPPINES
-- New legislation on mining taxes and royalties is yet to be
finalised for consideration by Congress.
Co-O MINE PRODUCTION & DEVELOPMENT
-- Commissioning of new mill delayed due to Powercell failures.
-- Level development continued on the 8L and the Great Hamish,
Jereme and Catto Veins were all intersected and are now being
developed.
-- Production and development has continued on the Don Pedro
Vein on the 8L and on the 4L a similar vein is now being
developed.
-- Exploration drilling continued on the 8L and on the 3L west of the Tinago Fault.
-- Production of 14,502ozs was down on forecast of 17,000ozs due
to Powercell issues with commissioning the New Mill.
Co-O MINE EXPLORATION
-- Drilling is continuing with two underground rigs on contract
and two mine owned rigs. Surface exploration, including geophysical
surveys is on-going.
TAMBIS AREA - BANANGHILIG GOLD DEPOSIT
-- Sterilisation drilling to delineate areas for plant site,
tailings and waste storage facilities has been completed.
Geotechnical drilling for tailings dam, waste and mill plant
areashas been completed.
-- Two diamond coring rigs continuing drilling at the B2 area
FINANCIALS (unaudited)
-- Total cash and cash equivalent in gold on metal account at
the end of quarter of approximately US$ 5.99 million
PROJECT OVERVIEW
The locations of the Company's projects are shown on Figures 1
and 2 (see link at the end of this announcement).
HEALTH, SAFETY and ENVIRONMENT
There were no Lost Time Accidents during the quarter and no
environmental breaches.
The Mines Rescue Team was deployed to Bohol Island to assist
rescue efforts following the magnitude 7.2 earthquake that occurred
on the 19th October 2013. No damage was recorded at the mine or
mill site.
EXECUTIVE ORDER ON MINING IN THE PHILIPPINES
On 06 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 08
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 October 25, 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 to the ASX. There has been no change in the
Company's view since then.
The new legislation on mining taxes and royalties is yet to be
finalised for submission to Congress.
On March 07, 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.
MINERAL RESOURCES and ORE RESERVES
The Company's current resources (including the Saugon resource)
and ore reserves are shown in Table I. No allowance has been made
for mine depletion subsequent to the new resources and reserves for
2013/2014, which were announced on 08 August 2013.
Table I. Mineral Resources and Ore Reserves as at 08 August
2013
Deposit Category Tonnes Grade Ounces
g/t gold
gold
---------------------- ------------- -------------------- --------- ----------
RESOURCES
Co-O Resources Indicated 2,100,000 12.1 820,000
------------- -------------------- --------- ----------
Inferred 4,780,000 9.0 1,375,000
------------------------------------ -------------------- --------- ----------
Indicated
Total Co-O Resources & Inferred 6,880,000 9.9 2,195,000
---------------------- ------------- -------------------- --------- ----------
Bananghilig
Resources Indicated 16,060,000 1.48 766,000
---------------------- ------------- -------------------- --------- ----------
Inferred 8,460,000 1.36 370,000
------------------------------------ -------------------- --------- ----------
Total Bananghilig Indicated
Resources & Inferred 24,520,000 1.44 1,136,000
---------------------- ------------- -------------------- --------- ----------
Saugon Resources Indicated 47,500 6.99 10,700
---------------------- ------------- -------------------- --------- ----------
Inferred 34,000 4.55 5,000
------------------------------------ -------------------- --------- ----------
Total Saugon Indicated
Resources & Inferred 81,500 5.97 15,700
---------------------- ------------- -------------------- --------- ----------
Indicated
TOTAL RESOURCES & Inferred 31,481,500 3.31 3,346,700
---------------------- ------------- -------------------- --------- ----------
Total Indicated
Resources 18,207,500 2.73 1,596,000
------------------------------------- -------------------- --------- ----------
Total Inferred
Resources 13,274,000 4.10 1,750,000
------------------------------------- -------------------- --------- ----------
RESERVES
---------------------- ------------- -------------------- --------- ----------
Co-O Reserves Probable 1,650,000 10.7 570,000
---------------------- ------------- -------------------- --------- ----------
Note: Resources include reserves
Co-O MINE
Gold Production
Production statistics for the last four quarters are summarised
in Table II below.
