MML are an existing gold producer on the island of Mindanao, and are looking to expand production towards 100,000 ozs Pa during 2007.

Mining costs are low, around $250 per oz, and with gold around the $650 level, there is a healthy margin.

MML have returned good grades in recent exploration, and have an exploratory copper project within their licence area.


recent analysis - Click HERE


MML look undervalued compared to their peers, IMO.

major investor makes initial investmet, information here

Share Trader..MML looks like a good bet to me so I've just bought some for my SIPP and share account.

A bit from the other side:
July 2007 Edison Investment Research document with a UK Junior Mining Sector focus entitled Pay Dirt.

It marks Cambridge Mineral Resources share price upside as 550% (pages 6, 12 and 33).

It also marks Medusa Minings share price upside as 124% (pages 6, 12 and 39).

http://www.minesite.com/investors/brokers_notes.html

Dynamite

Thanks for that link.

I saw MML present late last year, and bought in straight away, as the investment argument looked compelling IMO.

There's a strong management team here, and a good licence area with strong possibilities of a much larger resource, plus maybe some copper.

I nearly visited the Co-oO mine in May, but the suspension of an internal flight in the Philippines meant I didn't have the time without wasting valuable holiday days flying around the long way.

Medusa Mining Limited
09 July 2007



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@medusamining.com.au
Internet:
www.medusamining.com.au



MEDUSA MINING LIMITED

NEW DISCOVERIES at Co-O


Medusa Mining Limited ('Medusa' or the 'Company'), the Australian based company
operating and developing gold mines in the Philippines, advises that it has
discovered new veins with consistent and exceptionally high gold grades at its
Co-O Mine.

The new discoveries, named the Jereme and New Catto Veins 1 to 5 ('NCV 1 to 5'),
are located to the south of and parallel to the known 1.5 km long Co-O Mine vein
system and are still open in three directions. Results include:

Hole Intercepts (metres) Grade (g/t gold)

JEREME
--------- -----------
MD 41 1.00 198.84
----------- --------- -----------
NEW CATTO VEIN 1
--------- -----------
MD 34 2.70 92.03
----------- --------- -----------
MD 35 1.70 55.77
----------- --------- -----------
MD 43 2.15 58.88
----------- --------- -----------
NEW CATTO VEIN 2
--------- -----------
MD 28 0.90 32.32
----------- --------- -----------
MD 44 0.50 18.23
----------- --------- -----------
NEW CATTO VEIN 3
--------- -----------
MD 35 0.60 75.39
----------- --------- -----------
MD 41 1.35 75.98
----------- --------- -----------
MD 44 0.70 42.29
----------- --------- -----------
NEW CATTO VEIN 4
--------- -----------
MD 44 4.50 20.05
----------- --------- -----------
NEW CATTO VEIN 5
--------- -----------
MD 44 1.90 79.05
----------- --------- -----------


Geoffrey Davis, Managing Director of Medusa, commented:

'These results confirm our belief that the Co-O Mine is highly prospective with
exceptionally high grades throughout, and that it has the potential for us to
increase the resources in the August-September estimate considerably via the
ongoing drill programme.'


DRILLING RESULTS

Programme description

The Company commenced a diamond drilling programme in December 2006 which is
designed to define the Co-O Mine vein system in preparation for a new resource
estimation due for completion by late August to early September and
incorporating all relevant holes from MD 20 to MD 44.

The first five holes (MD 20 to 24) were reported on 28 February 2007 and
subsequently holes MD 25 to 34 (excluding MD 33) were reported on 16 May 2007.
The next full drilling update report will be provided in August 2007. Drilling
is continuing.

Current interpretations are based on 3D plotting and modelling of the data
available, and future interpretations may be subject to change as more data
become available.

The tops of the New Catto Veins are presently believed to be between the same
elevation as the bottom of the 3W shaft at 3050 metres and the new sublevel at
the 3000 metre elevation. All veins are open in at least three directions. It is
now apparent that some of the early holes have drilled over the top of some of
the veins or were not deep enough.

The Jereme Vein has been identified on the 3050 metre level to the south of the
3W shaft but was not previously recognised as a coherent high grade vein.



Table I: Initial Drill Results greater than 4g/t gold from the Jereme and New
Catto Veins
Hole East North Dip Azimuth Vein From Width Grade
(degrees)(degrees) name (metres) (metres) (uncut
(g/t gold)
MD 28 614003 913253 -48 211 NCV 2 413.00 0.90 32.32
MD 32 614254 913017 -51 217 Jereme 313.80 2.30 16.97
Jereme 321.90 0.50 38.55
South
Split
NCV 2 371.10 0.70 6.66
MD 34 614285 912923 -50 227 NCV 2 304.20 0.50 18.92
NCV 1 354.30 2.70 92.03
MD 35 614243 912851 -58 297 Jereme 198.30 0.30 34.59 (*)
NCV 3 209.30 0.60 75.39 (*)
NCV 2 253.50 0.90 9.34
NCV 1 268.50 1.70 55.77
MD 38 614240 912815 -47 237 NCV 1 187.90 0.30 65.56
MD 39 614240 912850 -58 205 Jereme 209.70 0.20 64.56 (*)
NCV 3 233.55 0.45 33.24 (*)
MD 40 614173 912951 -52 245 NCV 4 312.90 1.70 10.19 (*)
NVC 5 324.25 1.80 10.41 (*)
MD 41 614240 912849 -65 205 Jereme 240.60 1.00 198.84 (*)
NCV 3 261.55 1.35 75.98 (*)
MD 43 614273 912908 -60 221 Jereme 277.90 0.40 19.74 (*)
NCV 2 360.07 0.60 6.06 (*)
NCV 1 383.50 2.15 58.88 (*)
MD 44 614212 912983 -54 209 Jereme 262.80 1.95 15.39 (*)
NCV 3 270.45 0.70 42.29 (*)
NCV 2 359.60 0.50 18.23 (*)
NCV 1 376.90 0.20 57.19 (*)
NCV 4 413.60 4.50 20.05 (*)
NCV 5 436.90 1.90 79.05 (*)


Notes: McPhar Geoservices Inc. assays are quoted when available; (*) Awaiting
check assays from McPhar; and MD 28, 32 and 34 results previously reported.


Sampling and Assaying

All samples were taken from mainly HQ sized and some NQ sized drill core. The
selected sample intervals were halved by diamond saw and half the core was
bagged, numbered and sent to the Company laboratory. In a small number of cases
to confirm the geological logging, the selected interval was re-split and 1/4
core re-submitted for assay.

Initial sample preparation and assaying was undertaken at the Company's on-site
laboratory. Samples were dried at 105(o)C for 6 to 8 hours, crushed to less
than 1.25 cm by jaw crusher, re-crushed to less than 3 mm using a secondary
crusher followed by ring grinding of 700 to 800 grams of sample to nominal less
than 200 mesh. Barren rock wash is used between samples in the preparation
equipment. The samples were assayed by fire assay with Atomic Absorption
Spectrometer (AAS) finish on a 30 gram sample. All assays over 5 g/t gold were
re-assayed using gravimetric fire assay techniques on a 30 gram sample.

The majority of samples which contained more than 0.5 metres at more than 2 g/t
gold are re-assayed by McPhar Geoservices Phils Inc ('McPhar'), a NATA and ISO
9001/2000 accredited laboratory in Manila for the purpose of JORC Code compliant
resource estimations. The pulps are airfreighted to McPhar who fire assay 30
grams of sample using AAS finish and a selected number of samples are checked
using gravimetric fire assay techniques.

When reporting results, where available, the McPhar assays are given priority
over the Company laboratory's results.

Maps and cross sections which accompany this announcement can be viewed in the
ASX version of the announcement on the Company's website:

www.medusamining.com.au


The information in the above announcement was compiled by Geoff Davis, who has
sufficient experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves'. Geoff Davis consents to the inclusion in the report of the
matters based on his information in the form and context in which it appears.



Enquiries:

Medusa Mining Limited +61 8 9367 0601
Geoffrey Davis, Managing Director
Roy Daniel, Finance Director

Ambrian Partners +44 (0)20 7776 6417
Richard Brown / Richard Greenfield

Bankside Consultants +44 (0)20 7367 8888
Michael Padley / Louise Davis




This information is provided by RNS
The company news service from the London Stock Exchange

hmmm that's veryn good so far...10% in profit and I only bought Thursday and loads more to come I think :-)

Terrific RNS today from MML!!!

media comment, Click HERE

Thanks Sharetrader.........Medusa Mining discovers new high-grade gold veins near its Co-O mine
Monday, July 9, 2007, 11:53 AM
Medusa Mining Ltd, the AIM listed (AIM: MML) Australian based developer and operator of gold mines in the Philippines has discovered new veins with consistent and exceptionally high gold grades at its Co-O Mine.

