07/05/2008
Philippines-focused Medusa Mining says drilling at its Co-O gold mine has encountered an ‘exceptional’ wide high-grade intersection.
The Western Australia-based company says the intersection is 33.5 metres wide and shows an impressive 18.07 grammes of gold per tonne of ore and includes a 15.9 metre-wide vein at 34.04 grammes a tonne. These results come from Hole MD 72 at the Co-O mine and have ‘significantly added to the company’s confidence that new parallel veins will be defined as drilling progresses’, says managing director Geoff Davis.
Highlighted by Growth Company Investor when they floated in late 2006 at 27p, Medusa shares now trade at 67.5p, valuing the company at nearly £110 million. They could fare better than some others in the sector.
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