Table II. Gold production statistics
Unit Quarter Quarter Quarter Quarter
ended ended ended ended
Sep Jun Mar Dec
2013 2013 2013 2012
----------------- -------- -------- -------- -------- --------
Tonnes mined WMT 114,380 103,028 83,134 89,504
----------------- -------- -------- -------- -------- --------
Ore milled DMT 91,461 92,567 73,273 76,999
----------------- -------- -------- -------- -------- --------
Head grade g/t 5.68 5.97 6.76 8.16
----------------- -------- -------- -------- -------- --------
Recovery % 87% 88% 89% 90%
----------------- -------- -------- -------- -------- --------
Gold produced ozs 14,502 15,642 14,021 18,177
----------------- -------- -------- -------- -------- --------
Cash costs
(1) US$/oz $339 $355 $296 $279
----------------- -------- -------- -------- -------- --------
Gold sold ozs 15,560 16,236 17,760 18,492
----------------- -------- -------- -------- -------- --------
Average gold
price received US$ $1,336 $1,410 $1,630 $1,731
----------------- -------- -------- -------- -------- --------
Note:
(1) Net of development costs and includes royalties and local
business taxes
The Company produced 14,502 ounces of gold for the quarter, at
an average head grade of 5.68 g/t and cash costs of US $ 338 per
ounce, inclusive of royalties and local business taxes.
Gold production for the quarter was lower than forecast due to
commissioning issues with the New Mill (announcement 4(th)
September). These Powercell issues have continued on into the
December quarter (announcement 23(rd) October).
Operations
Mine Development
The 8L Shaft has been operating and during October, new sheave
wheels, ropes, skips and man cages were be fitted to the Shaft.
The ore pass system from the 6L to 8L loading pocket was
completed and is operational.
Development continued on Levels 1 to 6, commenced development on
the 7L and continued development on the 8L where during the
quarter, the Catto, Jereme and Great Hamish Veins were
intersected.
Development continued on the Don Pedro Vein which is a N-NW
trending vein.
Co-O Mill
The New Mill commenced commissioning in August, but was halted
when the Powercells which drive the Sag Mill motor failed and had
to be returned to the Vendor's workshops in China for repairs.
These repairs have taken longer than was first indicated by the
Vendor, (announcements 4(th) September and 23(rd) October)
At the same time as returning the faulty Powercells to China, a
set of new Powercells were ordered and will be available to send to
site at the end of November 2013. These will be spare powercells
for the operation.
The current mill continues to operate and produce gold. This
mill will continue to operate during the commissioning of the New
Mill and will continue until the New Mill reaches its capacity of
2,500 tonnes per day.
The Detox, Thickener, CIL tanks, Gold Room and associated
equipment with "Wet" processing were all successfully commissioned
and operated during the quarter.
Co-O Mine Drilling
Underground drilling was carried out during the quarter
utilising 2 large and 2 smaller portable diamond rigs. At total of
21 holes were completed at Levels 2, 3 and 8 for an advance of
5,051.76 metres.
Table III. Co-O surface and underground drill hole results of
>=0.5 metres at >=3g/t gold
Hole East North Depth Dip Azimuth From Width Gold
Number (4) (4) (metres) ((o) ((o) (metres) (2) Grade
) ) (metres) (1,3)
(uncut)
(g/t
gold)
------------ ------ ------- ----------- ------- --------- ---------- ---------- ---------
UNDERGROUND EXLORATION DRILL HOLES - LEVEL
3
-------------------------------------------------------------------------------------------------
L3-64W-005 167.20 0.40 16.57
-------------------------------------------------------------- ---------- ---------- ---------
L3-64W-008 42.75 1.50 4.45
-------------------------------------------------------------- ---------- ---------- ---------
UNDERGROUND EXLORATION DRILL HOLES - LEVEL
8
-------------------------------------------------------------------------------------------------
L8-29E-002 2.00 0.75 3.49
---------- ---------- ---------
61.95 0.55 6.45
---------- ---------- ---------
175.10 0.50 5.70
--------------------------------------------------------- ---------- ---------- ---------
L8-29E-003 60.15 1.00 5.27
---------- ---------- ---------
86.60 0.50 8.90
---------- ---------- ---------
100.50 1.10 6.48
---------- ---------- ---------
168.20 2.80 16.88
--------------------------------------------------------- ---------- ---------- ---------
L8-29E-004 53.65 2.20 19.45
---------- ---------- ---------
97.80 1.00 5.77
--------------------------------------------------------- ---------- ---------- ---------
L8-29E-005 47.65 0.60 14.57
---------- ---------- ---------
55.00 0.90 16.60
---------- ---------- ---------
87.50 1.00 5.62
---------- ---------- ---------
108.70 0.90 14.52
---------- ---------- ---------
156.60 1.00 20.43
---------- ---------- ---------
180.35 3.65 27.69
---------- ---------- ---------
185.75 1.00 5.31
---------- ---------- ---------
192.95 1.00 5.22
---------- ---------- ---------
203.35 1.00 5.91
--------------------------------------------------------- ---------- ---------- ---------
L8-29E-006 16.50 1.00 3.00
---------- ---------- ---------
54.10 0.90 3.67
---------- ---------- ---------
90.70 1.65 4.17
--------------------------------------------------------- ---------- ---------- ---------
L8-29E-007 0.40 0.90 6.70
---------- ---------- ---------
92.40 0.60 6.20
--------------------------------------------------------- ---------- ---------- ---------
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, and
(iii) >= 0.5 metres down hole intercept width at >= 3.0 g/t gold, or
(iv) >= 6 gram.metres.
