TIDMMML
RNS Number : 3474W
Medusa Mining Limited
30 January 2012
Medusa Mining Limited
("Medusa" or "the Company")
QUARTERLY ACTIVITIES REPORT
PERIOD ENDED 31 DECEMBER 2011
30 January 2012
Snapshot of Medusa:
- Un-hedged, low cost, dividend paying gold producer focused on organic growth in the Philippines
- Growth path to production of 400,000 ozs per year by end 2015/early 2016
- Growth underpinned by strong cashflow from Co-O Mine (narrow vein underground)
- FY 2011/12: revised production guidance of 75,000 ozs at cash costs circa US$230/oz
- Current Mineral Resources comprise
- Co-O Mine: Indicated 616k ozs at 12.0 g/t gold; Inferred 1,344k ozs at 8.8 g/t gold
- Bananghilig: Inferred 650k ozs at 1.3 g/t gold
- Current Probable Reserves: Co-O Mine 502k ozs @ 10.1 g/t gold
- Co-O Mine Resources and Reserves to be maintained at current levels
- Conceptual exploration target size ** of Co-O Mine of 3 to 7 million ozs
- Excellent exploration upside: high grade vein and disseminated
bulk gold targets, plus seven copper targets
- 820 km2 of tenements and exploration budget for FY 2011/12 of US$27M
** 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 24 August 2011.
Board of Directors:
Geoffrey Davis (Non-executive Chairman)
Peter Hepburn-Brown (Managing Director)
Ciceron Angeles (Non-executive Director)
Robert Weinberg (Non-executive Director)
Andrew Teo (Non-executive Director)
Capital Structure:
Ordinary shares: 188,903,911
Unlisted options: 715,000
Performance rights: 250,000
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:
Co-O MINE PRODUCTION & DEVELOPMENT
- New Mill: Construction commencing on new large leach tank,
detoxification circuit, thickener upgrade.
- Production: 16,270 ounces at a recovered grade of 8.00 g/t
gold and cash costs of US$242 per ounce. Production influenced by
accelerated development and operational disruptions by tropical
storm Sendong (mid December 2011) and continued torrential rainfall
over the Christmas and New Year period.
- Saga Shaft: currently at 210 metres. Re-optimisation of
development plan recommends sinking directly to Level 8 (350 metres
below surface) to install loading facilities. Completion estimated
Q4 in CY12. Production revised due to high percentage of
development ore produced to support Level 8 development.
- Emergency assistance: two mines rescue teams assisted at the
Pantukan landslide site 50km from the Company's operations.
Co-O MINE EXPLORATION
- Drilling is continuing with six surface and five underground
rigs. Exploratory drilling for new deep vertical shaft is underway
to the east of the Agsao Shaft.
- Drilling update planned for the next quarter and regional IP survey planned.
TAMBIS AREA - BANANGHILIG DEPOSIT
- Primarily infill resource drilling in progress with seven rigs
with the aim of upgrading a majority of resources to Indicated
category.
- Drill results announced on 17 January 2012 include 6.05 metres
at 17.09 g/t gold, 28.55 metres at 1.54 g/t gold, 12.70 metres at
2.44 g/t gold, 14.05 metres at 1.20 g/t gold, 10.70 metres at 1.88
g/t gold, 11.95 metres at 1.19 g/t gold and 7.45 metres at 3.55 g/t
gold.
SAUGON PROJECT
- Drilling completed, IP survey nearing completion.
ANOLING
- Drilling with four rigs is underway.
CORPORATE & FINANCIALS(unaudited)
- Total cash, cash equivalent in gold on metal account and
bullion at end of quarter of approximately US$80.2 million
PROJECT OVERVIEW
The locations of the Company's projects are shown on Figures 1
and 2 (please see link at the end of this announcement).
Co-O MINE
Gold Production
The production statistics for the December 2011 half-year and
quarter with comparatives for the previous three quarters are
summarised in Table I below.
