AGM Statement
(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.au Medusa Mining Limited (the 'Company') Chairman's AGM AddressAt today's Annual General Meeting of Medusa Mining Limited, held atthe Sheraton Perth Hotel, 207 Adelaide Terrace, Perth, WesternAustralia, the Chairman, Kevin Tomlinson, made the followingcomments:"It is with a great sense of pride that I present my annual addressto you, our shareholders. As outlined in the Annual Report by ourManaging Director, Geoff Davis, this has been a year filled with manyachievements, some of which included new discoveries, significantresource upgrades, increased production ahead of schedule and severalother equally important events."Looking ahead, in early 2010 we expect to attain our immediatetarget production of 100,000 ounces annualized. Drilling at the Co-OMine and nearby veins is on-going to define extensions with the aimof increasing mine production to match mill capacity. Should thedrilling prove successful it could result in additional production ofbetween 20,000 to 30,000 annualized ounces, at minimal capital cost."Reflecting back on the year, in addition to the achievementshighlighted, the Company has diversified its shareholder basesignificantly, particularly on the back of the fund raising conductedin early March. The raising has had significant benefits withincreased liquidity and the introduction of a number of funds andinstitutional investors onto the Company's share register,culminating in the Company being included in the S&P/ASX200 in July2009."The management team has been very active at marketing the "Medusa"story in the North American market. They have conducted several roadshows to Toronto and presented at the Denver Gold Show in order togauge investor appetite for the Company. These initiatives haveemphasized to us the appetite for cash generating companies withsignificant exploration "blue-sky" in these markets, and I think youwill agree, the Company has excellent exploration discovery potentialfor many years to come."All the above achievements and activities have translated into somedramatic corporate statistics; one of which is our marketcapitalization. At the time of last year's AGM on 7 November, themarket capitalization of the Company was just A$95 million,admittedly it was near the low point of the recent downturn, but newdiscoveries at Co-O which were announced in December 2008, increasedresources in January 2009 followed by December 2008 quarterlyproduction increases triggered the share price climb. Today theCompany's market capitalization is around the A$650 million mark, aspectacular rise indeed!"Nevertheless, we are not intending to rest on our laurels and arecontinually looking at ways to maximize shareholder value.Consequently, as a result of a combination of the above factors, I ampleased to inform you that the Company has received conditionalapproval from the Toronto Stock Exchange ("TSX") and will officiallylist and commence trading on the TSX next Friday, 27 November 2009.I consider this to be a significant and major milestone for theCompany and share the same view as my fellow Directors that the NorthAmerican market will ascribe considerable value to our cashflow andto the potential for discoveries in our extensive explorationportfolio."In closing, I would like to extend my sincere gratitude to our teamof over 1,500 people who have contributed to the Company's successthis year and to the people in the communities in which we work. Iwould also like to extend a hearty thank you to our long-termshareholders for their continued and loyal support and welcome newshareholders who have recently invested in the Company."Kevin M TomlinsonChairmanABOUT MEDUSA MINING LIMITEDMedusa Mining Limited ("Medusa" or the "Company"), a public companylisted on the ASX and AIM, is an Australian based gold producer,focused solely on the Philippines.With Indicated Resources of 603,000 ounces and Inferred Resources of1,427,000 ounces, Medusa's corporate strategy is to become a mid-tier300,000 to 400,000 ounce per year, low cost gold producer. TheCompany is currently expanding the high grade Co-O Mine operations(500,000 Reserve ounces at 10.8 g/t gold) to increase its productioncapacity to 100,000 ounces per year, and is conducting near mineexploration to assess the possibilities of further expansion to200,000 ounces per year. Current cash costs at the Co-O Mine areapproximately US$200 per ounce. A pipe-line of deposits is now being established with theBananghilig Deposit (650,000 Inferred ounces at 1.3 g/t gold) whichis expected to expand, potentially in conjunction with new nearbydiscoveries.Further potential upside exists in the discovery of substantialcopper deposits within the tenement holding of > 800km2. 18th November 2008For further information, please contact:Medusa Mining Limited +61 8 9367 0601Geoffrey Davis, Managing DirectorRoy Daniel, Finance DirectorFairfax I.S. PLC(Nominated Adviser/Joint Broker) +44 (0)20 7598 5368Ewan LeggatMirabaud Securities Limited(Joint Broker) +44 (0)20 7321 2508Peter KrensLothbury Financial +44 (0)20 7011 9411Michael Padley/Libby Moss---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 18.11.2009 - 08:00 Uhr
Sprache: Deutsch
News-ID 8540
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 293 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"AGM Statement"
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).
