Companies: MML   

Philippines-focused Medusa Mining has raised estimated gold resources 266 per cent to 713,000 oz at its Co-O mine.

Western Australia-based Medusa has increased the indicated and inferred resource at Co-O from 267,000 oz to 713,000 oz at a respectable grade of 10.9 grammes of gold per tonne of ore and lifted the firmer reserve estimate from 94,000 oz to 256,000 oz at 11.1 grammes a tonne. Managing director Geoffrey Davis claims the company is confident that additional drilling over the coming months can establish a ‘target resource of one million oz at a similar grade’.

When Medusa floated on AIM last November after a £4.67 million placing at 27p, Growth Company Investor noted the shares’ speculative appeal. They now stand at 56.5p, up 2p this morning, valuing the company at £44 million, and could go further if Medusa does hit its key one million oz target.

Medusa Mining	AIM	£44.26m	30.25p	3.25p
Click here for interactive charting
Other company articles:
Medusa claims more gold			14/08/2008
Exploration Insights by Robert Tyerman			02/06/2008
Medusa finds high grades			07/05/2008
Medusa prepares to drill			13/11/2007
Resource boost at Medusa			04/09/2007