Table I. Gold production statistics
Unit Qtr ended Qtr ended Qtr ended Qtr ended HY ended
31 Dec 30 Sep 30 Jun 31 Mar 31 Dec
11 11 11 11 11
Tonnes mined WMT 71,872 41,596 69,562 71,060 113,468
Ore milled DMT 68,008 42,152 76,365 71,747 110,160
Recovered grade gpt 8.00 8.33 11.05 11.58 8.10
Recovery % 93% 93% 93% 94% 93%
Gold produced ozs 16,270 10,510 25,233 25,114 25,780
Cash costs (1) US$/oz $242 $291 $194 $191 $261
Gold sold ozs 10,000 15,446 21,423 25,911 25,446
Average gold price
received US$ $1,761 $1,587 $1,518 $1,401 $1,655
Note:
(1) Net of development costs and includes royalties and local
business taxes
Gold production for the quarter was 16,270 ounces, at an average
recovered grade of 8.00 g/t gold and cash costs of US$242 per
ounce, inclusive of royalties and local business taxes.
As previously advised to the market, the mine continues to
operate predominantly in development mode to prepare for the future
production increase and all development ore mined to date has been
treated through the mill. The increased amount of development ore
treated is the primary reason for the lower recovered grade for the
past two quarters, compared to quarters from the previous
years.
Disruption to production during the quarter was experienced
following the passing of tropical storm Sendong (see announcement
19 December 2011) followed by continued torrential rain over the
Christmas and New Year period. As a consequence of this disruption
over several weeks, in combination with the accelerated development
program currently undertaken to prepare for the future production
increase and the decision to sink the Saga Shaft to Level 8
(previous target Level 6), the Company has revised its production
guidance to 75,000 ounces for the financial year.
Whilst cash costs per ounce for the quarter is relatively high
at US$242 per ounce (YTD: US$261 per ounce), primarily as a result
of a drop in gold production, the Company anticipates, that the
unit costs will average circa US$230 per ounce for the year as
production increases in the second half of the financial year.
Medusa, an un-hedged gold producer, sold 10,000 ounces of gold
at an average price of US$1,761 per ounce during the quarter.
Preliminary Development Timetable
Graph 1 (please see link at the end of this announcement) is the
updated Preliminary Development Timetable and Production Guidance
for the new Co-O Mill followed by the Bananghilig Project.
The total estimated Capex (inclusive of mine development and
shaft sinking) for the Phase 3 expansion of Co-O is US$70 million
which will funded entirely from the Company's cash flow.
New Co-O Mill
In November 2010, the Board approved the construction of a new
mill 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.
The application to upgrade the Environmental Clearance
Certificate for the current Co-O Mill to 2,500 tonnes per day
awaits signing in Manila pending completion of a mining industry
policy review.
Operations
Mine Development
Major renovations are continuing at the Co-O Mine to modernise
the mine for its expected long life.
Acceleration of the lateral development is ongoing to ensure the
underground infrastructure and on-vein development will be in place
for the Saga Shaft. This accelerated development reached a record
during the quarter and consequently increased the proportion of
development ore supplied to the mill which is expected comprise the
majority of the mill feed during this accelerated development
period.
Sinking of the Saga Shaft progressed smoothly, except for
interruptions in December during the passing of tropical storm
Sendong and subsequent torrential rainfall, and is currently at 210
metres depth.
A re-optimisation of the development programme has determined
that the best outcome is to sink the Saga Shaft directly to Level 8
(approximately 350 metres below surface) and by-pass Level 6 as
envisaged in the earlier design. The re-optimisation is based
on
- 70% of the resources (approximately 1.3 million ounces) are above Level 8;
- The successful up-grading of the Agsao Shaft during the September quarter;
- Continuing good underground exploration results; and
- The increasing rate of development.
The successful upgrading of the Agsao Shaft means the mine can
now haul approximately 1,000 tonnes per day to feed the mill at its
current capacity. Minor fine tuning is continuing at the Agsao
Shaft.
Development on Level 6 is continuing mainly to the east from the
Sabor Shaft. A second internal shaft between Levels 5 and 6 has
been completed to increase production from Level 6. Preparations
are underway to sink ore passes from Level 5 to Level 8.
Mine Production
Production was disrupted by the passing of tropical storm
Sendong (Washi) on 16th and 17th of December 2011 (as announced on
19 December 2011). Torrential rain disrupted transport of ore from
the mine to the mill due to haul road damage. Torrential rain
continued over the Christmas and New Year period triggering
landslides and overflowing the Agsao River bridge immediately
adjacent to the mine resulting in erosion around the bridge
abutments, and also, separately, of some embankments within close
proximity of the Saga Shaft.
The continual rain has severely hampered the haul road repairs
and forced reduction of ore haulage to avoid damaging the road.
