100% Increase Co-O Mine JORC Reserve>
100% Increase Co-O Mine JORC Reserve
(Thomson Reuters ONE) - MEDUSA MINING LIMITED ABN: 60 099 377 849 Unit 7, 11 Preston Street Como WA 6152 PO Box 860 Canning Bridge WA 6153 Telephone: +618-9367 0601 Facsimile: +618-9367 0602 Email: admin(at)medusamining.com.au Internet: www.medusamining.com.au17 July 2009 Co-O MINE RESERVE NOW 500,000 OUNCESMedusa Mining Limited ("Medusa" or the "Company"), through itsPhillipines operating company, Philsaga Mining Corporation("Philsaga"), advises that it has completed a JORC compliant OreReserve estimation for the Co-O Mine.The Probable Reserve as at 14 June 2009, now stands at 1,041,000tonnes at 14.9 g/t gold containing 500,000 ounces of gold.This represents an increase of 101% or 251,000 ounces over theProbable Reserve of 249,000 ounces at 10.8 g/t gold announced inAugust 2008. Mine depletion since the 2008 estimate is excluded fromthe new estimate. This ore reserve will allow an approximate 5 yearmine life at a production rate of 100,000 ounces per year.Crosscut Consulting of Queensland, Australia was contracted tocomplete a reserve estimation based on the resource wireframe modelprovided by Cube Consulting Pty Ltd. An Indicated and InferredResource totalling 1,380,000 ounces at a grade of 10.8 g/t gold wasannounced on 1 July 2009.The Probable Reserve was estimated from an Indicated Resource of1,250,000 tonnes at 15.0 g/t gold containing 603,000 ounces of gold. The estimate was based on a gold price of US$900 per ounce and astope cut-off grade of 3.3 g/t gold.Geoff Davis, Managing Director of Medusa commented:"A mine life of 5 years based on reserves is a major achievement fora narrow vein mine, and is the culmination of over 40,000 metres ofdrilling and over 6,000 metres of underground development that hasbeen completed during the last year. The Company anticipates that itwill be able to maintain this level of reserves on a yearly basisthrough continuing conversion of inferred resources to reserves asthe mine develops".For further information, please contact:Medusa Mining Limited +61 8 9367 0601Geoffrey Davis, Managing DirectorRoy Daniel, Finance DirectorFairfax I.S. PLC +44 (0)20 7598 5368Nominated Adviser/Joint BrokerEwan LeggatMirabaud Securities Limited +44 (0)20 7321 2508Joint BrokerPeter KrensLothbury Financial +44 (0)20 7011 9411Michael Padley/Libby MossJORC COMPLIANCE - CONSENT OF COMPETENT PERSONSMedusa Mining LimitedInformation in this report relating to Exploration Results, is basedon information compiled by Mr Geoff Davis, who is a member of TheAustralian Institute of Geoscientists. Mr Davis is the ManagingDirector of Medusa Mining Limited and has sufficient experience whichis relevant to the style of mineralization and type of deposits underconsideration and to the activity which he is undertaking to qualifyas a Competent Person as defined in the 2004 Edition of the"Australian Code for Reporting of Exploration Results, MineralResources and Ore Reserves". Mr Davis consents to the inclusion inthe report of the matters based on his information in the form andcontext in which it appears.Cube Consulting Pty LtdInformation in this report relating to Mineral Resources hasbeen estimated and complied by Mark Zammit of Cube Consulting PtyLtd. Mr Zammit is a member of The Australasian Institute of Mining &Metallurgy and has sufficient experience that is relevant to thestyle of mineralisation and type of deposit under consideration andto the activity which he is undertaking to qualify as a CompetentPerson as defined in the 2004 Edition of the "Australian Code forReporting of Exploration Results, Mineral Resources and OreReserves". Mr Zammit consents to the inclusion in the report of thematters based on his information in the form and context in which itappears.Cube Consulting is an independent Perth based resource industryconsulting firm specialising in geological modelling, resourceestimation and information technology.Crosscut ConsultingThe information in this report that relates to Ore Reserves is basedon information compiled by Declan Franzmann, B Eng (Mining), MAusIMM. Mr Franzmann is a full-time employee of Crosscut Consulting.Mr Franzman has sufficient experience which is relevant to the styleof mineralisation and type of deposit under consideration and to theactivity which they are undertaking to qualify as Competent Personsas defined in the 2004 Edition of the "Australasian Code forReporting of Exploration Results, Mineral Resources and OreReserves". Mr Franzmann consents to the inclusion in the report ofthe matters based on his information in the form and context in whichit appears.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Bereitgestellt von Benutzer: hugin
" alt="Citycon Oyj's Interim Report for 1 January - 30 June 2009>">
Datum: 17.07.2009 - 08:03 Uhr
Sprache: Deutsch
News-ID 3683
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 347 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"100% Increase Co-O Mine JORC Reserve>"
steht unter der journalistisch-redaktionellen Verantwortung von
Medusa Mining Ltd (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
