Medusa Mining Limited: Interim Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 02/21/12 -- Medusa Mining Limited (ASX: MML)(LSE: MML) ("Medusa" or the "Company"), presents its interim financial results for the six months to 31 December 2011, with a Net Profit After Tax of US$24.0 million.
HIGHLIGHTS FOR THE SIX MONTHS TO 31 December 2011:
Financials
Dividends
The Board has approved an interim un-franked dividend payment of A$0.05 per share payable to shareholders on 23 March 2012.
The relevant dates for the interim dividend are as follows:
There is no foreign conduit income attributed to the dividend.
Operations
Production Outlook
The revised forecast gold production for the fiscal year to 30 June 2012 after taking into account current production of 25,780 is now 75,000 ounces at anticipated cash costs of US$230 per ounce.
A breakdown of actual and budgeted production ounces and cost per ounce by quarters for the last six quarters and the remaining two quarters of this fiscal year is highlighted in Graph 1 below.
To view Graph 1, please visit the following link:
To view the Preliminary Development Timetable, please visit the following link:
Peter Hepburn-Brown, Managing Director of Medusa, commented:
This financial year is a year of transition at the Co-O Mine while expansions to the haulage capacity from underground are completed, and accelerated development is prioritised.
New, large scale haulage in the form of the Saga Shaft commenced in January 2011. Progress has been good, and we anticipate the shaft will be fully operational from 350 metres below surface in the last quarter of calendar year 2012. This will allow us to develop more levels ahead of increased production and to stockpile ore ahead of the new mill commencing operation in mid calendar year 2013.
Continuing exploration success to the east of the Agsao Shaft has driven us to begin preparations for another deep shaft in this area, initially to approximately 750 metres, but possibly to a final depth of approximately 1,000 metres. Geotechnical drilling to test the ground conditions in this area are in progress.
At the mill we have commenced construction and we anticipate that all long lead time items will be delivered on schedule. Initially we are focussing on upgrading the wet circuit being the leach tanks, elution circuit and the thickener, and installing a de-toxification unit to ensure our tailings are benign when discharged to the tailings dam.
The construction of a number of buildings is also in progress. It is always difficult to expand an operation and produce at the same time. However with the team we have on site assisted by our consultants, we are confident we will achieve our timelines for the Co-O expansion, barring interference from the weather.
At the Bananghilig Deposit, drilling is continuing with emphasis on converting the historic 650,000 Inferred resource ounces and additional inferred resource ounces to the Indicated category. The aim is to achieve an initial reserve of approximately 1 million ounces for a 200,000 ounce per year operation.
Our growth plans remain intact and are progressing steadily forward. This year promises to be an exciting year as we move the Co-O Mine construction forward to completion, and we look forward to providing updates as milestones are reached.
DISCLAIMER
This announcement may contain certain forward-looking statements. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan' and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements.
Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Medusa, and its officers, employees, agents and associates, that may cause actual results to differ materially from those expressed or implied in such statements.
Actual results, performance or outcomes may differ materially from any projections and forward-looking statements and the assumptions on which those assumptions are based.
You should not place undue reliance on forward-looking statements and neither Medusa nor any of its directors, employees, servants or agents assume any obligation to update such information.
The complete Half Year Report for December 2011 is available for viewing on our website
ABN: 60 099 377 849
Contacts:
Australia
Medusa Mining Limited
Peter Hepburn-Brown, Managing Director
Geoffrey Davis, Non-executive Chairman
+61 8 9367 0601
United Kingdom
Fairfax I.S. PLC
Financial Adviser and Broker
Ewan Leggat/Laura Littley
+44 (0)20 7598 5368
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Unternehmensinformation / Kurzprofil:
Datum: 21.02.2012 - 12:47 Uhr
Sprache: Deutsch
News-ID 116592
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Mining & Metals
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