The new discoveries, named the Jereme Vein and the New Catto Veins 1 to 5, are located to the south of, and parallel to, the 1.5 km long Co-O Mine vein system and are still open in three directions.

Highlights include: 1.00 metre at 198.84 Grade (g/t gold) at Jereme. New Catto Vein 1 had 2.70 metres at 92.03 (g/t gold). New Catto Vein 2 had 0.90 metres at 32.32 (g/t gold). New Catto Vein 3 had 1.35 metres at 75.98 (g/t gold). New Catto Vein 4 had 4.50 metres at 20.05 (g/t gold), New Catto Vein 5 had 1.90 metres at 79.05 (g/t gold).

Geoffrey Davis, MD of Medusa, commented:

"These results confirm our belief that the Co-O Mine is highly prospective with exceptionally high grades throughout, and that it has the potential for us to increase the resources in the August-September estimate considerably via the ongoing drill programme."

Medusas shares rose 4.25p (7.05%) to 64.50p on the news
---
proactiveinvestors.co.uk

MEDUSA MINING LIMITED

BAROBO MINERALISED CORRIDOR

Medusa Mining Limited ('Medusa' or the 'Company'), the Australian based company
operating and developing gold mines in the Philippines, advises that it has now
received all sample results and assessments undertaken during the regional
evaluation of the northern section of tenements in the Company's portfolio. The
regional exploration initiative was referred to in the ASX announcement of 27
June 2007 as being in progress.

This work has identified the newly designated 16 kilometre long Barobo Corridor
which has a combination of features suggestive of a regional scale
mineralisation system capable of hosting several different styles of gold
deposits as well as porphyry copper-gold and related deposits. These features
include:

the intersection of the regional scale mineralised north-north
west-trending Barobo Fault with the Lianga Bay Fault which is interpreted to
be the major focal point for the extensive Tambis area 9.5 x 7.3 kilometre
aeromagnetically defined intense argillic alteration zone;

the prominent Barobo Fault corridor exending southwards from the Tambis
area appears to control numerous vein style and siliceous replacement gold
occurrences with high grades in outcrops and boulders in favourable host
rocks; and

the presence of diorite and dacite intrusives exhibiting porphyry copper
style alteration and shedding associated anomalous stream sediment copper
values.

Geoffrey Davis, Managing Director of Medusa, commented:

'These results show the presence of a major mineralised system potentially
containing significant gold and copper deposits. A number of porphyry copper and
gold targets have been located along the Barobo Fault and we are now assessing
various exploration methods that will provide us with detailed data for
advancing targets to the drilling stage.'


Barobo Corridor

The Barobo Corridor has been defined from remote sensing techniques including
satellite imagery, aerial photography and aeromagnetics, as well as regional
mapping, and surface sampling where appropriate. The aeromagnetics, regional
mapping, pan concentrate and surface sampling were completed by the Company. All
other information provided is historic. The Barobo Corridor is located at the
northern end of the Company's tenements.

The Barobo Corridor extends over approximately 16 kilometres (and open to the
south) straddling a major fault named the Barobo Fault that parallels the main
Philippine Rift Fault located approximately 25 km to the west.

The Barobo Fault is a significant aeromagnetic feature and is topographically
distinctive.

The Tambis regional area is located within a bullseye 9.5 by 7.3 kilometre
aeromagnetic anomaly indicative of and resulting from intense argillic
alteration. This widespread alteration has been field verified in numerous
places and is located to the south of the intersection of two regional scale
faults, the Barobo Fault and the major west-northwest trending Lianga Bay Fault
and partly straddling the Barobo Fault. The fault intersection is to the
immediate west of the Bananghilig Gold Mine.

It should be emphasised that reconnaissance field exploration to date has been
restricted to mapping and sampling of outcropping rocks on ridges and in creeks
and silica boulder trains with a large number of the outcrops being identified
as potentially mineralised. Various exploration methods are being assessed to
provide detailed regional scale data for prioritising targets for additional
work.


(i) Porphyry targets

At the northern end of the Barobo Corridor is the Sopon porphyry copper target
which consists of an altered and quartz veined diorite with visible copper
minerals. The target is associated with an area of aeromagnetic complexity
within the large intense argillic alteration anomaly. The diorite is associated
with massive sulphide skarn-style mineralisation which is not yet fully defined.
In the 1990s stream sediment sampling programme described below, one sample in a
small creek near the Sopon porphyry copper prospect recorded an anomalous value
of 124 ppm copper, and a stream sediment sample 2km to the west recorded 17.3
ppm gold.

A regional stream sediment sampling programme carried out in the 1990s over the
entire strike length of the Company's tenements by a previous explorer located
the highest regional stream sediment copper values in three creeks draining the
Bananghilig Mine area, being 1,662 ppm, 616 ppm and 530 ppm. This programme was
not systematic in that sampling was restricted to drainages accessible by road;
as a result large areas were not sampled.

The above stream sediment sampling programme post dates the large BLEG anomaly.
The BLEG survey was a systematic programme carried out specifically to target
gold.

The Sumugbong porphyry target consists of altered and quartz veined diorite
located to the west of the Alikway and Guinhalinan Prospects located in the
southern part of the Barobo Corridor. The 1990s regional stream sediment survey
referred to above also sampled in two creeks distant from and draining
southwards from this porphyry target and recorded regionally anomalalous copper
values of up 124 ppm.


(ii) Gold targets

A plethora of gold targets of several different styles have been located along
the Barobo Fault over a strike length of over 10 kilometres and still open to
the south. Pan concentrates were initially employed to delineate gold targets
but the presence of ubiquitous visible gold in all creeks has rendered pan
concentrates sampling as essentially non-discriminating, hence other regional
methods are being investigated. This is a very large area (approximately 21 by 8
kilometres), encompassing the Bananghilig Mine and Sopon porphyry target and
other prospective areas, of anomalous stream sediment BLEG gold values defined
by an earlier explorer. The area partially overlaps the extensive argillic
alteration zone. Some of the styles are:

Silica replacement style targets in sediments: These include the
Guinhalinan Prospect and number of areas to the north of Guinhalinan where
silicification of limestones and siltstones has occurred and where outcrops
have returned up to 2.3 metres at 16.23 g/t gold and 1.85 metres at 8.86g/t
gold, and grab samples returning up to 16.94 g/t gold. The silicified zones
are commonly controlled by numerous northeast-trending structures which may
result in the development of large areas of silicification. Some of the
silicified zones are also brecciated such as south of Campagang where
outcrops have returned up 80.26g/t gold. Gold mineralisation appears to be
ubiquitous in the silicified zones, along with common lead and zinc
mineralisation in potentially commercial quantities. Copper mineralisation
has also been identified in some areas.

Skarn style targets in limestones: Some subtle aeromagnetic anomalies
have been identified as containing skarn-style silica replacement in
limestones with gold, lead and zinc and disseminated magnetite, including in
the area slightly north east of Sumugbong Creek.

Veins: A large number of veins have been identified commonly with a
northeast trend. The most consistent of these to date is the Alikway Vein
where high grade mineralisation (including 1.40 metres at 33.89 g/t gold,
0.5 metres at 26.41 g/t gold and 0.4 metres at 15.73 g/t gold) has been
identified over a distance of approximately 500 metres and is open in both
directions. Numerous other veins in the Alikway vicinity, particularly to
the south, have also been discovered, such as at Matanog where samples have
returned up to 0.6 metres at 24.8 g/t gold..

It should also be noted that there is a very large area of anomalous stream
sediment BLEG gold values defined by an earlier explorer covering an area of
approximately 21 by 8 kilometres in the area encompassing the Bananghilig Mine
and Sopon porphyry target and other prospective areas.



Maps and cross sections which accompany this announcement can be viewed in the
ASX version of the announcement on the Company's website:

www.medusamining.com.au

More MML news!, click HERE

media comment, click HERE

Terrific grades, click HERE

terrific share drop!!!

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@medusamining.com.au
Internet:
www.medusamining.com.au


MEDUSA MINING LIMITED

713,000 RESOURCE OUNCES

Medusa Mining Limited ("Medusa" or the "Company"), the Australian
based company operating and developing gold mines in the Philippines,
is pleased to advise that it has completed new resource and reserve
estimations at the Co-O Mine.

The Resource estimation has increased the contained ounces by 446,000
ounces (266%) to 713,000 ounces using a lower cut of 3 g/t gold.


