MML Medusa Mining

TIDMMML

RNS Number : 7153T

Medusa Mining Limited

22 November 2013

 
              MEDUSA MINING LIMITED 
                ABN: 60 099 377 849 
          Unit 7, 11 Preston Street 
                       Como WA 6152 
                         PO Box 860 
             Canning Bridge WA 6153 
          Telephone: +618-9367 0601 
          Facsimile: +618-9367 0602 
   Email: admin@medusamining.com.au 
  Internet: www.medusamining.com.au 
 

22 November 2013

RETIRING CHAIRMAN'S ADDRESS

(ASX & LSE: MML)

Please find attached the retirement address delivered by Mr Geoff Davis who retired from the Board of Medusa Mining Limited at the conclusion of the Company's Annual General Meeting held today.

 
 For further information 
  please contact: 
 Peter Alphonso 
  Company Secretary 
  Phone: +618 9367 0601 
  Website: www.medusamining.com.au 
 

Ladies and gentlemen,

As the business of the meeting is finished, I have just handed my letter of retirement to the Managing Director which is immediately effective.

After over 11 years in Medusa, firstly as the MD for 91/2 years and for the last 2 years as the non-Executive Chairman, I feel it is time to hand over the reins to the new crew as the Company begins a new era as an expanding gold producer.

We have now reached the point where the new 200,000 ounce capacity mill is expected to start ramping up shortly, and the team can concentrate on achieving steady state production at Co-O, ie, the Phase 3 expansion will be complete.

On the horizon is the Bananghilig Project which has met all our expectations in terms of resource size as first enunciated back in 2011 when we commenced the 5 year growth plan to 400,000 ounces. Gold price and market conditions are tempering the speed at which the Company develops this deposit, but the development options are increasing with the recent discovery of the new, potentially higher grade B2 area adjacent to the current one million ounce resource.

The Company is very fortunate to have spectacularly prospective geology and a large tenement area in a new mineral district, with both the Co-O and Bananghilig Deposits open in most directions. I predict that Bananghilig will join Co-O as a multi-million ounce deposit and will eventually provide many years of mine life.

Long-life mines enable the Company to provide long-life benefits to our host communities, and we have developed lasting relationships with all our host communities, and I'm sure these relationships will continue into the future.

It is very satisfying to see what has been achieved. I think we have kept many shareholders happy holders for a lot of the time, although as we all know and appreciate, despite one's best efforts, the results are not always as anticipated and market conditions are not always supportive, and as well, Mother Nature is full of surprises, some of which are unpleasant and unexpected.

On a finishing note, I wish to acknowledge the contributions made by many people since 2002 who have contributed in so many ways to making the Company what it is today, beginning with the seed capitalists and the supporters of our IPO. The Company's strength is its people and supporters, and as the Company has gained credibility, in our host communities it is now a badge of honour to be able to work for and contribute to its success.

Whilst it is a little moving to move on, I am confident that the Company has a very bright future as it assesses building its second mine in due course.

Thank you for your support.

Geoff Davis

This information is provided by RNS

The company news service from the London Stock Exchange

END

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