Proposed Tax Will Not Affect Medusa
May 05 2010 - 3:10AM
UK Regulatory
TIDMMML
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 <mailto:admin@medusamining.com.au>
Internet: www.medusamining.com.au <http://www.medusamining.com.au/>
ANNOUNCEMENT
5 May 2010
PROPOSED TAX WILL NOT AFFECT MEDUSA
Medusa Mining Limited (ASX and AIM - MML; TSX - MLL) ("Medusa" or the
"Company"), advises that the new Resources Super Profits Tax proposed by the
Australian government will not have any impact on Medusa, as the Company's
operating assets are located offshore in the Philippines.
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
Nominated Adviser and Broker
Ewan Leggat/Laura Littley
Lothbury Financial Services Limited +44 (0)20 7868 2567
Michael Padley/Libby Moss
Canada
Nicholas Sayce, Investor Relations +1 416 822 4404
ABOUT MEDUSA MINING LIMITED
Medusa Mining Limited ("Medusa" or the "Company"), a public company listed on
the ASX, AIM and the TSX, is an Australian based gold producer, focussed solely
on the Philippines.
With current mineral resources comprising indicated 580,000 ounces of gold and
inferred 1,310,000 ounces of gold, Medusa's corporate strategy is to become a
mid-tier, 300,000 to 400,000 ounce per year, low-cost gold producer.
The Company has completed the expansion of its high grade Co-O Mine operations
(indicated resources 580,000 ounces of gold inclusive of a probable reserve of
500,000 ounces of gold, and inferred resources 660,000 ounces of gold) to a
production level 100,000 annualised ounces, and is currently conducting near
mine exploration to assess the possibilities of further expansion to 200,000
ounces per annum. Current cash costs at the Co-O Mine are approximately US$190
per ounce.
A pipe-line of deposits is now being established with the Bananghilig Deposit
(inferred resource of 650,000 ounces of gold) recently added and which is
expected to expand, potentially in conjunction with nearby discoveries.
Further potential upside exists for the discovery of substantial copper deposits
within the tenement holding of more than 800 km2.
[HUG#1411979]
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