Medusa Mining
HOLDWestern Australia-based gold miner expects resource growth to continue
Medusa Mining has increased the resource estimate for its Co-O gold mine in the Philippines to 1.38m oz.
According to the Western Australia-based company, this new figure for indicated and inferred resources together represents a 15% increase over six months and a 60% gain over a year. The average grade is a respectable 10.8 grammes of gold per tonne of ore.
The stronger category of indicated resources is 25.6% up in six months to 603,000 oz at 15 grammes a tonne, with the more speculative inferred resources category showing 777,000 oz at 8.9 grammes a tonne. Managing director Geoff Davies says ‘we expect resource growth to continue, especially to the east of the mine, as more drilling is undertaken’.
Highlighted by Growth Company Investor at 27p three years ago and again at 48p last January, Medusa shares have now reached 125.5p. Hold on for now.
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Market cap: £212m
PE Forecast: 5.7
Share price: 125.5p
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