21st Nov 2006 07:00
Medusa Mining Limited (AIM:MML) (ASX:MML)("Medusa" or "theCompany"), the Australian based company operating and developing goldmines in the Philippines, announces its introduction to AIM via thedesignated markets route of that market and the first day of dealingson AIM of depositary interests representing its Ordinary Shares. £ In early November 2006, the Company raised A$ 11,143,990, (beforeexpenses), via a placing of 17,144,599 Ordinary Shares at A$0.65 pershare. The funds raised will enable the Company to complete theacquisition of its Philippines partner, Philsaga Mining Corporation("Philsaga"). £ Highlights: £ -- High grade, low cost producer with extensive Philippines experience £ -- 700 km2 area of tenements along richly endowed East Mindanao ridge £ -- Currently in production; output planned to increase to 100,000ozs by late 2007 - early 2008 £ -- Projected production cost less than US$200/oz £ -- Current resource grade 19.8g/t Au £ -- Excellent potential for long life, high grade, low cost production £ Geoffrey Davis, Managing Director of Medusa, commented: £ "We have the funds to capitalise on the outstanding quality of thegold projects we have acquired with Philsaga, and in conjunction withour other mines we expect production of gold to increase to 100,000ozs by the end of 2007- early 2008. £ "The exploration potential of the tenements is excellent for longlife, high grade gold production and the Company has also identified anumber of porphyry copper-gold targets for drilling in 2007." £ Early November Secondary Placing Statistics: \* TPlacing Price A$0.65Number of Ordinary Shares being issued under the Placing 17,144,599Gross proceeds of the Placing A$11,143,990Estimated net proceeds receivable by the Company A$10,586,791Number of existing Ordinary Shares prior to the Placing 60,791,324Number of Ordinary Shares in issue immediately following Admission 77,935,923Market capitalisation of the Company at the Placing A$50.66M Price\* T Copyright Business Wire 2006Related Shares:
MML.L