TIDMMML
RNS Number : 4901F
Medusa Mining Limited
27 April 2011
QUARTERLY ACTIVITIES REPORT
PERIOD ENDED
31 MARCH 2011
Snapshot of Medusa: OVERVIEW: Co-O MINE PRODUCTION &
q Un-hedged, low cost, DEVELOPMENT -- New Co-O plant with
dividend paying gold capacity for 200,000 ounces per
producer focused on year (750,000 tonnes per year)
organic growth in the permitting in progress, design and
Philippines supervising engineers appointed --
q 5 years growth path Quarterly production of 25,114
to production of 400,000 ounces at an average recovered
ozs per year grade of 11.58 g/t at cash cost of
q Growth underpinned US$191 per ounce -- Saga Shaft:
by strong cashflow from revised plan to Level 7 depth,
Co-O Mine (narrow vein accelerated development commenced,
underground) shaft currently at 32 metres,
-- FY 2010/11: revised temporary headframe erected -- New
target 102,000 ozs at Level 1 adit advanced to 65 metres
cash costs circa US$190/oz Co-O MINE & REGIONAL DRILLING --
-- FY 2011/12: target Discovery of new wide high grade
120,000 to 130,000 ozs vein below Level 5 -- Drilling is
at cash costs circa continuing with six surface and
US$190/oz four underground rigs. -- Results
q Current Mineral Resources include 2.00 metres at 219.70 g/t
comprise gold, 0.80 metres at 42.33 g/t
-- Co-O Mine: Indicated gold, 4.80 metres at 13.84 g/t
603k ozs at 13.2 g/t gold, 9.65 metres at 12.58 g/t
gold; Inferred 898k gold and 13.10 metres at 47.81 g/t
ozs at 9.6 g/t gold gold BANANGHILIG DEPOSIT --
-- Bananghilig: Inferred Resource validation drilling
650k ozs at 1.3 g/t continuing with two rigs and
gold extensional drilling with four
q Current Probable Reserves rigs -- Regional mapping
: Co-O Mine 505k ozs continuing SAUGON PROJECT --
@ 10.7 g/t gold Drilling with three rigs
q Co-O Mine Resources continuing -- TENEMENTS -- Lingig
and Reserves to be maintained & Tambis MPSAs 343, 344-2010-XIII
at current levels resp. and EPs 030 & 031-XIII have
q Conceptual exploration been granted -- FINANCIALS &
target size ** of Co-O CORPORATE -- Total cash and cash
Mine of 3 to 7 million equivalent in gold on metal
ozs account at end of quarter of
q Excellent exploration approximately US$92.4 million --
upside: high grade vein An interim dividend of A$0.05 per
and disseminated bulk share was paid to shareholders on
gold targets, plus seven 23 March 2011
copper targets
q 820 km(2) of tenements
and exploration budget
for FY 2010/11 of US$21M
Board of Directors:
Peter R. Jones (Non-executive
Chairman)
Geoffrey Davis (CEO)
Peter Hepburn-Brown
(COO)
Roy Daniel (CFO)
Robert Weinberg (Non-executive
Director)
Andrew Teo (Non-executive
Director)
Capital Structure:
Ordinary shares: 188,233,911
Unlisted options: 750,000
Listings:
ASX and LSE (Code: MML),
TSX (Code: MLL)
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
--------------------------------------
** The potential target size and
grade is conceptual in nature, and
there has been insufficient
exploration to define a mineral
resource, and it is uncertain if
further exploration will result in
the target being defined as a
mineral resource. Refer to Stock
Exchange announcement dated 18
January 2010.
-------------------------------------- --------------------------------------
PROJECT OVERVIEW
The locations of the Company's projects are shown on Figures 1
and 2. (please see the link at the end of this announcement)
Figure 1. Location diagram showing the Company's tenement areas
and prominent East-West structures
Figure 2. Regional tenement map showing mines and prospects
Co-O MINE
Gold Production
The production statistics for the March 2011 quarter with
comparatives for the previous three quarters as well as the
year-to-date production statistics are summarised in Table I
below.
