8 February 2012

Resource boost at Medusa

19/01/2009 Robert Tyerman

Philippines-focused Medusa Mining has increased the gold resource estimate at its Co-0 Mine 40 per cent to 1.2 million oz.

Quoted Down Under and on AIM, Western Australia-based Medusa says the new estimate, completed before Christmas, comprises an indicated 480,000 oz of gold and a less sure inferred 723,000 oz. Since the previous estimate in August, the grade has improved from 10.7 grammes of gold per tonne of ore to 13.3 grammes a tonne.

Floated at 27p in 2006, Medusa shares hit 69p the following year before crumbling to 23.5p last November. They have now rallied to 48p, valuing the company at £70.2 million and could outperform several peers if the improvements continue.  

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Sector: Industrial Engineering

Companies: Medusa Mining

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