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.
Co-O EXPLORATION
IP Survey
The ground Induced Polarisation ("IP") survey is ongoing within
the Co-O tenements including the Co-O mine environs. Up to the end
of the September quarter, approximately 60 line kilometres of IP
survey were completed. It is anticipated that the remaining balance
of the IP survey (171 line kilometres) will be completed during the
March 2014 quarter, with interpretation being carried out during
the March/June 2014 quarters.
Ground Magnetics Survey
A Ground Magnetics survey was commenced during September, using
the same grid as the IP survey. A total of approximately 44 line
kilometres was completed up to the end of the September quarter.
The survey 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
On 08 August 2013, the Company announced the results of resource
estimation undertaken by Cube Consulting Pty Ltd of Perth, Western
Australia. The Indicated Mineral Resource estimate for the
Bananghilig Deposit comprises 766,000 ounces of gold at 1.48 g/t
gold in 16,060,000 tonnes and an Inferred Mineral Resource of
370,000 ounces of gold at 1.36 g/t gold in 8,460,000 tonnes using a
cut-off grade of 0.8g/t gold. The 08 August 2013 announcement
includes a summary of the parameters utilised in the resource
estimation.
Bananghilig Scoping & Pre-Feasibility Study
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 conducted to +/- 25% accuracy and the results considered
positive, warranting the commencement of a Feasibility Study to be
undertaken by external consultants. The Scoping Study parameters
and discussion on other parameters, including metallurgy, mining
and operations is included in the 09 and 11 April
announcements.
(1) The Scoping Study referred to in this report is based on
low-level technical and economic assessments of Indicated and
Inferred Mineral Resources, 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 has been ongoing since the completion of the
Scoping Study. Sterilisation and geotechnical drilling programmes
were almost complete at the end of the September quarter with only
a few geotechnical drillholes remaining to be drilled. A total of
42 holes were completed for a total advance of 3,650.95 metres.
A decision has been made to temporarily suspend the feasibility
study given the mineralisation being encountered at the new B2
discovery area, as well as given consideration to the current gold
price and commissioning of the new Co-O
B2 Discovery Area
During the March 2013 quarter, the Company announced the
discovery of a new zone of gold mineralisation proximal to the
current Bananghilig gold deposit (Figure 3). The results of
subsequent drilling (refer table IV below, June 2013 quarterly
report, and announcement on 08 July 2013) are believed by the
Company to have implications to the development of the current
Bananghilig resource.
During the September reporting period, two large capacity
diamond drilling rigs completed 14 diamond drill holes (TDH313-314,
TDH316-317, TDH319, TDH321-323, TDH325-328 & TDH330-331) for a
total advance of 3,992 metres.
Figure 3 shows the Bananghilig area geology and the position of
the new B2 mineralisation discovery, beneath the limestone cover,
relative to the Bananghilig resource (see link at the end of this
announcement).
Figure 4 shows the drillhole projection plan of the B2
drillholes relative to the Bananghilig resource model (see link at
the end of this announcement).
B2 Drilling Results
Drilling at B2 was carried out during the September reporting
period with two diamond rigs drilling on a closed spaced (20-40
metres) pattern adjacent to hole TDH284, as well as on a 150 metre
x 150 metre grid pattern. Results from subsequent drilling have
since been received and significant intercepts for completed
drillholes are included in Table IV below.
Geotechnical and Sterilisation Drilling Programmes
The Geotechnical drilling and test pitting programmes were
completed in first week of October. 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.
To date no significant assay results have been received for these
areas.
Regional Exploration
Reconnaissance mapping and sampling is on-going within the
Tambis Region.