+---------------------------------------------------------------------+
|Category | > 0 g/t gold | > 3 g/t gold |
| |----------------------------+----------------------------|
| | tonnes | g/t | ounces | tonnes | g/t | ounces |
| | | gold | | | gold | |
|-----------+-----------+------+---------+-----------+------+---------|
|Indicated | 1,040,000| 11.5| 386,000| 928,000| 12.6| 377,000|
|-----------+-----------+------+---------+-----------+------+---------|
|Inferred | 1,320,000| 8.3| 351,000| 1,106,000| 9.5| 336,000|
|-----------+-----------+------+---------+-----------+------+---------|
|Grand total| 2,360,000| 9.7| 737,000| 2,034,000| 10.9| 713,000|
+---------------------------------------------------------------------+


The Reserve estimation has increased the contained ounces by 162,000
ounces (272%) to 256,000 ounces using a lower cut of 3 g/t gold.


+-----------------------------------------+
| Category | > 3 g/t gold |
| |------------------------------|
| | tonnes | g/t gold | ounces |
|----------+---------+----------+---------|
| Probable | 717,000 | 11.1 | 256,000 |
+-----------------------------------------+


Drilling is continuing with the objective to achieve a resource
target of 1 million ounces of similar grade.

Geoffrey Davis, Managing Director of Medusa, commented:

"These extremely robust resource and reserve numbers are quite
exceptional. We are confident that, with additional drilling over the
coming months, we can achieve a target resource of one million
ounces, at a similar grade. The Directors have a high expectancy of
converting a large proportion of the Inferred Resources into
reserves."

RESOURCE ESTIMATIONS

Discussion

A deep diamond drilling program was commenced in December 2006 with
the aim of extending the known Co-O vein system to depth and along
strike. A total of 25 drill holes have been completed of which 20
have been used in the resource estimation in conjunction with
available underground sampling data. The 5 holes not used are outside
the resource area.

Vein modelling

Cube Consulting Pty Ltd of Perth, Western Australia were contracted
to undertake resource estimations based on a wire frame model of the
vein system. As discussed in the announcement of 15 August 2007, the
model has focused on the main veins and does not include other drill
hole intersections, which are attributed to vein splits.

Resource Estimations

The resource estimations have utilised the following methodologies
and parameters:

* Creation of a digital geological interpretation based on all
available information, as at 31 July 2007, and comprising
construction of digital hanging walls and footwalls for each vein;
* Estimation of vein resources below the 3150 metre level for veins
which have current mine development (Central, Breccia and North
Veins) and new veins defined by drilling alone (Edphil, Jereme, New
Catto Veins 1, 2 and 3);
* Account for mining depletion to 31 July 2007;
* Provide technical input to resource classification and reporting of
resources in accordance with The 2004 Australasian Code for
Reporting of Mineral Resources and Ore Reserves (JORC Code); and
* Provide resource models suitable for VALMIN evaluation, planning
and formulation of reportable reserves.

Table I. Co-O Mine mineral resource estimates


+-----------------------------------------------------------------------------------+
|Vein name| Category | > 0 g/t gold | > 3 g/t gold |
| | |------------------------------+------------------------------|
| | | tonnes | g/t | contained | tonnes | g/t | contained |
| | | | gold | ounces | | gold | ounces |
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|Central |Indicated | 494,000| 11.6| 184,000| 477,000| 11.9| 183,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 594,000| 5.5| 106,000| 584,000| 5.6| 105,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 1,088,000| 8.3| 290,000| 1,061,000| 8.4| 288,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|North |Indicated | 152,000| 5.6| 28,000| 102,000| 7.2| 23,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 128,000| 2.5| 10,000| 33,000| 3.6| 4,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 280,000| 4.2| 38,000| 135,000| 6.3| 27,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|Breccia |Indicated | 30,000| 5.5| 5,000| 24,000| 6.2| 5,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 124,000| 2.8| 11,000| 31,000| 4.5| 4,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 154,000| 3.3| 16,000| 55,000| 5.3| 9,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|Jereme |Indicated | 72,000| 13.4| 31,000| 72,000| 13.4| 31,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 186,000| 7.9| 47,000| 186,000| 7.9| 48,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 258,000| 9.5| 78,000| 258,000| 9.5| 79,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|Edphil |Indicated | 163,000| 5.2| 27,000| 124,000| 6.0| 24,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 112,000| 5.7| 21,000| 96,000| 6.3| 19,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 275,000| 5.4| 48,000| 220,000| 6.1| 43,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|New Catto| | | | | | | |
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|1 |Indicated | 23,000| 55.0| 40,000| 23,000| 55.0| 40,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 29,000| 54.7| 52,000| 29,000| 54.7| 52,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 52,000| 54.8| 92,000| 52,000| 54.8| 92,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|New Catto| | | | | | | |
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|2 |Indicated | 53,000| 5.6| 9,000| 53,000| 5.6| 9,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 87,000| 6.0| 17,000| 87,000| 6.0| 17,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 140,000| 5.9| 26,000| 140,000| 5.9| 26,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|New Catto| | | | | | | |
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
|3 |Indicated | 55,000| 34.7| 61,000| 55,000| 34.7| 61,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Inferred | 58,000| 46.9| 88,000| 58,000| 46.9| 88,000|
|---------+-----------+-----------+------+-----------+-----------+------+-----------|
| |Sub Total | 113,000| 41.0| 149,000| 113,000| 41.0| 149,000|
|---------------------+-----------+------+-----------+-----------+------+-----------|
|Grand Total | 2,360,000| 9.7| 737,000| 2,034,000| 10.9| 713,000|
+-----------------------------------------------------------------------------------+

The resource estimations have been undertaken by Cube Consulting Pty
Ltd.

The modelling technique addressed the following issues:

* Variable mineralised vein thickness ranging from 0.5 to 9 metres;
* The taking of samples, by necessity, over geological intervals
creating samples of unequal length or variable support;
* Assuming a relatively constant density;
* Undulating or variable zone geometry (dip and strike) and the
presence of grade/thickness trends within this variable geometry;
* Across vein mining selectivity is unlikely; and
* Data spacing is variable and often clustered.

Cube applied a 2D longitudinal modelling approach based on an
accumulation variable incorporating mineralised vein horizontal width
and intercept grade.

Variography has been used to analyse the spatial continuity of the
horizontal width and accumulation variables within the mineralised
veins and to determine appropriate estimation inputs to the
interpolation process. The accumulation variables were interpolated
into blocks using Ordinary Kriging.

It is important to note that the "variable" that is estimated is
"metal" based on the accumulation variable rather than the thickness
or grade component alone, thus eliminating issues relating to
variable thickness.

Variography was based on the Central Vein and resulted in well
structured variogram models with a nugget effect of 37% and a maximum
range of 62 metres for the accumulation variable. Variography of the
horizontal width was similar with a relative nugget effect of 36% and
a maximum range of 81.3 metres.

High grade limits were applied to gold prior to the calculation of
the accumulation variable. Within the Central and North Veins a high
grade limit of 300g/t gold was applied representing values in excess
of the 99th percentile of the gold distribution data.

Reserve Estimations

Golder Associates Pty Ltd of Perth Western Australia were contracted
to undertake a reserve estimation based on the resource wireframe
model provided by Cube Consulting Pty Ltd as described above.

The reserve estimation was derived from the Indicated Resource of
928,000 tonnes at 12.6 g/t gold containing 377,000 ounces of gold.

Table II: Co-O Mine probable reserve estimates


+--------------------------------------------+
| Vein name | > 3 g/t gold |
| |------------------------------|
| | tonnes | g/t gold | ounces |
|-------------+---------+----------+---------|
| Central | 358,000 | 10.0 | 115,000 |
|-------------+---------+----------+---------|
| North | 80,000 | 6.2 | 16,000 |
|-------------+---------+----------+---------|
| Breccia | 18,000 | 5.2 | 3,000 |
|-------------+---------+----------+---------|
| Jereme | 58,000 | 12.2 | 23,000 |
|-------------+---------+----------+---------|
| Edphil | 99,000 | 5.5 | 18,000 |
|-------------+---------+----------+---------|
| New Catto 1 | 18,000 | 50.0 | 29,000 |
|-------------+---------+----------+---------|
| New Catto 2 | 42,000 | 5.1 | 7,000 |
|-------------+---------+----------+---------|
| New Catto 3 | 44,000 | 31.6 | 45,000 |
|-------------+---------+----------+---------|
| Grand Total | 717,000 | 11.1 | 256,000 |
+--------------------------------------------+

The reserve estimations have been undertaken by Golder Associates Pty
Ltd.

The parameters utilised for the estimation include the following:

* A minimum diluted mining width of one metre;
* A block cut-off of 3 g/t gold;
* A dilution factor of 10% at 0 g/t gold; and
* A mining recovery of 73%.

Golder has classified the ore reserves in compliance with the JORC
Code as Probable Reserves.

Maps and cross sections which accompany this announcement can be
viewed in the ASX version of the announcement on the Company's
website:
www.medusamining.com.au


Please cut and paste the links below into your web browser for maps
and cross sections that accompany this announcement and inter alia,
illustrate the location of all the diamond drill holes drilled around
the Co-O Mine since December 2006.



