19th Mar 2007 07:01
Medusa Mining Limited19 March 2007 19 March 2007 MEDUSA MINING LIMITED ANOLING GOLD PROJECT TENEMENTS GRANTED Medusa Mining Limited ("Medusa" or the "Company"), the Australian based companyoperating and developing gold mines in the Philippines advises that two SmallScale Mining Permits have been granted over prospective areas at the AnolingGold Project. The Company will immediately begin exploration via exploration shafts andunderground development of some of the abandoned mines, as well as commencingdiamond drilling. The Anoling Project consists of a large number of artisanal workings and oldmines dating back to pre-World War II. The workings are generally located onwesterly trending vein systems, with some indications of a conjugate northeasttrending vein system. The veins generally consist of banded quartz-carbonatematerial within clay-chlorite-pyrite gouge zones with both types of materialcarrying gold values. Examination of old workings shows that the veins pinch andswell up to approximately 2 metres wide and appear to occur in shoots of between50 and 100 metres in length. Typical grades are anticipated to be in the 8 -12g/t Au range, although a 1980s mine to approximately 100 metres depth at theeastern end of the property is reported to have produced ore at approximately30g/t Au. All ore derived from this project will be sent to the central Co-O processingplant as the development work advances. Geoff Davis, Managing Director of Medusa commented: "The granting of these two tenements is another significant step forward, as theCompany anticipates that additional production is possible from this project inthe near term. "This will assist the Company to steadily increase its total production to thetargeted level of 100,000oz/year in 2008". The information in the above announcement was compiled by Geoff Davis, who hassufficient experience which is relevant to the style of mineralisation and typeof deposit under consideration and to the activity which he is undertaking toqualify as a Competent Person as defined in the 2004 Edition of the"Australasian Code for Reporting of Exploration Results, Mineral Resources andOre Reserves". Geoff Davis consents to the inclusion in the report of thematters based on his information in the form and context in which it appears. For further information, please contact: Medusa Mining Limited +61 8 9367 0601Geoffrey Davis, Managing DirectorRoy Daniel, Finance Director Ambrian Partners +44 (0)20 7776 6417Richard Brown / Richard Greenfield Bankside Consultants +44 (0)20 7367 8888Michael Padley / Daniela Hale Editors' Note Medusa Mining Limited (AIM:MML) is a rapidly expanding gold producer with agrowing number of mining operations in the Philippines. With listings on theASX, AIM and Frankfurt Stock Exchange, Medusa is focused on steadily increasingits production from 40,000oz pa (at an approximate cost of US$200/oz) to atargeted level of 100,000oz pa in early 2008 (from multiple mines). The companyis debt free and its gold production is unhedged. For further information please refer to the Company's website:www.medusamining.com.au This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MML.L