Table I. Gold production statistics
Qtr ended Qtr ended Qtr ended Qtr ended YTD
31 Mar 31 Dec 30 Sep 30 Jun 31 Mar
Period Unit 11 10 10 10 11
------------ ------ ---------- ---------- ---------- ---------- --------
Tonnes
mined (1) WMT 71,060 61,621 60,367 53,872 193,048
------------ ------ ---------- ---------- ---------- ---------- --------
Ore milled DMT 71,747 66,038 52,463 60,611 190,248
------------ ------ ---------- ---------- ---------- ---------- --------
Recovered
grade gpt 11.58 13.09 15.77 13.65 13.26
------------ ------ ---------- ---------- ---------- ---------- --------
Recovery % 94% 94% 94% 94% 94%
------------ ------ ---------- ---------- ---------- ---------- --------
Gold
produced
(2) ozs 25,114 26,123 25,004 25,012 76,241
------------ ------ ---------- ---------- ---------- ---------- --------
Cash costs
(3) US$ $191 $185 $187 $182 $188
------------ ------ ---------- ---------- ---------- ---------- --------
Gold sold ozs 25,911 23,224 25,659 24,858 74,794
------------ ------ ---------- ---------- ---------- ---------- --------
Average
gold price
received US$ $1,401 $1,384 $1,208 $1,182 $1,329
------------ ------ ---------- ---------- ---------- ---------- --------
Note:
(1) The moisture content in wet tonnes ranges between 6 to
7%
(2) Gold production is actual gold poured (and requires no
further processing) during the period and does not reflect changes
in the balance of gold in circuit. It includes any gold awaiting
shipment
(3) Cash costs refers to the cost of gold mined (net of
development costs), produced but not necessarily sold and includes
royalties and local business taxes of US$52 per ounce for the
current qtr (Dec 10 qtr: US$51/oz, Sep 10 qtr: US$50/oz, Jun 2010
qtr: US$46/oz, YTD 2010/11: US$51/oz)
Gold production for the quarter was marginally higher than
budget at 25,114 ounces, at an average recovered grade of 11.58 g/t
gold and cash costs of US$191 per ounce, inclusive of royalties and
local business taxes of US$52 per ounce.
Medusa, an un-hedged gold producer, sold 25,911 ounces of gold
at an average price of US$1,401 per ounce during the quarter.
A breakdown of actual and forecasted production ounces and cost
per ounce by quarters for the last seven quarters and the remaining
quarter of this fiscal year is highlighted in Graph 1 (please see
the link at the end of this announcement).
Operations
New Co-O Plant
In November 2010, the Board approved the construction of a new
plant with capacity to produce 200,000 ounces of gold per year
based on processing up to 750,000 tonnes per year at the current
reserve grade of the Co-O Mine.
Permitting is in progress with a timeline of late September 2011
for completion.
The Company has contracted Arccon (WA) Pty Ltd for the process
engineering, plant design and construction supervision.
The construction time for the new plant after the necessary
regulatory approvals are granted is estimated at approximately 21
months, and the full benefits of the expansion are expected to be
realised from mid calendar year 2013.
Mine Development
The Saga Shaft sinking has reached 32 metres and erection of a
temporary headframe has been completed. The shaft plan has been
revised so that this shaft will initially be sunk to Level 5 (200
metres below surface as originally planned), and then extended to
Level 7 (300 metres below surface). Completion to Level 5 is
estimated to be during the December 2011 quarter, subject to ground
conditions, and to Level 7 during the June quarter of 2012.
Plate 1 shows the collar area of the Saga Shaft and the
temporary headframe. (please see the link at the end of this
announcement)
Accelerated development was commenced during the quarter to
ensure the underground infrastructure and on-vein development will
be in place as the shaft reaches Level 5 then Level 7. This
accelerated development, from approximately 500 metres per month to
approximately 800 metres per month, is programmed to continue for
approximately the next 18 months and will increase the proportion
of development ore supplied to the mill.
Development on Level 6 is focussing mainly to the east from the
Sabor Shaft.
The new Level 1 adit (Fig. 3 (please see the link at the end of
this announcement)) to access the Royal Veins and North Tinago
Veins has advanced 65 metres. At 80 metres the first cross-cut to
the south to the Saga Shaft will commence which will also cut some
of the NT veins identified by surface drilling. This adit will also
be used as a drilling platform to delineate parallel veins.
Plate1. Saga Shaft collar area and temporary headframe (please
see the link at the end of this announcement)
Mine Production
Production has continued uninterrupted at the mine. Surface
stockpiles are approximately 7,000 tonnes and underground broken
ore is approximately 55,000 tonnes.
