Medusa Mining

ADD

07/05/2010 Ben Jaglom

Australian gold producer Medusa Mining says drilling at Lingig in the Philippines has continued to intersect encouraging copper mineralisation at two locations.

Medusa, quoted on AIM and also listed in Australia and Canada, believes the drilling has contributed to making 'good progress in unraveling the mineralisation at its Lingig project', according to managing director Geoff Davis. Lingig is part of Medusa's growing copper portfolio, recently expanded with the discovery of a porphyry copper-gold target named Usa, and Davis says 'further work is expected to continue to add value to these exploration targets'.

Medusa saw profits for the six months to December rise 200% to $28.3m (£18.67m) while earnings per share increased 158% to 0.168 (£0.11p). Growth in revenue was due to increased gold production, up 161% to $41.3m (£27.258m).

Highlighted by Growth Company Investor at 232p in December, Medusa shares, which have traded between 79p and 291p over the last twelve months, fell three points this morning to 267.50p. Worth another punt for the brave.

Tags: AIM, Commodities, Growth Stocks

Sector: Mining

Companies: Medusa Mining

Market cap: £501m

PE Forecast: n/a

Share price: 267.5p