14/08/2008
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.
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