Medusa Mining Limited +61 8 9367 0601
Geoffrey Davis, Managing Director
Roy Daniel, Finance Director

Ambrian Partners +44 (0)20 7776 6417
Richard Brown / Richard Greenfield

Bankside Consultants +44 (0)20 7367 8888
Michael Padley / Louise Davis


JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS

Medusa Mining Limited
Information in this report relating to Exploration Results, is based
on information compiled by Mr Geoff Davis, who is a member of The
Australian Institute of Geoscientists. Mr Davis is the Managing
Director of Medusa Mining Limited and has sufficient experience which
is relevant to the style of mineralisation and type of deposits under
consideration and to the activity which he is undertaking to qualify
as a Competent Person as defined in the 2004 Edition of the
"Australian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Mr Davis consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears.

Cube Consulting Pty Ltd
Information in this report relating to Mineral Resources has
been estimated and complied by Mark Zammit of Cube Consulting Pty
Ltd. Mr Zammit is a member of The Australasian Institute of Mining &
Metallurgy and has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the "Australian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Mr Zammit consents to the inclusion in the report of the
matters based on his information in the form and context in which it
appears.

Cube Consulting is an independent Perth based resource industry
consulting firm specialising in geological modelling, resource
estimation and information technology.

Golder Associates Pty Ltd
The information in this report that relates to Ore Reserves is based
on information compiled by Charles Hastie BAppSc (Mining
Engineering), B AppSc (Multidisciplinary Science), MAusIMM and Peter
Onley MBA, MSc, BSc (Hons), FAusIMM, CP. Mr Hastie and Mr Onley are
full-time employees of Golder Associates Pty Ltd.

Messrs Hastie and Onley have sufficient experience which is relevant
to the style of mineralisation and type of deposit under
consideration and to the activity which they are undertaking to
qualify as Competent Persons as defined in the 2004 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Charles Hastie and Peter Onley consent
to the inclusion in the report of the matters based on their
information in the form and context in which it appears.

Golder Associates is a global consulting group employing more than
5500 staff offering services in earth engineering and environmental
sciences.

---END OF MESSAGE---





http://hugin.info/138050/R/1150858/220733.doc

media comment, click HERE

media comment, click HERE

Published date:Thursday, November 1, 2007
Fast-rising gold producer Medusa Mining (MML:AIM) has been identified as one of ten takeover targets for Avocet Mining (AVM:AIM). Chief executive Jonathan Henry confirmed that Medusa had been approached, but insisted talks were at an early stage.

Avocet should produce 178,000 ounces of gold this financial year. The company wants to expand its Penjom mine in Malaysia and North Lanut in Indonesia; and the Bakan project should start production in 2009. It believes an acquisition, funded from a $100 million cash pile, could potentially advance group gold output to 300,000 ounces per year. Henry told Shares that a short list of targets had been drawn up, including Philippines-based Medusa, and that Avocet had initiated the process with each business. The hardest thing is the characters in mining. Everyone thinks their company is undervalued so they dont want to talk about M&A, said Henry.

He said Avocet would focus on south east Asia for acquisition targets. Aside from Medusa, Allied Gold (AGLD:AIM) is the only UK-quoted gold producer in the region and is the right size for Avocets needs. One analyst said the company may stretch to Australia but said the market is quiet on Avocets targets. It could be anyone, quoted or private. Its shares have risen 46% to 168p since August.

Shares says: Bouncing back after restructuring with plenty of growth potential

Mine expansion update, click HERE

ProactiveInvestors One2One Forums

Thursday the 24th April 2008

The directors of Horizonte Minerals(AIM:HZM) , Medusa Mining (AIM:MML), and Freegold Ventures (TSX:ITF), will be hosting an investor presentation on Thursday the 24th April at 6pm with Q&A to follow.

After the presentations are complete the directors will also be available to take questions during a free canapand wine reception.

Registration is FREE, for further details : Click HERE



5:45pm for a prompt 6:00pm start at the Chesterfield Mayfair Hotel 35 Charles Street, Mayfair, W1J 5EB

Recent interview transcript, click HERE

New article and analysis, click HERE

Click HERE


The recent broader market sell-off has resulted in the share price of many fundamentally robust companies being re rated downward. As a result audacious consolidation attempts are growing in number. And with this in mind, gold focused Medusa Mining has been quick to provide comment with respect to Crosby Capital Limited’s proposal to make an unsolicited and conditional takeover offer.

The Medusa board says it has conducted an initial review of the proposed offer and believes that the offer is “inadequate and opportunistic”. It advises shareholders to take no action in relation to Crosby's proposed offer.....



For full article, click the link above.

Update click HERE

news, Click HERE

Geoff Davis interview with Proactiveinvestors.com
Click HERE

I was in the philippines for 2 month's this year, and there is a lot of red tape, if you want to get thing's done fast you have to pay an express charge [bribe ]

If there is just 1 letter wrong in a persons name it takes 3 to 4 months to change it, and the documents they want you to provide is massive and it is costly.

Increased resource news and analysis, click HERE

Canadian listing!

Click HERE

Looking good.

Excellent half year report.

Guaranteed 10% gain.1 for 10 free shares.

Nice Update....

Medusa Mining Limited ("Medusa" or the "Company"), through its Philippines
operating company Philsaga Mining Corporation ("Philsaga"), announces its
Quarterly Activities Report for the period ending 30 June 2010.

Highlights for the June 2010 quarter:

* Co-O Mine Quarterly production of 25,012 ounces at an average grade of
13.65 g/t at cash cost of US$182 per ounce and record annual production of
89,679 ounces

* Total cash and bullion at end of quarter of approximately US$62.0 million
(unaudited)

* Co-O Indicated Resources increased by 4% to 603,000 ounces and Inferred
Resources increased by 36% to 898,000 ounces

* Appointment of Mr Peter R. Jones as Non-executive Chairman and Mr Peter
Hepburn-Brown as Executive Director - Operations


Managing Director Geoff Davis commented:

"I am pleased with this quarter's production of 25,012 ounces and the record
production for the year of 89,679 ounces. Surface stockpiles and broken ore
underground augur well for achieving our production targets.

Following recent completion of the Co-O Mine two phase expansion program to the
production level of 100,000 annualised ounces, we will focus on stabilising the
operations for the next two quarters at production levels around 25,000 ounces
per quarter for the first half and then assess the possibility of incremental
production increases for the second half.

The Company is pleased with the new resource estimate at Co-O and intends to
maintain the total resources estimate at current levels on an annual basis, but
will actively continue drilling to seek exensional mineralisation outside the
current mine limits.

An exploration budget of US$20 million for the forthcoming year will ensure a
very active programme. Drilling has commenced on schedule at the extensive
Bananghilig Deposit and is underway at Saugon, highlighting both the short and
long term potential of the Company."

In line with the Company's size and future plans, the Board has been
strengthened with the appointment of a new Chairman and the recent appointment
of the Executvie Director of Operations."

29 July 2010

Waiting for move to main market which is immenent,and will make the shares more attractive to instituitions and a wider market. A dividend is a possibility. Very positive.

Free Medusa Mining Annual Company Report
Investor Presentation Update


TIDMMML

MEDUSA MINING LIMITED

ANNOUNCEMENT

13 August 2010


INVESTOR PRESENTATION
AUGUST 2010


Medusa Mining announces the update of its Investor presentation for various
venues in Sydney and Melbourne, during the week commencing 16 August 2010.
Please see the link at the end of this announcement.

Please find below Competent Persons' Consents in relation to resource and
reserve information which appears therein.

Medusa Mining Limited
Information in this report relating to Exploration Results has been reviewed and
is based on information compiled by Mr Geoff Davis, who is a member of The
Australian Institute of Geoscientists. Mr Davis is the Managing Director of
Medusa Mining Limited and has sufficient experience which is relevant to the
style of mineralisation and type of deposits under consideration and to the
activity which he is undertaking to qualify as a "Competent Person" as defined
in the 2004 Edition of the "Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves" and is a "Qualified Person" as
defined in "National Instrument 43-101" of the Canadian Securities
Administrators. Mr Davis consents to the inclusion in the report of the matters
based on his information in the form and context in which it appears.

Cube Consulting Pty Ltd
Information in this report relating to Mineral Resources has been estimated and
compiled by Mark Zammit of Cube Consulting Pty Ltd of Perth, Western Australia.
Mr Zammit is a member of The Australasian Institute of Mining & Metallurgy and
has sufficient experience that is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is undertaking
to qualify as a Competent Person as defined in the 2004 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves" and is a "Qualified Person" as defined in "National Instrument
43-101" of the Canadian Securities Administrators. Mr Zammit consents to the
inclusion in the report of the matters based on his information in the form and
context in which it appears.