Mill Expansion
Installation of two new leach tanks will be completed late May
and will increase the leaching capacity to approximately 1,000
tonnes per day.
Expansion and upgrading of the gold room will be completed in
late April.
Mine Resource Drilling
Surface drilling with two rigs has continued at the Co-O Mine
mainly at the eastern end of the deposit focusing on infill
drilling east of the Agsao River (Figure 3 and Table II).
Underground drilling with four rigs (Figure 4 and Table III (please
see the link at the end of this announcement)) is on-going for
resource delineation and pre-development drilling. The announcement
of 5 April 2011 contains additional detailed results for the MD
series of holes and the underground drill holes with intersections
down to 0.20 metres width which are summarised at >= 0.5 metre
down hole widths in Tables II and III.
The underground drilling has located a new exceptionally wide
high grade vein section east of the Oriental Fault and below Level
5 as shown by the intersections in holes L5-039 and L5-041.
Table II. Surface drill hole results >=3 g/t gold and
>=0.5 metres downhole for new holes MD 300 to MD 305 and
complete assays for a previously partly reported hole designated
**
Grade
(uncut)
Hole Dip Azimuth From Width (g/t
number East North ([deg]) ([deg]) (metres) (metres) gold)
-------- ------- ------- -------- -------- --------- --------- -----------
MD291
** 614223 913120 -55 192 334.10 1.20 4.13
--------- --------- -----------
378.40 0.55 11.92
--------- --------- -----------
452.60 1.40 5.69
--------- --------- -----------
MD295
** 614223 913120 -65 193 400.45 5.65 6.05
--------- --------- -----------
462.00 0.60 6.16 (*)
--------- --------- -----------
612.90 0.50 3.41 (*)
--------- --------- -----------
MD297
** 614018 913157 -64 205 97.40 1.00 3.17 (*)
--------- --------- -----------
179.50 2.45 3.39 (*)
--------- --------- -----------
296.65 1.00 3.03 (*)
--------- --------- -----------
MD298
** 614160 913111 -50 193 265.45 0.65 12.87 (*)
--------- --------- -----------
219.17
425.40 2.00 (*)
--------- --------- -----------
443.10 1.10 14.07 (*)
--------- --------- -----------
489.20 1.60 7.89 (*)
--------- --------- -----------
MD300 614160 913113 -60 196 0.00 4.00 5.89 (*)
--------- --------- -----------
342.50 0.60 5.07 (*)
--------- --------- -----------
MD301 614020 913156 -55 188 143.65 0.55 15.13 (*)
--------- --------- -----------
549.75 0.55 4.57 (*)
-------- ------- ------- -------- -------- --------- --------- -----------
MD302 614021 913156 -52 174 143.10 2.70 6.24 (*)
--------- --------- -----------
176.15 2.15 14.33 (*)
--------- --------- -----------
216.90 1.80 5.56 (*)
--------- --------- -----------
295.70 0.80 42.33 (*)
--------- --------- -----------
MD303 614114 913101 -57 206 55.00 2.50 7.76 (*)
--------- --------- -----------
205.80 0.85 54.70 (*)
--------- --------- -----------
315.35 1.00 4.05 (*)
--------- --------- -----------
366.35 1.00 31.45 (*)
--------- --------- -----------
400.60 0.80 3.70 (*)
--------- --------- -----------
429.50 0.60 6.30 (*)
--------- --------- -----------
610.00 0.80 5.81 (*)
-------- ------- ------- -------- -------- --------- --------- -----------
Notes:
(i) Intersection widths are downhole drill widths not true
widths;
(ii) Assays denoted by (*) are by Philsaga Mining Corporation's
laboratory, all other assays are by McPhar Geoservices Inc. in
Manila;
(iii) Grid co-ordinates based on the Philippine Reference System
92.
Table III.Underground drill hole results >=3 g/t gold and
>=0.5 metres downhole.