Repairs are continuing but are dependent on weather conditions.
Ore trucked to the mill during the quarter was predominantly
development ore, low grade stockpiles and some stope ore.
The re-optimisation of the sinking of the Saga Shaft to Level 8
will mean that the high rate of development will continue until
this shaft is completed, continuing the high percentage of
development ore in the mill feed. Once the Saga Shaft is completed
with an estimated haulage capacity to 1,500 tonnes per day, then it
will be possible to increase the amount of stope ore that is hauled
and processed.
It is estimated that the Saga Shaft will be completed and
hauling from Level 8 commenced during the December quarter
2012.
The Company provided two of its mine rescue teams to local
authorities in the Compostella Valley region approximately 50
kilometres to the south of the Company's operations to assist with
rescue activities at the isolated Pantukan landslide disaster area.
The landslide hit the village of Pantukan during the same period of
torrential rain that the Co-O Mine site experienced in early
January 2012.
Mill Expansion
The current status of activities is:
- Construction of a new large leach tank and a detoxification
plant, and planned re-furbishment of four small leach tanks to
commence in February;
- Site works for the construction of new crushing and grinding
sections (separate from the current crushing and grinding sections)
to commence in February 2012;
- Upgrading of the thickener and the elution circuit to commence in March 2012;
- 80% completion of tailings dam number 5, which was interrupted
during November and December by rain. Approximately 2 weeks of work
remain to be completed.
Exploration
Drilling with six surface rigs and five underground drilling
rigs is continuing. Drilling of two vertical holes located east of
the Agsao River to approximately 1,000 metres is underway to test
for suitable positions for a new deep shaft, likely to target 750
metres depth initially.
The Company plans to announce drilling results during April
2012.
Planning has commenced of an extensive regional Induced
Polarisation/Resistivity ("IP/Res") and ground magnetics programme
around the Co-O Mine.
Health and Safety
Lost time accident frequency rate (LTAFR) for the six months to
31 December 2012 is 1.10 including exploration. By comparison, the
latest West Australian gold mining industry figure available to 30
September 2011 was 3.10, excluding exploration statistics of
6.70.
As reported on 31 October 2011, an underground miner on
afternoon shift was involved in a fatal accident in a shrinkage
stope at the mine. The broken ore that the miner was standing on
collapsed due to an undetectable cavity caused by bridging above
the full ore chute.
There were no breaches of any of the project's operating
regulations during the quarter.
Graph 1 - Primary Development Timetable (please see link at the
end of this announcement)
TAMBIS REGION
The Tambis project comprising the Bananghilig Gold Deposit
(Figure 2 - please see link at the end of this announcement) 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.
Figure 3 (please see link at the end of this announcement) shows
the Interpreted geological map showing drill hole locations for TDH
103-130 & 135-141.
BANANGHILIG GOLD DEPOSIT
In July 2010, new regional and detailed mapping and drilling
programmes were commenced with the aim of validating the current
resource of 650,000 ounces of gold and extending it to provide a
reserve of approximately 1,000,000 ounces. This reserve would form
the basis for a feasibility study which would target production of
200,000 ounces of gold per year from a new milling facility.
The announcement of 12 September 2011 summarises the Tambis
regional geological setting, local geological setting, deposit
description and mineralisation, shows a typical cross-section
through the deposit and the drill hole intersections obtained for
the period 24 July 2010 to 31 August 2011. Additional information
is contained in the September 2011 quarterly report dated 24
October 2011.
On 17 January 2012 a drilling update contained continuing good
results. Drilling is now focused on infill to upgrade as much of
the resources as possible to the Indicated category. A new resource
estimate is planned for the September quarter 2012.
DRILL RESULTS
During the period 31 August 2011 to 31 December 2011, 8,568.95
metres of diamond drilling in 21 holes has been completed. The
drilling continues with 7 rigs in the area.
Figure 3 (please see link at the end of this announcement) shows
only the drill holes with new assays, being holes TDH 103 to 141
excluding TDH 131 to 134 which have been drilled outside the
Bananghilig area.