Crosscut Consulting
Information in this report relating to Ore Reserves is based on 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 style of mineralisation and type of deposit under
consideration and to the activity which they are undertaking to qualify as
Competent Persons as defined in the 2004 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves" and is a
"Qualified Person" as defined in "National Instrument 43-101" of the Canadian
Securities Administrators. Mr Franzmann consents to the inclusion in the report
of the matters based on his information in the form and context in which it
appears.


cyril

Bought these yesterday at 213p price as dropped from 300p on rumours of the main market listing, ban on mining and the non rumour of a big overhang of shares.

Was fortuate to get in at bottom 206p,explaunation why it's cheap?
cyril


from the T1ps gold fund August newsletter

Medusa Share Price slide

Many of us have been left wondering why a stock patently worth 300p, 400p or more has been sliding back towards 200p in recent weeks. In part - as we noted above - all gold stocks have slipped back with the most liquid hit hardest. Medusa is liquid.

Admittedly Medusa has scored one or two minor own goals, notably delays in moving from AIM to the main market. But we understand that this issue will be resolved soon and at an operational level it is clearly delivering. It has cash and is adding to its hoard at a rate of knots. It is expanding its resource. So what is the problem?

The problem is nothing to do with the Co-O mine. It is quite simply that two Australian institutions are - for reasons relating to them not to Medusa - selling their entire holding. They have been slipping out shares for weeks and still have (at the last count) 6 million to go. There are two possible near term outcomes. Either a drip drip of shares will continue for a number of weeks, or (more likely) Medusa will attempt to place out the remaining 6 million. If it is the former we will not see 250p or 300p for a while. If it is the latter the price will snap back very quickly.

None of us are smart enough to know when the shares will bounce so you just have to take a view on value. The shares are very cheap at 216.5p and so one just has to buy, sit back and wait. A market capitalisation of 406 million does not reflect the value of a mine producing at a headgrade of 12-15g/t which will produce 130,000 oz of gold ( at sub $200 oz) next year so throwing of at least 60 million of free cashflow. The company has plenty of cash and exploration upside.

So you know our view. We have bought more. We wait. We are not clever enough to call the bottom but we are patient and patience will have a clear reward.

Medusa to pay a dividend,going great guns in Aussie .
cyril

Looks set for 300p soon.....well,... by the end of the year.....

NOTICE OF GENERAL MEETING

Medusa Mining Limited ("Medusa" or the "Company") advises that a General Meeting
("GM") will be held on Wednesday, 6 October 2010, commencing at 10.00 am (WST).

The GM will be held at Esplanade River Suites, 112 Melville Parade, Como,
Western Australia.

The Notice of the General Meeting and Explanatory Statement will be dispatched
to shareholders of the Company today and will be available for viewing on the
Company's website shortly
cyril

Another yummy rise.....

The finance boss of Philippines-focused gold miner Medusa Mining has spent 65,000 topping up his holding in the company.

Roy Daniel took 25,000 shares at A$4.44 (263p) a time and now has about 1.4m, which represents nearly 1% of the company.

Shares in Medusa Mining have been performing well recently, helped by the strong gold price.

In July the company celebrated an uplift in the resource estimate at its Co-O mine in the Philippines.

Super-dooper increases here.....one to pile into...

A propectors dream,with a bag of gold at the end.

Pushing ever higher...the more gold increases, the more producers selling at spot will increase in value !.

AGM held in perth,gold at $1345,MML flying up over 10% at one stage.
cyril

Maiden dividend to be paid 8/11/2010. Ex/div 11/10/2010. Market cap now over 1 billion. Super rise today.

Up near 7% overnight on volume of 1.4m,hoping for a similar rise on the LSE?

As good as gold.

Vanguard increases holdings by an impressive 1.2%,7.19 to 8.39%.

http://www.asx.com.au/asxpdf/20110328/pdf/41xp95hs4zjwsj.pdf

http://www.investegate.co.uk/Article.aspx?id=201104050710002765E

With gold at these high prices, and new discoveries from medusa, the share price can only go one way. It was also nice to collect a cash dividend a couple of weeks ago.

New high.

Gold at new high and MML as near as dam it,up 2%.nice article.

http://www.proactiveinvestors.co.uk/companies/news/27653/medusa-shares-pause-for-breath-brokers-point-to-a-golden-future-27653.html

10th May 2011

TAMBIS MAPPING HIGHLIGHTS REGIONAL POTENTIAL

Medusa Mining Limited (ASX and AIM - MML; TSX - MLL) ("Medusa" or the "Company"), through its Philippines operating company Philsaga Mining Corporation ("Philsaga"), advises that regional and detailed mapping which commenced in October 2010 has highlighted excellent potential for additional discoveries of breccia-hosted, epithermal veins and quartz stockwork gold mineralisation within a large intrusive-breccia complex mapped over an area measuring approximately 7 kilometres in length and 3 kilometres in width along a well defined northeasterly trending structural and alteration corridor.

New outcrops of porphyry and related styles of copper mineralisation have also been located at the Sawahon Creek prospect, at the lower Bananghilig River prospect, and southwest of the Bananghilig Gold Deposit in the extensive skarn area which is associated with the fertile copper-bearing Supon diorite and the adjacent Kamarangan porphyry copper-molybdenum prospect.

Drilling is continuing with six drilling rigs at the Bananghilig Deposit with the Company aiming to provide a drilling update during the September 2011 quarter.

Geoff Davis, Managing Director of Medusa, commented:

"This on-going mapping has significantly enhanced the regional potential of the Tambis District. The outlining of a large intrusive-breccia complex with extensive alteration zones and containing the known diatreme breccia-hosted Bananghilig Deposit, milled breccia hosted mineralisation at Canugas as well as numerous mineralised epithermal veins and quartz stockworks, and the outcropping Sawahon Creek porphyry copper prospect and other copper prospects, all auger well for defining new deposits.

"We see strong similarities with the Wafi Golpu Project in PNG with respect to the regional setting, rock types, mineralisation styles and potential. A comparative interpreted cross-section to the Figure 4 contained in this report is shown on page 10 of the presentation of the Harmony- Morobe Mining Joint Venture Analyst Tour dated March 2011.

"In addition there are many similarities to the richly mineralised Baguio District north of Manila which has produced approximately 28 million ounces of gold and 2.8 million tonnes of copper."

MML flying on the strength of latest update.

http://www.advfn.com/p.php?pid=nmona&article=48334001

Very positive. Looking for a new high above 5.50.

4.80. and climbing. Gold at new record high.Quartly report due shortly.Date to remember, ex. div.about 10/10 11.Payment about10/11/11,to be confirmed.

Recent imitial substancial holder.

http://www.asx.com.au/asxpdf/20110815/pdf/420d407lrrgvyx.pdf

Medusa Mining Limited

24 August 2011

MEDUSA MINING LIMITED

(ASX & LSE: MML)

Co-O MINE CONCEPTUAL EXPLORATION TARGET ENHANCED BY DRILLING

24 August 2011

Medusa Mining Limited ("Medusa" or the "Company"), through its Philippines operating company, Philsaga Mining Corporation, advises that the release of the new resource model for the Co-O Mine and on-going exploration drilling results have significantly increased the support for the Conceptual Exploration Target ** for the Co-O Mine of:

3,000,000 ounces in 9,800,000 tonnes to 7,000,000 ounces in 23,500,000 tonnes using a grade range of 9 to 11 g/t gold with a preferred average grade of 10 g/t gold.

The combination of past production of approximately 450,000 ounces and the current global resource of 1,960,000 ounces indicates the deposit size is approaching the lower end of the Conceptual Exploration Target size range.

Detailed mapping and data compilation of the Co-O Mine vein system has been completed. It is a well preserved, intermediate sulphidation epithermal vein system with a large near surface, mushroom-shaped argillic alteration zone measuring over 1,500 by 1,500 metres in area and which grades into propylitic alteration to the east and at depth. The alteration and mineralisation trends indicate that the source of mineralising fluids is likely to be from beyond the current eastern end of the vein system.

Geoff Davis, Chairman of Medusa, commented:

"The Co-O Mine continues to expand, the more we drill the more we find, and we still cannot see an end to this extensive epithermal vein system. It is currently approximately 1.6 kilometres long and open to the east, and around 750 metres wide across the strike of the veins and still open both north and south, and as shown by drilling, it is also open at depth.

The size of the alteration envelope suggests there is the possibility of more vein systems contributing to this very large argillic alteration zone.

Drilling will continue with the six surface rigs and five underground rigs for the foreseeable future."

** The potential target size and grade is conceptual in nature, and there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being defined as a mineral resource.

CONCEPTUAL EXPLORATION TARGET SIZE

Discussion

Drilling since the previous estimate of the Conceptual Exploration Target announced on 18 January 2010 has continued to expand the vein system, as supported not only by the new global resource estimate of 1,960,000 ounces, but also by drill hole intersections in a significant number of veins to the north and east of the of the previous resource model.