Grade
(uncut)
Hole Dip Azimuth From Width (g/t
number East North ([deg]) ([deg]) (metres) (metres) gold)
-------- ------- ------- -------- -------- --------- --------- -----------
LEVEL 2
L2-041 613313 912873 3 193 60.80 0.55 5.63 (*)
-------- -------- --------- --------- -----------
LEVEL 3
L3-014 613965 913136 3 36 61.40 0.60 24.47 (*)
-------- ------- ------- -------- -------- --------- --------- -----------
L3-016 613730 912861 3 225 69.60 3.30 5.06 (*)
--------- --------- -----------
75.60 0.80 4.67 (*)
-------- ------- ------- -------- -------- --------- --------- -----------
L3-017 613728 912863 3 231 102.10 0.60 17.58 (*)
--------- --------- -----------
LEVEL 4
L4-010 613563 912804 3 359 43.05 3.05 5.32 (*)
--------- --------- -----------
L4-011 613561 912804 3 322 95.75 1.40 3.59 (*)
-------- ------- ------- -------- -------- --------- --------- -----------
LEVEL 5
L5-027 613942 912887 -19 203 71.80 1.20 4.93 (*)
--------- --------- -----------
L5-028
** 614136 912893 -19 190 25.30 0.50 3.63 (*)
--------- --------- -----------
69.70 0.60 10.41 (*)
--------- --------- -----------
162.40 4.80 13.84 (*)
--------- --------- -----------
208.20 0.80 49.93 (*)
-------- ------- ------- -------- -------- --------- --------- -----------
L5-031 613945 912887 0 140 120.05 1.50 6.38 (*)
--------- --------- -----------
143.80 3.70 7.31 (*)
--------- --------- -----------
223.40 0.60 3.65 (*)
-------- ------- ------- -------- -------- --------- --------- -----------
L5-033 613943 912887 0 162 55.10 0.60 13.47 (*)
-------- ------- ------- -------- -------- --------- --------- -----------
L5-034 613942 912887 0 183 110.40 0.55 27.96 (*)
-------- ------- ------- -------- -------- --------- --------- -----------
L5-035 613942 912887 0 200 117.10 0.80 7.93 (*)
-------- ------- ------- -------- -------- --------- --------- -----------
L5-039 613943 912887 -53 187 180.95 9.65 12.58 (*)
-------- ------- ------- -------- -------- --------- --------- -----------
L5-041 613943 912887 -53 183 162.80 13.10 47.81(*)
-------- ------- ------- -------- -------- --------- --------- -----------
Notes:
(i) Intersection widths are downhole drill widths not true
widths;
(ii) Assays denoted by (*) are by Philsaga Mining Corporation's
laboratory, all other assays are by McPhar Geoservices Inc. in
Manila;
(iii) Grid co-ordinates based on the Philippine Reference System
92.
Figure 3. Map of the Co-O Mine showing the locations of drill
holes MD300 to MD305 and EXP54 to EXP65
Figure 4. Map of the Co-O Mine showing the location of the
underground drill holes (please see the link at the end of this
announcement)
Regional Drilling
Mapping, trenching and surface drilling around the Co-O Mine
with four rigs is continuing (Fig. 3). The announcement of 5 April
2011 contains additional detailed results down to 0.2 metre widths
which are summarised at >= 0.5 metre downhole widths in Table
IV.
Some holes have returned multiple intersections increasing the
potential of the North Tinago vein set.
It should be emphasised that, as new vein systems are drilled,
drill intersections in veins rarely provide ore-grade intersections
in every hole. As the data base grows, and the characteristics of
each vein become clearer, statistical assessment of the percentage
of oregrade drill hole intersections required, maybe as low as 40%
of holes with ore grade intersections, will increasingly provide
the levels of certainty for turning exploration drill results into
ore that can be developed with confidence.
Table IV.Regional drill hole EXP 054-065 results >= 3g/t gold
and >= 0.5 metres downhole
Grade
(uncut)
Hole Dip Azimuth From Width (g/t
number East North ([deg]) ([deg]) (metres) (metres) gold)
-------- ------- ------- -------- -------- --------- --------- -----------
EXP054 614102 913410 -50 160 710.60 1.15 12.49 (*)
--------- --------- -----------
782.25 0.55 8.29 (*)
--------- --------- -----------
EXP055 613438 913741 -50 180 586.55 0.70 5.10 (*)
-------- ------- ------- -------- -------- --------- --------- -----------
EXP062 614354 913289 -50 160 482.20 0.70 30.43 (*)
--------- --------- -----------
594.15 1.00 8.87 (*)
--------- --------- -----------
736.10 1.00 3.74 (*)
-------- ------- ------- -------- -------- --------- --------- -----------
EXP064 613972 913316 -50 160 348.50 1.00 3.42 (*)
-------- ------- ------- -------- -------- --------- --------- -----------
Notes:
(i) Intersection widths are downhole drill widths not true
widths;
(ii) Assays denoted by (*) are by Philsaga Mining Corporation's
laboratory, all other assays are by McPhar Geoservices Inc. in
Manila;
(iii) Grid coordinates based on the Philippine Reference System
92.
