Medusa Mining Limited Co-O Mine Update (5349K)
August 22 2012 - 4:00AM
UK Regulatory
TIDMMML
RNS Number : 5349K
Medusa Mining Limited
22 August 2012
Medusa Mining Limited
("Medusa" or the "Company")
Co-O MINE UPDATE
22 August 2012
Medusa Mining Limited ("Medusa" or the "Company"), through its
Philippines operating company Philsaga Mining Corporation advises
that on Saturday morning, 18th August a fire broke out in the
Baguio Shaft as a result of sparks caused by welding activities.
The fire has damaged approximately 120 metres of timbering from
Level 2 to surface. More importantly no injuries were sustained in
the fire.
The Company has assessed the damage caused by the fire and
implemented the following plans/actions:
(i) the immediate processing of stockpiles of the mine water
settling pond fines from surface and underground which average
around 3 g/t gold through a second ball mill at the main mill
site.
This will offset the lost production from the Baguio Shaft,
which hauls on average, approximately 250 tonnes per day. The
production guidance of 100,000 to 120,000 ounces for this financial
year remains intact.
(ii) commenced preparations for the re-timbering and
re-engineering of the Baguio shaft which is expected to take three
months.
(iii) Once re-furbished, the Baguio shaft will be capable of
operating at higher haulage speeds with additional capacity.
Peter Hepburn-Brown, Managing Director of Medusa, commented:
"Whilst it is never pleasant to have any disruptions to
production, the upside of re-furbishing the Baguio shaft by
re-timbering and re-engineering will mean a more efficient, high
speed shaft with additional capacity which will better service the
western end of the mine as we continue to develop more ore
sources.
Not only are we fortunate that no injuries were sustained in the
fire, we are fortunate to have stockpiles of fines from our mine
water settling ponds, as well as a second ball mill that we can
utilise to off-set the temporary loss of production from the Baguio
Shaft while it is out of action."
For further information please contact:
Australia
Medusa Mining Limited
Peter Hepburn-Brown, Managing
Director +61 8 9367 0601
United Kingdom
Fairfax I.S. PLC, Financial
Adviser and Broker
Ewan Leggat/Laura Littley +44 (0)20 7598 5368
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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