First pass assaying for gold has been undertaken on all samples
submitted to the laboratory. Additional assaying is ongoing from
selected intervals for base metals, silver and other elements. The
announcement dated 17 January 2012 contains additional detailed
information and drill hole intersections are reported down to 0.5
g/t gold. The results are summarised in Table II where significant
intercepts are defined on the following basis:
(i) lower cut off grade of 0.5 g/t Au, and
(ii) >= 5 metres downhole intercept width at >= 1.00 g/t Au, or
(iii) <= 5 metres downhole intercept width at >= 5
gram*metres, and
(iv) maximum of 3 metres of downhole internal dilution at <=
0.5 g/t Au.
Table II. Bananghilig surface drill hole results >=1 g/t
gold.
Hole number East North Dip Azimuth From Width Grade (uncut)
([deg]) ([deg]) (metres) (metres) (g/t gold)
TDH 103 945228 612334 -60 130 169.80 1.00 9.74
TDH 105 945493 612520 -60 130 55.95 3.00 3.12
62.95 6.05 17.09
80.15 2.85 3.98
136.10 0.70 22.19
TDH 107 945331 612443 -60 130 45.80 2.45 2.06
103.60 3.05 2.59
136.70 1.30 43.75
TDH 108 945320 612748 -60 130 106.75 1.45 4.01
122.80 14.35 1.09
388.10 1.00 5.68
402.10 1.00 13.20
TDH 109 945018 612911 -60 130 347.15 16.55 1.00
406.70 10.25 1.13
TDH 110 945447 612974 -60 130 438.55 1.00 5.93
455.45 1.00 20.19
TDH 113 945296 612481 -60 130 6.40 1.50 10.53
116.65 4.25 2.20
TDH 114 944947 613088 -60 130 75.90 1.65 3.14
94.15 5.95 1.26
454.15 2.15 4.38
Hole number East North Dip Azimuth From Width Grade (uncut)
([deg]) ([deg]) (metres) (metres) (g/t gold)
TDH 115 945367 612381 -60 40 89.95 0.70 9.23
135.80 28.55 1.54
116.90 0.80 8.51
140.45 5.45 2.75
181.25 3.55 10.03
201.20 4.75 1.20
292.65 3.45 6.98
332.80 1.40 4.48
TDH 118 945037 612514 -60 130 38.80 4.40 8.90
109.20 12.70 2.44
TDH 119 945294 612578 -60 130 37.55 2.00 5.54
TDH 120 945239 612383 -60 130 241.00 1.00 6.42
338.05 6.00 1.43
TDH 122 944983 612713 -60 130 139.00 4.70 1.87
TDH 123 945200 612496 -60 130 228.10 4.50 2.99
TDH 124 945108 612614 -60 130 107.20 3.50 2.30
TDH 127 945259 612994 -60 130 22.30 5.10 1.76
232.35 1.00 10.87
242.60 6.65 2.17
265.40 7.50 1.92
275.90 14.05 1.20
299.95 7.00 1.01
TDH 130 945606 612511 -60 130 24.70 1.40 6.25
165.25 2.35 5.32
187.90 2.00 2.68
194.10 10.70 1.88
264.85 4.35 2.63
287.60 0.90 14.02
317.25 9.65 1.50
331.90 5.00 1.41
TDH 137 945522 612397 -60 130 446.45 5.95 2.13
TDH 138 945278 613055 -60 130 151.30 5.80 2.36
TDH 140 945406 612631 -70 130 3.25 8.75 3.01
17.00 6.00 1.52
67.00 4.70 3.04
108.15 11.95 1.19
121.10 6.05 1.15
175.45 9.35 1.45
285.90 6.25 1.33
TDH 141 945630 612542 -60 130 41.50 15.90 1.18
61.15 5.75 1.18
127.00 2.65 6.18
143.60 2.30 17.19
262.15 7.45 3.55
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) Check surveying of collar positons in progress;
(iv) Grid coordinates based on the Philippine Reference System 92.
DRILLING, 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 Testing Services Philippines,
Inc. (Intertek) respectively.
Drilling is carried out by SBF using wireline diamond coring
techniques, with the core being predominantly HQ triple-tube (HQ3)
diameter (OD 61mm). The holes are initially collared using PQ
drillbits (OD 123mm) to recover PQ3 core (OD 83mm) until the
drillbit encounters competent ground, then the coring bit is
reduced to HQ3 for the remainder of the drill hole. If difficult
conditions are encountered, then the drill bit is changed to NQ3
(core OD 45mm) and the hole continued until the planned depth or
bad ground conditions prevent further drilling, whichever occurs
first. Core recovery is generally better than 95% and is considered
to be good.