Co-O Drill Hole Sampling and Assaying Procedures
Samples are taken from mainly HQ sized (hole outside diameter 96
mm, hole inside diameter 63.5mm) and some NQ sized (hole outside
diameter 75.8 mm, hole inside diameter 47.6 mm) drill core. The
selected sample intervals are halved by diamond saw and half the
core was bagged, numbered and sent to the Company laboratory. In a
small number of cases to confirm the geological logging, the
selected interval was re-split and [1/4] core re-submitted for
assay.
Initial sample preparation and assaying is undertaken at the
Company's on-site laboratory. Samples are dried at 105 C for 6 to 8
hours, crushed to less than 1.25 cm by jaw crusher, re-crushed to
less than 3 mm using a secondary crusher followed by ring grinding
of 700 to 800 grams of sample to nominal particle size of less than
200 mesh. Barren rock wash is used between samples in the
preparation equipment. The samples are assayed by fire assay with
Atomic Absorption Spectrometer (AAS) finish on a 30 gram sample.
All assays over 5 g/t gold are re-assayed using gravimetric fire
assay techniques on a 30 gram sample.
Check assaying of the majority of samples used in the yearly
resource estimates is undertaken by McPhar Geoservices Phils Inc
("McPhar"), a NATA and ISO 9001/2000 accredited laboratory in
Manila. The pulps are airfreighted to McPhar who fire assay 30
grams of samples using AAS finish and a selected number of samples
are checked using gravimetric fire assay techniques. Duplicate
samples and standards are included in each batch of check
samples.
When reporting results, where available, the assays of McPhar as
an independent laboratory have been given priority over the Company
laboratory's results.
TENEMENTS
Figure 5 (please see the link at the end of this announcement)
shows the locations of the Company's granted tenements. During the
quarter the Tambis tenement containing the Bananghilig Deposit was
granted as Mineral Production Sharing Agreement ("MPSA")
344-2010-XIII, the Das-Agan tenement containing the Lingig copper
prospect as MPSA 343-2010-XIII and Exploration Permits ("EP")
numbers 030 and 031-2010-XIII.
TAMBIS-BAROBO REGION
The Tambis project, currently comprising the Bananghilig Gold
Deposit and the Kamarangan copper-molybdenum porphyry prospect
(Figure 2 (please see the link at the end of this announcement)),
is operated under a Mining Agreement with Philex Gold Philippines
Inc. over application APSA-000022-XIII which covers 6,262
hectares.
Processing of the application is well advanced.
Bananghilig Gold Project
Validation drilling of the resource based on historical drilling
has commenced with two man-portable rigs. Four other rigs are
continuing with extensional and scout drilling.
The aim is to increase the resources to a level which could
provide a 5 year minimum mining life at a production rate of
approximately 200,000 ounces per year.
Regional mapping has been continuing around the deposit and an
update on this will be provided in May.
Usa Porphyry Copper-Gold Prospect
The Usa prospect is located within Mineral Production Sharing
Agreement application XIII-00077 and the Company has a Memorandum
of Agreement with Corplex Resources Inc.
A programme of soil sampling over the favourable geology is
planned.
LINGIG
Mineral Production Sharing Agreement 343-2010-XIII with an area
of 3,824 hectares was granted.
ANOLING
The Mines Operating Agreement with Alcorn Gold Resources Inc.
covers MPSA application 039-XIII situated approximately 8
kilometres north from the millsite as shown on Figure 2. (please
see the link at the end of this announcement)
Processing of the MPSA is progressing.
Mapping and sampling is continuing. Drilling may recommence
prior to the granting of the MPSA.
