Western Australia-based Medusa Mining has increased its estimated gold resource in the Philippines by 17 per cent to 862,000 oz.

The AIM-quoted company says its new resource estimate for the Co-0 Mine contains an indicated one million oz of ore at 11.63 grammes of gold per tonne and an inferred 1.45 million oz at 10.06 grammes a tonne. That adds up to an estimated 862,000 oz of gold at an average 10.72 grammes a tonne.

Floated at 27p two years ago, Medusa shares reached 69p last November, but have come back since then. Now 47p, they value the company at £76.4 million.

Growth Company Investor subscribers have full access to all our AIM and small-cap share recommendations. To subscribe today with a half-price offer, and gain immediate access to all the recommendations, click here.

Medusa Mining	AIM	£34.38m	23.50p	0.00p
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