22nd Nov 2013 09:56
LONDON (Alliance News) - Medusa Mining Limited Friday said Non-Executive Chairman Geoff Davis retired today and has been replaced by Non-Executive Director Andrew Teo.
Teo, who joined the company in February 2010, took up the post following an annual general meeting Friday afternoon in Como, a suburb of Perth, Australia.
Davis is the founding managing director of the gold miner.
"Geoff will be remembered as the driving force getting the company to where it is today," Managing Director Peter Hepburn-Brown, said in a statement.
Recently the company has battled a number of issues such as hurricanes, delays to a new SAG mill as a contractor folded, and falling gold prices.
However, the gold producer operating in the Philippines made progress this year, Davis said at the annual general meeting.
Development work on the L8 shaft initially disappointed, but Medusa found a new wide and productive vein, Don Pedro, which has improved performance.
At the company's other gold site, the Bananghilig Deposit, Medusa found a new area of high grade mineralisation, B2, that is now being explored to inferred resource status. Both B2 and the existing deposit are open in most directions and Medusa believes they may be connected.
"Consequently the significance of the B2 potential has persuaded us to delay the completion of the feasibility study in order to include it in future mining plans," the company said.
Due to delays at the new SAG mill and weak gold prices, Medusa scaled back its drilling programme. Despite this Medusa said regional geological work has expanded resulting in the identification of new areas of mineralisation "potentially worthy of future drilling".
Mineral resources continued to grow, Medusa said, with more than 200,000 ounces added after the production of 62,000 ounces. The total resources now stand at 3.34 million ounces, and the company expects this total to continue to grow annually for some time.
The stock was trading at 98.31 pence Friday morning, up 0.56 pence.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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