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: 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 (1) 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 are supervised at all times by the
geologist 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 ongoing.
Analytical Procedures
Sample preparation is undertaken by Intertek at their Surigao
City laboratory, where each sample is 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. Sizing tests are carried out on 1 in 20 assay
pulps at 75<MU>m (200 mesh) to monitor the pulverising stage.
Four 250 gram splits are obtained, one for sample analyses and the
remaining three for storage for future reference.
Standard laboratory procedure is to clean the crusher and
pulveriser regularly with barren material and/or bowl wash, to
minimise carry-over contamination.
Pulverised samples are analysed by classical fire assay
techniques on a 50 gram charge with Atomic Absorption Spectrometer
(AAS) finish. All assays over 5 g/t gold and other selected samples
are re-assayed using gravimetric fire assay techniques on a 50 gram
sample.
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.
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.
An IP/Res and ground magnetics programme will commence
shortly.
ANOLING
The Mines Operating Agreement with Alcorn Gold Resources Inc.
covers MPSA application 039-XIII situated approximately 8
kilometres by road to the north of the millsite as shown on Figure
2 (please see link at the end of this announcement). Approval of
the MPSA is awaited.
Four drill rigs are currently operating. It is anticipated that
results will be announced in June 2012.
Mapping, trenching and sampling are on-going.
SAUGON PROJECT
First Hit Vein
Background
Figure 2 (please see 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 which summarised the historical results and 1 December
2010 which contained drilling results for holes SDDH 36 to 64A.
Some additional results for hole SDDH 69 are contained in the 2011
Annual Report.
Exploration
Drilling has been completed. Regional mapping and prospect
trenching are continuing and the IP/Res and ground magnetics
programme is nearing completion.
An update of results is expected to be provided in the March
2012 quarterly report.
FINANCIALS (unaudited)
As at 31 December 2011, the Company which is debt free, had
total cash, cash equivalent in gold on metal account and bullion of
approximately US$80.2 million (30 Sep 2011: US$80.9 million).
During the quarter,
- the Company sold 10,000 ounces of gold at an average price of
US$1,761 per ounce (Sep 2011 qtr: sold 15,446 ounces of gold at an
average price of US$1,587 per ounce);
- incurred exploration expenditure of US$7.3 million (Sep 2011 qtr: US$8.0 million);
- spent US$3.6 million on capital works, associated sustaining
capital at the mine and mill and also costs for the new mill
construction and infrastructure (Sep 2011 qtr: US$5.4 million);
and
- spent US$7.9 million on general and accelerated mine
development, inclusive of shaft sinking costs (Sep 2011 qtr: US$6.7
million).
Managing Director, Peter Hepburn-Brown commented:
"I am pleased to advise that the expansion of the Co-O operation
to 200,000 ounces per annum is picking up pace with the
commencement of construction activities at the mill commencing in
January 2012.
A review of the underground shaft haulage system in the December
quarter, together with the successful upgrading of the Agsao Shaft
in the September quarter has shown that the Saga Shaft, currently
being sunk, is best optimized by sinking directly to the Level 8
before installing ore hoisting facilities rather than the Level 6
as previously announced. This will allow accelerated development to
occur, not only on the Level 6, but also Levels 7 and 8 and will
allow ore to be stockpiled prior to completion of the expanded mill
in mid-2013, thus allowing a smooth transition to 200,000 ounces in
FY 2014.
Completion of the Saga Shaft and commencement of ore haulage is
now expected in the last quarter of Calendar Year 2012.
Tropical storm Sendong and continued torrential rains in late
December and January caused disruptions to the Company's operations
and adversely impacted gold production. However despite these short
term setbacks, the Company remains in a healthy financial
position.
I continue to urge all shareholders to focus on our long term
objectives of developing a profitable long term asset."
For further information please contact:
Australia
Medusa Mining Limited +61 8 9367 0601
Geoffrey Davis, Chairman
Peter Hepburn-Brown, Managing
Director
United Kingdom
Fairfax I.S. PLC +44 (0)20 7598 5368
Financial Adviser and Broker
Ewan Leggat/Laura Littley
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 Chairman 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 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 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. 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 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.
Click on, or paste the following link into your web browser, to
view the associated PDF document:
http://www.rns-pdf.londonstockexchange.com/rns/3474W_-2012-1-27.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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