Table IV. Bananghilig Resource infill and B2 Discovery Area
drill hole results >=1 g/t gold
Hole East North Depth Dip Azimuth From Width Gold
(4) (4) (2) Grade
(1,3)
Number (metres) (o) (o) (metres) (metres) (g/t
gold)
--------- ------- ------- ---------- ----- -------- ---------- ---------- --------
BANANGHILIG - B2 DISCOVERY AREA
------------------------------------------------------------------------------------------
TDH308 613278 945405 359.10 -60 130 84.10 3.50 1.02
---------- ---------- --------
245.45 5.00 2.88
---------- ---------- --------
312.10 7.30 3.23
--------- ------- ------- ---------- ----- -------- ---------- ---------- --------
TDH310 613435 944948 309.50 -60 130 198.65 13.45 1.38
--------- ------- ------- ---------- ----- -------- ---------- ---------- --------
TDH313 613331 945128 302.13 -60 130 116.15 8.90 1.17
---------- ---------- --------
226.20 5.95 5.54
---------- ---------- --------
237.95 16.40 2.04
---------- ---------- --------
286.35 12.00 1.33
--------- ------- ------- ---------- ----- -------- ---------- ---------- --------
TDH314 613745 945277 312.63 -60 130 65.75 1.00 18.58
---------- ---------- --------
140.50 1.50 4.21
---------- ---------- --------
168.85 6.70 1.22
---------- ---------- --------
255.45 3.25 3.89
---------- ---------- --------
282.60 2.30 2.70
--------- ------- ------- ---------- ----- -------- ---------- ---------- --------
TDH316 613537 945355 303.15 -60 130 186.45 3.50 2.37
--------- ------- ------- ---------- ----- -------- ---------- ---------- --------
TDH317 613681 944841 302.10 -60 130 137.10 3.60 1.86
---------- ---------- --------
162.05 4.55 2.71
---------- ---------- --------
170.35 8.05 3.17
---------- ---------- --------
262.25 21.55 2.34
--------- ------- ------- ---------- ----- -------- ---------- ---------- --------
TDH321 613616 945073 297.65 -59 130 115.85 20.70 2.26
---------- ---------- --------
151.55 4.25 1.78
---------- ---------- --------
179.20 6.90 2.47
---------- ---------- --------
246.65 2.25 5.87
--------- ------- ------- ---------- ----- -------- ---------- ---------- --------
TDH322 613591 945089 300.62 -61 130 198.60 6.65 1.24
---------- ---------- --------
211.25 1.75 2.88
---------- ---------- --------
235.60 6.30 1.14
---------- ---------- --------
248.30 11.35 3.18
--------- ------- ------- ---------- ----- -------- ---------- ---------- --------
TDH323 613631 945114 307.60 -60 130 116.00 3.85 1.40
---------- ---------- --------
159.30 12.45 2.98
---------- ---------- --------
197.75 13.85 1.41
---------- ---------- --------
215.40 11.80 1.23
---------- ---------- --------
245.10 8.10 1.55
---------- ---------- --------
262.20 3.65 1.76
---------- ---------- --------
272.05 7.20 1.34
---------- ---------- --------
303.20 2.45 2.22
--------- ------- ------- ---------- ----- -------- ---------- ---------- --------
TDH325 613575 944927 300.55 -60 130 135.15 8.55 1.27
---------- ---------- --------
225.55 13.40 2.73
--------- ------- ------- ---------- ----- -------- ---------- ---------- --------
TDH326 613583 945050 304.40 -60 130 108.30 2.75 4.86
---------- ---------- --------
114.25 5.70 2.42
---------- ---------- --------
169.30 4.40 1.71
---------- ---------- --------
181.35 8.65 1.29
---------- ---------- --------
228.95 7.75 1.24
---------- ---------- --------
248.10 4.75 4.34
---------- ---------- --------
279.10 8.70 2.79
--------- ------- ------- ---------- ----- -------- ---------- ---------- --------
TDH327 613577 945103 303.60 -64 130 216.10 0.35 34.80
--------- ------- ------- ---------- ----- -------- ---------- ---------- --------
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) >= 5 metres down hole intercept width at >= 1.0 g/t gold, or
(iv) <= 5 metres down hole intercept width at >= 5 gram per metres, and
(v) 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 based on the Philippine Reference System 92.
BANANGHILIG DRILL HOLE SAMPLING AND ASSAYING PROCEDURES
Drilling Procedures
Drilling, sampling and analytical methodologies are of
internationally acceptable standards. Drilling and analyses are
carried out by independent contractors, SBF Philippines Drilling
Resources Corp. ("SBF") and Intertek McPhar Mineral Services Inc.
("Intertek") respectively.
