TIDMMML
RNS Number : 0895R
Medusa Mining Limited
14 November 2012
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
ANNOUNCEMENT
14 November 2012
CHAIRMAN'S ADDRESS AND AGM PRESENTATION
(ASX & LSE: MML)
Please find below the Chairman's address which will be delivered
at the Company's Annual General Meeting, to be held in the
Goldsworthy Room, Pan Pacific Hotel, 207 Adelaide Terrace, Perth,
Western Australia on Thursday, 15 November 2012 at 11.00 am.
The PowerPoint Presentation which will be delivered at the
Company's Annual General Meeting can be accessed via the following
link:
http://www.rns-pdf.londonstockexchange.com/rns/0895R_-2012-11-14.pdf
CHAIRMAN'S ADDRESS - MEDUSA AGM 2012
15th November 2012, 11.00 am (WST),
Goldsworthy Room, Pan Pacific Hotel,
207 Adelaide Terrace, Perth, Australia
Dear shareholders,
My name is Geoff Davis and on behalf of my fellow Directors, I
welcome you to this, the 9th Annual General Meeting of Medusa
Mining Limited.
I am sure all shareholders are aware that this year has indeed
been challenging as we've tried to balance production with
development, upgrade existing shafts and infrastructure at both
mine and mill, some of which has been exacerbated by adverse
weather events. I am however pleased to point out that as a result
of these unfortunate incidents we are now in a much stronger
position as the deficiencies and weaknesses in the project (which
was constructed in the late 1980s) which were not previously
evident have now either been addressed, or are being attended
to.
The Phase 3 expansion of the Co-O project with a capacity to
produce 200,000 ounces per year has two major facets. The first
facet is the Saga Shaft at the mine, which is currently in the
final stages of construction and due for commissioning just before
Christmas. I consider the Saga Shaft a "game changer" and am
pleased to report that its completion is on schedule with the
sinking to 350 metres completed in the first week of September, and
the winder and headframe being installed.
The second facet is the mill expansion with construction of a
large new leach tank completed and commissioned, and the
foundations for the SAG mill, crusher and the detoxification plant
completed. I am pleased to report that the last major concrete pour
took place last Saturday. All major equipment items are on site and
construction is on schedule for commissioning in June 2013.
The Company spent US$37million on exploration during the year
and achieved a significant increase in its resource base now
totaling over 3 million ounces for the first time. We also
completed a major re-interpretation of the Co-O Mine geology which
has enhanced the upside for the resources to continue to grow in
future years. Our aim at Co-O is to increase the resources to
around 2.5 million ounces, which will provide an on-going mine life
of approximately 10 years based on the 80% conversion factor for
converting resources to reserves through on-going development. The
strategy is to replenish at a minimum, the 200,000 mined ounces
each year with new resource ounces.
In this financial year we look forward to the finishing the
expansion of Co-O culminating in the completion of the Saga Shaft
in late December 2012 and the commissioning of the new mill in mid
calendar year 2013. In addition we also look forward to positive
outcomes from the Bananghilig Deposit feasibility study now
underway, followed by submission to the government of the
application for the necessary construction permits for this new
200,000 ounce per year project.
During the year our work force (inclusive of contractors)
increased to approximately 3,000 and our community activities also
expanded to provide additional services as well as partnering with
a number of groups in a way that enables that expansion of services
to be more effective. I am also pleased to report that our Lost
Time Accident Rate for the year has decreased to 1, and for
comparative purposes, is below the West Australian Gold Mining
industry's latest figures. Health and Safety is and will always be
a very important part of the Company's focus and activities.
In July this year a government review of the Philippines mining
industry was completed and guidelines for future changes to its
operation issued by the President of the Philippines in Executive
Order number 079. There is no immediate effect on the Co-O
operations, however we caution that, under current guidelines,
timely receipt of the permits for the Bananghilig Deposit will
require the government to pass new tax measures aimed at increasing
its revenues before construction permits can issued.
Finally, I wish to thank all our supportive shareholders, my
fellow directors and Perth office staff, our dedicated managers,
staff and employees in the Philippines, and numerous others in the
stockbroking and financial communities who support the Company's
progress.
Thank you.
Geoff Davis
Chairman
For further information
please contact:
Peter Alphonso
Company Secretary
Phone: +618 9367 0601
Website: www.medusamining.com.au
Please find below Competent Persons' Consents in relation to
resource and reserve information which appears in the AGM
presentation.
Medusa Mining Limited
Information in this report relating to Exploration Results has
been reviewed and is based on information compiled by Mr Geoffrey
Davis, who is a member of The Australian Institute of
Geoscientists. Mr Davis is the Non-Executive 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". 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.
Cube Consulting Pty Ltd
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
Australian Institute of Geoscientists 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". 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.
Carras Mining Pty Ltd
Information in this report relating to Ore Reserves is based on
information compiled by Dr Spero Carras, FAusIMM of Carras Mining
Pty Ltd. Dr Carras 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 a
Competent Person as defined in the 2004 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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