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October 29, 2009

Medusa Sees Q3 Gold Increase

Medusa Mining's gold output from the Co-O mine for the quarter ended 30 September 2009 was 18,054oz, a 12.5% rise compared to 16,009oz for the previous quarter ended 30 June. The record gold production was attributed to progress achieved in the second phase of the company's expansion pr

By cms admin

Medusa Mining’s gold output from the Co-O mine for the quarter ended 30 September 2009 was 18,054oz, a 12.5% rise compared to 16,009oz for the previous quarter ended 30 June.

The record gold production was attributed to progress achieved in the second phase of the company’s expansion programme at the mine, which is on schedule.

Phase II expansion is on target to increase the mine’s output from 60,000oz to 100,000oz a year for the first quarter of 2010.

For the quarter ended 30 September, 40,434t were mined at Co-O compared to 38,196t for the previous quarter, while ore milled was 40,467t for the September quarter compared to 36,622t for the earlier quarter.

The gold was generated at 14.78 g/t gold average grade for the quarter ended 30 September 2009 compared to 14.28 g/t grade for the previous quarter.

The cash costs were $193 an ounce for the quarter ended 30 September 2009 compared to $198 for the earlier quarter.

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