Drilling is carried out by SBF using wireline diamond coring
techniques, with the core being predominantly HQ triple-tube, or
HQ3 (hole diameter 96 mm, core diameter 61 mm). The holes are
initially collared using PQ drillbits (hole diameter 122 mm) to
recover PQ3 core (core diameter 83 mm) until the drillbit
encounters competent ground, then the hole is cased, and the coring
bit reduced to HQ3 for the remainder of the drill hole. If
difficult conditions are encountered, then the drill bit is changed
to NQ3 (hole diameter 75 mm, core diameter 45 mm) and the hole
continued until the planned depth or bad ground conditions prevent
further drilling, whichever occurs first.
Drill Core Sampling
Drill core is recovered from the inner tube and handled
carefully to preserve the integrity of the drill core. Structural
measurements are taken including Rock Quality Determinations
("RQD") and Fracture Densities. The core is then placed in plastic
core trays, aligned, photographed and marked up for sampling.
The drill core is then cut in half by diamond core saw and
sampled at one metre intervals or at lithological boundaries. The
samples are placed in individually labelled plastic sample bags, a
sample number ticket included, and then sealed for despatch to
Intertek's Sample Preparation laboratory in Surigao City. The
integrity of the core samples is supervised at all times by the
geologists until despatch to the laboratory where they are
accompanied by company personnel until receipt by Intertek.
One Certified Reference Material ("CRM"), one Blank and if
possible, one Duplicate is included within each successive group of
twenty samples that are submitted to the laboratory. QA/QC
monitoring of the drilling program and the results is on-going.
Analytical Procedure
Sample preparation is undertaken by Intertek at their Surigao
City laboratory, where each sample is registered, dried at 105 C
for 6 to 8 hours and crushed to 95% passing 2 mm by jaw crusher,
before a 1kg split is taken for fine pulverising, using a riffle
splitter or rotary sample divider. Pulverised sample is nominally
pulverised to 95 % passing 75<MU>m (200 mesh).
Quality control procedures include a 1 in 15 resplit after
crushing for partial preparation and after pulverising for total
preparation. These resplits are also analysed and included in the
analysis report. Four 250 gram splits are obtained, one for sample
analyses and the remaining three for storage for future
reference.
Pulverised samples are analysed by classical fire assay
techniques on a 50 gram charge with Atomic Absorption Spectrometer
("AAS") finish.
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.
The Induced Polarisation, Resistivity and ground magnetics
surveys have been completed. Data processing and interpretation
have been completed by an independent geophysical consultant. A
final report has just been received and is being reviewed prior to
defining drill targets.
Detailed geological mapping and soil sampling programmes are in
progress.
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
Exploration
Detailed and reconnaissance geological mapping, trenching and
sampling programmes are on-going.
FINANCIALS (unaudited)
As at 30September 2013, the Company had total cash and cash
equivalent in gold on metal account of approximatelyUS$5.99 million
(30 June 2013: US$7.45 million).
The Company sold 15,560 ounces of gold at an average price of
US$1,336 per ounce (June 2013 quarter: sold 16,236 ounces at an
average price of US$1,410 per ounce).
During the quarter, the Company incurred,
-- exploration expenditure of US$4.4 million (June 2013 quarter: US$3.6 million);
-- US$8.9 million on capital works, associated sustaining
capital at the mine and mill and also costs for the new mill
construction and infrastructure (June 2013 quarter: US$9.4
million); and
-- US$9.2 million on continued mine development (June 2013 quarter: US$10.3 million).
The Group has in place overdraft facilities totalling
approximately US$14 million with two Philippine banks and to date
has drawn down approximately US$7 million of its facilities.
JORC 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 Messrs Geoff
Davis and Gary Powell who are members of The Australian Institute
of Geoscientists. Mr Davis is the Non-Executive Chairman of Medusa
Mining Limited and Mr Powell is a Non-Executive Director and both
have 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 2004 Edition of the "Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Messrs Davis and Powell consent to the inclusion in the
report of the matters based on his information in the form and
context in which it appears.
Cube Consulting Pty Ltd
Information in this report relating to Mineral Resources has
been estimated and compiled by Mark Zammit of Cube Consulting Pty
Ltd of Perth, Western Australia. Mr Zammit is a member of The
Australasian Institute of Mining & Metallurgy and has
sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2004 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Mr Zammit consents to the inclusion in the report of the
matters based on his information in the form and context in which
it appears.
Carras Mining Pty Ltd
Information in this report relating to Ore Reserves is based on
information compiled by Dr Spero Carras of Carras Mining Pty Ltd.
Dr Carras is a Fellow of the Australasian Institute of Mining &
Metallurgy and has 30 years of experience which is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Dr Carras 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.
To view the figures, graphs and photos, please click on or paste
the following link in your browser:
http://www.rns-pdf.londonstockexchange.com/rns/6188R_-2013-10-29.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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