SAUGON PROJECT
First Hit Vein
Background
Figure 2 (please see the link at the end of this announcement)
shows the Saugon Project located approximately 28 kilometres by
road from the Co-O Mill. Work in 2004 involved drilling at the
First Hit Vein (holes SDDH1 to SDDH35) in conjunction with
underground development via a 30 metre deep inclined winze down the
vein-breccia to assist in understanding the mineralisation.
Further details are contained in the announcements dated 20
April 2010 and 1 December 2010.
Drilling
Drilling is continuing with three drill rigs. Regional mapping
and prospect trenching are also in progress.
Figure 5. Map showing granted tenements (please see the link at
the end of this announcement)
FINANCIALS (unaudited)
As at 31 December 2010, the Company which is debt free, had
total cash and cash equivalent in gold on metal account of
approximately US$92.4 million (31 Dec 2010: US$87.2 million).
During the quarter,
-- the Company sold 25,911 ounces of gold at an average price of
US$1,401 per ounce (Dec 2010 qtr: sold 23,224 ounces of gold at an
average price of US$1,384 per ounce);
-- incurred exploration expenditure of US$7.1million (Dec 2010
qtr: US$7.1 million);
-- expended US$2.4 million on capital works associated
sustaining capital at the mine and mill and also with the
construction and furnishing of the Group's new office premises in
the Philippines (Dec 2010 qtr: US$2.2 million); and
-- spent US$4.6 million on general and accelerated mine
development, inclusive of shaft sinking costs (Dec 2010 qtr: US$2.1
million).
CORPORATE
Dividend
An interim unfranked dividend of A$0.05 per share was paid to
shareholders on 23 March 2011.
Managing Director, Geoff Davis commented:
"The Company has attained its forecast gold production for the
quarter and is on track to meet its annual forecast production.
At the Co-O Mine, the Saga Shaft is progressing and the Level 1
adit to access the Royal and NT veins is well underway. The
accelerated development programme will continue to open up new
levels and new veins.
Drilling at the Co-O Mine continues to deliver some outstanding
results, and potential resource additions in the area of the Royal
and North Tinago veins are taking shape.
The permitting process for the new Co-O Mill is progressing and
currently on track to be completed by the end of September
2011.
At the Bananghilig prospect drilling with six rigs is
continuing. Initial findings of an extensive regional mapping
programme over the Tambis region will be reported shortly."
For further information please contact:
Australia
Medusa Mining Limited +61 8 9367 0601
Geoffrey Davis, Managing Director
Roy Daniel, Finance Director
United Kingdom
Fairfax I.S. PLC +44 (0)20 7598 5368
Financial Adviser and Broker
Ewan Leggat/Laura Littley
Lothbury Financial Services
Limited +44 (0)20 7868 2010
Michael Padley
Canada
Nicholas Sayce, Investor Relations +1 416 822 4404
Information in this report relating to Exploration Results has
been reviewed and is based on information compiled by Mr Geoff
Davis, who is a member of The Australian Institute of
Geoscientists. Mr Davis is the Managing Director of Medusa Mining
Limited and has sufficient experience which is relevant to the
style of mineralisation and type of deposits 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" and is a "Qualified Person" as defined
in "National Instrument 43-101" of the Canadian Securities
Administrators. Mr Davis consents to the inclusion in the report of
the matters based on his information in the form and context in
which it appears.
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" and is a "Qualified Person" as defined in "National
Instrument 43-101" of the Canadian Securities Administrators. 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.
Information in this report relating to Ore Reserves is based on
information compiled by Declan Franzmann, B Eng (Mining), MAusIMM.
Mr Franzmann is a full-time employee of Crosscut Consulting. Mr
Franzman has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration and to
the activity which they are undertaking to qualify as Competent
Persons as defined in the 2004 Edition of the "Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore
Reserves" and is a "Qualified Person" as defined in "National
Instrument 43-101" of the Canadian Securities Administrators. Mr
Franzmann consents to the inclusion in the report of the matters
based on his information in the form and context in which it
appears.
Refer to the revised Technical Report which was filed on Sedar
in August 2010 for further discussion of the Co-O Deposit's
geology, structural controls, drilling, sampling and assaying
information, and any known material environmental, permitting,
legal, title, taxation, socio-political, marketing or other
relevant issue.
DISCLAIMER
This announcement may contain 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.
Please click on the link below to view all diagrams asscociated
with this announcement: -
http://www.rns-pdf.londonstockexchange.com/rns/4901F_-2011-4-26.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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