The range for the Conceptual Exploration Target remains well supported at 3,000,000 ounces in 9,800,000 tonnes to 7,000,000 ounces in 23,500,000 tonnes using a grade range of 9 to 11 g/t gold with a preferred average grade of 10 g/t gold:

The additional support for this target is listed below:

- The total ounces already accounted by the current global resource and past production is approximately 2,310,000 ounces.

- An increase of 100 metres of strike length from 1,500 metres to 1,600 metres as supported by drilling as described in the announcement dated 6 July 2011.

- A change in the Specific Gravity ("SG") to the SG currently used of 2.62 for the resource estimates (previously 2.45 previously) resulting in a 7% increase in tonnes as reported in the announcement dated 22 July 2010.

- As shown on the composite longitudinal projection in Figure 2 (please see link below for Figure 2), all new drill holes since 30 June 2011 in the deposit with assays of >= 0.2 metres at >= 3 g/t gold up to 30 June 2011 are incorporated and support the mineralisation continuing to depth. The assays support levels between 500 metres and 750 metres below surface is a function of the amount of drilling completed to date.

Figure 1 (please see link below for Figure 1) shows the veins at Level 6 used in the new resource estimate published on 27 July 2011.

Figure 2 (please see link below for Figure 2) shows the projection of all drill intersections below Level 6. The new drill results from 01 July 2010 to 30 June 2011 enhance the support for mineralisation to continue to depth and to the east.

Table I. Co-O Mine Conceptual Exploration Target matrix **


Strike Depth below Aggregate Gold Conceptual
length Level I vein width Conceptual grade contained
(metres) (metres) (metres) tonnes (g/t) ounces
1,500 500 5 9,825,000 10 3,159,000
8 15,720,000 10 5,054,000
10 19,650,000 10 6,318,000
750 5 14,737,000 10 4,738,000
8 23,580,000 10 7,581,000
10 29,475,000 10 9,477,000
1000 5 19,650,000 10 6,318,000
8 31,440,000 10 10,109,000
10 39,300,000 10 12,636,000
2,000 500 5 13,100,000 10 4,212,000
8 20,960,000 10 6,739,000
10 26,200,000 10 8,424,000
750 5 19,650,000 10 6,318,000
8 31,440,000 10 10,109,000
10 39,300,000 10 12,636,000
1,000 5 26,200,000 10 8,424,000
8 41,920,000 10 13,479,000
10 52,400,000 10 16,848,000

Notes:

(i) Approximately 450,000 ounces already mined from the deposit;

(ii) SG of 2.62 used for all estimates

(iii) Tonnes and ounces estimates rounded down to nearest 1,000; and

(iv) Highlighted cases indicate most geologically reasonable based on current knowledge

** The potential target size and grade is conceptual in nature, and there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being defined as a mineral resource.

Co-O MINE GEOLOGY AND ALTERATION

The Co-O epithermal vein system is hosted by Eocene to Oligocene (within the Tertiary era) gently north-dipping, basaltic andesitic lavas to andesitic lavas and volcaniclastics. The sequence is intruded by andesitic to dioritic dykes and stocks and cut by north-trending faults with the Oriental Fault identified as the most significant fault at this stage.

The quartz veins are dominantly westerly trending and sub-vertical, with lesser 30 to 50 dipping. Some of the vein characteristics are:

- the veins are polyphasal exhibiting massive, banded and vein breccia textures and comprise two gold bearing phases, the first being a quartz- chalcedony +/- calcite phase deposited at a temperature of approximately 180 C, and a second phase comprising blocky calcite-quartz +/- barite;

- the high gold grades are associated with crustiform-colloform banding; and

- the sulphides comprise mainly pyrite, <1 to 5%, and minor sphalerite, chalcopyrite, galena.

Early fluid inclusion studies in the upper levels of the mine concluded:

- the temperature of formation was 200 to 250oC and within approximately 500 metres of the surface;

- the salinities of 1 to 13 wt% NaCl equivalent; and

- that the above ranges fall well within the epithermal range of deposition.

Figures 3 and 5 show the surface geology and the geology in cross-section. (Please see link below for Figures 3 and 5)

Figures 4 and 6 show the surface alteration and the alteration in cross-section. (Please see link below for Figure 4 and 6)

Alteration types identified are:

- silicic (quartz +/- illite-calcite) - confined to vein zones and hydrothermal breccias;

- argillic (illite +/- quartz-calcite) - surrounds the veins - millimetres to 100s of metres;

- chloritic (chlorite+/-smectite-calcite) - increases and finally dominates at depth with; and

- propylitic (chlorite-epidote +/- smectite-calcite).

At surface the mapped alteration shows that the:

- veins are within a laterally extensive mushroom-shaped argillic envelope which is

- in excess of 1.5 km x 1.5 km in area, and

- associated with gold vein mineralization;

- outlying chloritic to propylitic zone is overprinted by argillic alteration; and

- propylitic zone is considered to be regional in extent, i.e. pre-mineral.

The alteration patterns at depth are:

- the argillic envelope abruptly tapers down along the veins until only a few metres to millimetres wide;

- the chloritic to propylitic alteration zone increases and finally dominates at depth; and

- there appears to be no identifiable pattern between the chloritic and propylitic zones.

For further information please contact:

Earlier news,which as one would expect affected the SP.

http://www.investegate.co.uk/Article.aspx?id=201110310815041312R


Comments today from one of their brokers:

Medusa Mining (MML LN) 425p, mkt cap 850m Fatality at Co-O gold mine
BUY - target price 573p
Medusa Mining has announced a fatality at its Co-O gold mine
The accident was caused by bridging of ore within the mine stope.
The miner was standing on the ore pile above the cavity when the bridged ore collapsed above the ore chute.
This is an extremely rare type of accident and is difficult to protect against.
The stoping area involved is closed for the duration of the investigation and this will reduce gold production at the mine.
Other parts of the mine continue to work normally including stopes which are unaffected by the investigation.
The mine employees 2,700 workers with around 1,000 involved at the mine.
Management will move to limit the risk of this sort of incident happening again but the ongoing expansion of the underground operations and its workforce does raise the risk of injury and fatality within the mine and also within the surface mine area.
The training and education of new miners is critical for the mine and the development of an experienced workforce is important from a safety perspective.
Medusa is using a long standing and well proven mining method which should limit the number of lost time incidents within the mine.
Development of the mine and its shafts will improve access.
Medusa hit record production of 101,474oz in the year to end-June 2011 and should raise production levels next year to potentially exceed this annualised production rate.
We forecast Medusa should produce around 105,000oz for FY 2012 and expect gold production to ramp up in the second half to make up for lower production in FY H1.
*Fairfax acts as Nomad and broker to Medusa Mining

AGM. Production revised slightly down this year but doubled next year.dividend increase definite in the future.Exploration and improvement from profits.Costs under 200 dollars per ounce. Positive.

http://www.siamdailynews.com/world-news/asia-news/2011/11/14/australian-mining-company-official-shot-dead-in-philippines/

http://www.investegate.co.uk/Article.aspx?id=201112190921172238U

Back over £4 after bad news and a bad run on the share price.

MML has taken a bit of a hammering of late,beginning to look like a real bargain? Keeping a close eye on this one,thats for sure.

From one of the most knowladgable pi's,regarding mining stick,from about 2 weeks ago.
-------------------------------------------------------------------


Surprising to see MML down near 300p when they have just announced Saga commissioning and the commencement of the ramp-up to 200koz pa. But as we have already discussed, the market pays a lot more attention to TA than it does to fundamentals, and there is a clear history of bouncing off support in this area.

So I will just practice what I am forever preaching and add more stock on this dip.

We all know the best time to buy a stock (which has good fundamentals) is when the SP is depressed and sentiment is at it's worst. Conversely, the best time to lighten-up is when everyone wants to buy-in on a wave of greedy euphoria.

">

Nearly time to buy. Quite a volatile stock. May take a sudden upturn,but might be waiting for positive news which WILL come but there is still possibility of delays and production not up to expectations. Rolls a bit with the gold price,but with production expected to increase dramaticaly over the next two years with the implication of mine modifications and guaranteed reserves this must very near the bottom line.

UT @280p as you say,nearly time to buy>

http://www.investegate.co.uk/medusa-mining-ltd/mml/coo-drilling-update/201302210700153687Y/?fe=1&utm_source=FE%20Investegate%20Alerts&utm_medium=Email&utm_content=Announcement%20Alert%20Mail&utm_campaign=Medusa%20Mining%20Ltd%20Alert

This becoming a real bargain imho,jist awaiting a little longer to see where it evens out.

In at 272p.

Sorely tempted,but i'll wait and see what the Aussie's make of the news,especially as ut's end of the week?

DRAT,missed it,too clever by half. UP almost 30p.

