Medusa eyes rising gold production

30-Jan-2009 Intellasia | ShareCast | 7:52 AM Print This Post

Philippines focused gold miner Medusa said it is on track to increase production after good progress at its CO-O Mine.

“We continue to make excellent progress at the Co-O Mine where we have increased production this quarter by 76% and recently announced a 40% increase in JORC resource to over 1.2m ozs of gold,” said managing director Geoff Davis in a company statement.

“We are confident that the ongoing drilling programme will further increase this resource figure. We are on schedule to increase production to 100,000 ozs per annum in 2010 and, with an anticipated cash cost of US$200 per ounce, the company will be well positioned as a low-cost gold producer.”


Category: ResourceAsia

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