500p target by year end.

Congrats on your timing,still kicking muself. But it's still well undervalued at this SP.Can't believe i dithered at 272p,when i'd be watingfor a dip to around £3.

Managed to get in sub £3,looks like just in time?

GOLD flying at the minute, $1617.Prices below in POUNDS.

http://www.bullionbypost.co.uk/gold-price/gold-price-today/

http://www.directorstalk.com/angelos-damaskosceo-of-sector-investment-managers-and-fund-adviser-to-the-junior-gold-fund-warns-of-gold-supply-crunch/

Half year report.

http://www.investegate.co.uk/medusa-mining-ltd/mml/highlights-of-the-half-yearly-report/201302270901027713Y/?fe=1&utm_source=FE%20Investegate%20Alerts&utm_medium=Email&utm_content=Announcement%20Alert%20Mail&utm_campaign=Medusa%20Mining%20Ltd%20Alert

From SP Angel.

Medusa Mining* (LON:MML) – New Saga shaft lifts profits
Interim statement highlights development progress at Co-O gold mine in the Philippines
• Medusa Mining have published their interim report for H1 2013 eg July to end-December 2012.
• The key component of the statement is the forecast outlook which highlights a marked improvement in gold production over the next 16 weeks and thereafter.
• Gold production is set to rise to somewhere between 47,420oz-57,420oz for the January to end-June along with a significant fall in unit cash costs.
• Management have bravely given a clear breakdown of expected production for the next five fiscal years (see tables included below)
• The table highlights a marked rise in forecast gold production this year with production to average a rate of 200,000ozpa from the second half of this calendar year (H1 FY 2014).
• The team also expect the Bananghilig Mill, just 30km from the Co-O mine, to contribute a further 100,000oz to gold production in CY 2015 to give 200,000ozpa in FY 2016.
• Combined gold production should reach 400,000ozpa in FY 2016 according to the forecasts
Interims H1 FY 2013:
• Sales rose 28% to US$52.4m yoy on production of 32,508oz vs 26,780 yoy while
• Gold prices received were little changed at US$1,676/oz vs 1,655/oz yoy through the period.
• Net profits rose 19% to US$28.6m highlighting better operational performance.
• Cash costs rose to US$300/oz from $261/oz, still very low by industry standards no matter which way you account for the costs.
• The Saga shaft at the Co-O gold mine is now operating from the 350m level creating new operational efficiency and enabling the extraction of ore from newly exposed veins from developments from the bottom of the Saga shaft.
• Work is ongoing at the Baguio shaft at Co-O to extend this to level 5 and the Agaso shaft is to be extended to level 8 when this level becomes fully operational.
• Capital is being saved through deepening the inclined shafts postponing the need for a new deep shaft in this area.
• Resources have grown at Co-O to >2moz to give ten years of potentially mineable ore.
• Bananghilig: Drilling confirms an indicated 608,000oz gold resource with 472,000oz inferred but soon to be included through 14 holes of infill drilling. A feasibility study for 200,000oz pa should follow.
• Valuation: Medusa is performing in line with our forecasts. Our valuation adjusts down to 585p from 612p due to our changing gold price forecast to $1,663/oz for H1 2013 from $1,700/oz. This is a relatively minor adjustment in the scheme of things.
• Medusa has managed to self funded the development and expansion of the Co-O gold mine and processing plant without recourse to shareholders and is also improving the quality of its operation. The stock has good liquidity which should improve further as the revenues increase.
• Dividend: Medusa is not paying a dividend this period due to the cost of its expansion program at the Co-O gold mine. There may be some investor disappointment at the lack of an interim dividend.
• Medusa remains unhedged to gold prices.

Conclusion: Medusa have driven through extreme weather and other events to expand the Co-O gold mine to new levels.
The mine is now running at a much increased rate with many more gold veins in development and much greater hoisting capacity in the shafts.
The plant is being expanded to take rising throughput towards target levels and to raise capacity further.
A new mill is to be tied-into the plant in June to speed up gold recoveries to enable yet greater capacity.
We have reduced our target valuation to 585p from 612 pence to reflect marginally lower gold price forecasts.< strong>

Interims very positive.Ramp up of production should see steady increase in share price, and any GOLD PRICE increase will take it substantialy higher. The fly in the ointment will be if there are any more delays.

Is this one of the markets bargains,could well be at this SP, looks like the POG will decide ?

With their production missing targets and cash burn the SP has suffered,but as this
post by a respected poster explains.


They have had 18 months of this development and are still needing to process largely development ore. Hardly surprising that production and costs have suffered during this phase. As for CAPEX, this was well signalled long ago and has had to be paid out of cash and free cash flow over the development period. Thankfully, unlike many other mining operations, they have at least had the wherewithal to do this without recourse to shareholder funding.
--------------------------------------------------------------
I'll be keeping this on my watchlist,16 weeks was mentioned to increased
production and remenber their costs is one of the lowest.

C&P from a pi's calcs. Looking good to me?


We last had EPS of 36p in 2011 when they achieved 101,474 ozs and costs were mega low at $189. But the Gold price was only $1089 and we still hit c. £5.50 a share.

This CY - 2013, according to their forecasts we will be above the previous production high of 101,000ozs at 150,000/160,000 ozs. with Gold now around $1600 and costs at c.$250/$300 (forecast by Co.)

">

Interesting discussion from around 16mins.

ww.youtube.com/watch?v=bNYplo-Nwlw

http://www.moneyam.com/action/news/showArticle?id=4565454

Pity the markets weak for gold at present,but allows us a chance to buy at a low valuation for this low cost producer,with no debt. ?

Golds really in the doldrums at present($1549),i wonder where it will bottom out?
Well worth keeping this low cost,debt free company on your watchlist.

Not lookung good for gold at present.



The price of gold extended its worst two-day drop vs. the dollar since June last year Thursday morning in London, falling as low as $1,540.50 per ounce before rallying to $1,551.

Commodities also stemmed their fall and major government bonds trimmed earlier gains.

European stock markets were mixed, but Japanese shares leapt 2.2% on the day after the central bank in Tokyo vowed "to use every means available" to reverse the country's two-decade economic depression and price deflation.

Spending more than $1.4 trillion in newly-created money over the next two years, the Bank of Japan's fresh quantitative easing will see it buy listed equities and real-estate trust funds as well Japanese government bonds.

On the news the yen fell nearly 3% versus the dollar. That only unwound the last 36 hours of falling gold prices, however, which rose back to ¥4,750 per gram – a new three-decade high when first hit at the start of this year.

"Stop loss orders were triggered [Wednesday] when the gold price fell through key support levels," says a note from German bank and bullion retailer Commerzbank.

"We believe the next wave will be another corrective wave [with] a target as low as $1,308," says Russell Browne at bullion-bank Scotia Mocatta, pointing to Elliott Wave analysis. "However, gold has to first break through big support level in $1,522 to $1,535 level, the lows from 2011 and 2012."

"We have to think that the gold sell likely has some roots in heavy fund liquidation," says comment from brokers INTL FCStone, adding "Our guess is that the lone holdout – John Paulson – may finally be throwing in the towel and perhaps paring some of his massive positions."

The giant U.S.-listed SPDR Gold Trust ETF shed a further 2.7 tonnes on Wednesday after losing more than 8 tonnes Tuesday according to Reuters data.

Now holding 1,206 tonnes of gold bullion to back its shares – more than 10% less than the all-time peak of late-November last year – the trust was 5% owned by Paulson & Co. as part of its flagship, gold-denominated hedge funds.

The quantity of bullion held for silver ETF trust funds was unchanged Wednesday according to Bloomberg. But silver prices also extended their drop for the week to 5.6% on Thursday morning with a new 8-month low versus the Dollar beneath $26.80 per ounce.

"Silver broke the four-year trend line now at $29.80 and corrected lower," says a note from bullion market-making bank Societe Generale, "and is nearing the multi-year lows at 26.40/26.05. This zone is made up of the lows since 2011."

SocGen earlier this week issued a report declaring "the end of the gold era" for the last decade's bull market, citing expectations of higher interest rates from the US Federal Reserve.

"Things still have a way to go before we can say we've fully recovered from the worst financial crisis and recession since the 1930s," John C.Williams of the San Fran Fed told an audience in Los Angeles on Wednesday.

A day after Dennis Lockhart, president of the Atlanta Federal Reserve Bank, said the US Fed's $40 billion per month asset purchases "continue to be justified", Williams said he expects the unemployment rate "to edge down to a little below 7% by late 2014 and fall below 6.5% in the middle of 2015."

Six-point-five is the jobless level at which the Fed would consider tightening its ultra-accommodative policies, according to its recent policy statements. Williams is not a voting member of the Fed's main committee until 2015.

Today both the Bank of England and the European Central Bank meantime kept their key interest rates on hold yet again, offering overnight money to commercial banks at a record-low 0.50% and 0.75% respectively.

The gold price in euros today hit its lowest level in four weeks at €1,200 per ounce – a record high when first reached on the way up in August 2011.

U.K. savers and investors saw gold priced in Sterling make a new 2013 low at £1,020 per ounce.

http://www.investegate.co.uk/medusa-mining-ltd--mml-/rns/co-o-mine---mill-expansion-update/201304080900037790B/

http://www.investegate.co.uk/medusa-mining-ltd--mml-/rns/bananghilig-gold-deposit-scoping-study/201304090900028924B/

More good news,once the Co-o mime production becomes established,i can see this company being north of £5.

Clearly hit by the POG,depending on what happens to it will effect the SP short term.But this company can work in profit at lower rates(can't be said for many small/mid gold miners),so well worth keeping on youe watchlist and a buy with a recovery in the POG.
AIMHO

http://uk.finance.yahoo.com/news/crash-for-gold---biggest-price-fall-in-30-years-160240793.html

Panic selling gives an opportunity for those with nerve, a chamce to get in at such low rates.With QE affecting currencies it imho will only be a matter of time before gold recovers,at least a fair proportion of it's former value?

Almost posted yesterday suggesting buying in at lows(188p),but thought better of it as their seems little interest. Gold now recoving(above $14oo/oz) and low production costs,this is still a compelling BUY? aimho

Hold and be patient, 500p by year end, regardless of gold price. (or buy at this very low price if you have funds).

Agree,here's a mine costing chart,with Co-o 2nd from left.

http://www.zerohedge.com/news/2013-04-18/soft-cost-curves-hard-assets-where-cash-flow-hits-road

From a trusred and well respected pi concernibg yesterdays presentation.Gold creeping back up slowly,breaking $14450 would be nice.

==============================================================
I attended (and it was really good to meet up with a number of people who use this BB). I am a little short of time this morning so cannot do much at the moment - perhaps others will also add their comments.

I thought the presentation was very upbeat and re-assuring on all points.

They have a relatively small residual amount of Capex left to outlay on the mill/mine expansion and do not appear concerned about working capital.

They appear to be sticking to their plan to self-fund Bananghilig from Co-O cash flow and will resume dividends once this has been achieved (c. 18 months).

Co-O will then stick at 200koz pa on an ongoing basis with exploration limited to sustaining a rolling 10-year mine life by replacing depletion and maintaining a 2m oz recoverable resource into the foreseeable future.

I will add more later.
Chi

Ok, back again. A few more points:

New mill expected to have an improved recovery - 94%

Expecting to move up to a process capacity of 2,500tpd from July. They are already at that rate from the mine so will be stockpiling excess tonnage this quarter. Intend to maintain a ROM stockpile in the future in order to mitigate any occurrences of weather events.

Have built a dual, mains-fed, power distribution system which has sufficient redundancy to feed both mine and mill from a single transformer in the event of any failure. Normal operation will be with the mine being fed from one transformer and the mill from a second transformer.

Now have 3 Alimak systems working within Co-O.

I asked the MD about the exceptional (749g/t) intercept reported in February. It is not due to 'nugget effect' but to 'black leader stockwork'. He says that their underground onward advance drilling tends to be in groups of 10 holes per vein in order to plan stoping. The afore-mentioned, high-grade hit was just a lucky chance as they have no way of predicting where 'black leaders' may exist.

Long-time users of this BB will remember quite a significant amount of high-grade production due to 'black leader' stockwork during 2010.

Now that they have so many more veins across the width of the Co-O mine at varying grades they plan to maintain a blended grade of c. 8g/t from an aggregate of development and stoping ore.

They will maintain a high level of development advance going forward in order to keep and maintain the 200koz pa rate.

Copper prospects are a low priority but they are keeping to their overall strategy of trying to prove up sufficient resources (when the exploration budget allows) in order to sell on. They have no intention of mining copper. They are entirely focussed on gold.

Co-O benefits from tax incentives (based on economic improvements generated by the mine in the local communities). It is currently in year 3 of the 4-year allowance and can be extended by a further 2 years. The new mine/mill expansion comes with a further 4 year plus 2 further year extensions.

Bananghilig will qualify for a 6-year (plus 2 year extensions) for similar reasons.

Government are likely to raise their royalty for Bananghilig from current 2% to 5%. So with local royalty of 1% it is best if we assume an overall NSR royalty of 6% for the Bananghilig operations.

MML are entirely focussed on their present tenements and are not planning any expansion into other countries or projects other than those which it already has.

Once Co-O is steady state at 200koz pa and once the Capex for Banaghilig is raised from Co-O cash flow, they intend to return a progressive amount of surplus cash flow to holders via dividends. Likewise any sales of copper assets.

Chip

With gold clombing back above $1450,it's looking promising. Quarterly results due next week and futher from the presentation,


Quarterly due next week. The MD says that he is itching to take advantage of the pull-back but has to wait for the closed period window to open. We shall see how he reacts regarding his own holdings. He comes across very well and is very knowledgeable as you would expect.

Part of a follow-up email from ProActive:

The splendid wood-panelled ballroom of stockbroker Killik & Co provided the venue for our latest One2One Forum. This was a more intimate affair than usual, with 75 guests meeting just one company – Medusa Mining. For the uninitiated, Philippines-based Medusa is a rarity in the sector – a producer that could survive in just about any gold price environment. However the company isn’t resting on its laurels and managing director Peter Hepburn-Brown provided us with a compelling vision for growth. It included bringing production at the Co-O mine up to 200,000 ounces of the precious metal, followed by the development of Bananghilig, which will see output double from there. All of this will be augmented with a healthy dose of exploration, which will undoubtedly extend Co-O’s mine life. The restoration of Medusa’s dividend is around 18 months away, Hepburn-Brown told us. So this may be one for the income hunters as the story unfolds.

From another well respected and knowledgable PI.


Hi Chip, Hertsbirder, Wolstencroft et al,

Nice to see you all on Wednesday and for your posts. Most of the the things I noted have been covered in those posts.

Most important for me was PHB's reassuring statement that the company did not need to raise funds, neither from debt nor from equity.

The new mill at Co-O will be automated (the current mill is manually operated) and this is expected to increase recoveries to 94%. PHB intends/expects to maintain Co-O resources at 2.5Moz through explo. drilling, leading to a 10 year rolling mine life, at 80% conversion of resources to recovered gold. We should see Co-O resources increased to 2.5Moz by the end of this FY (June).

As Chip has mentioned, PHB expects to move to a 50% mix between development and stoping ore. Development is currently proceeding at 1,000m/month. The mill will operate best when it is fed a consistent grade by mixing development and stope ore. ISTM that in the period before the current expansion was undertaken, there wasn't sufficient development carried out, which is one of the factors that has led to below expectation production now. However, the lack of haulage capacity was a major constraint which the new Saga shaft and other shaft upgrades should alleviate. The Saga shaft is now hauling 1,500tpd and all other shafts combined haul a further 1,000tpd.

Once sufficient cash has been built up to self-fund B'hilig construction, PHB said that the company will change its dividend policy to distribute a percentage of net earnings.

The vein width at the 8 level is around 2m, whereas it was 1.5m at shallower levels. This should mean less ore dilution in future, as the minimum safe on-vein drive width can be dug with a lower amount of waste rock being included.

Contract mining will be used at B'hilig (=> less CAPEX but more OPEX).

PHB stated that the new mill tie-in was "occurring as we speak". The new leach tanks are already in use.


I have previously written to PHB to query my calculation of bullion stocks (but received no response). I asked him about this but didn't really receive a satisfactory explanation, except to advise that Medusa had now sold all its previous stock. He promised to respond with more detail.

Privately, I also expressed my disappointment with the missed forecasts, and PHB accepted that meeting the new targets was now crucial. He appeared confident and felt he was now being sufficiently conservative but, of course, only time will tell.

In summary, all seems hunky-dory but I guess we'll have to wait until October to see confirmation of the big production leap we're expecting. Meantime, confirmation of a satisfactory cash position in the March quarter figures we should get next week ought to reassure the market.


Cheers,

Mark

http://www.proactiveinvestors.co.uk/companies/stocktube/1949/medusa-mining-targets-400000oz-gold-production-by-2016--1949.html

Medusa Mining* (MML LN) 219p, mkt cap £413m – Quarterly Activities Report Highlights Expansion of Production for FY 2014

Buy – Target Price 505p (previous 585p)

•Quarterly production should be seen in the context of development to expand the mine.
•The company reported quarterly production to 31 March 2013 of 14,021 oz giving them year to date production of 46,601 oz.
•Grades mined of 6.76 g/t gold were down from the previous quarter of 8.16 g/t gold reflecting the increase mix of development ore being treated through the mill.
•Mine haulage capacity has also been limited over the period which will now be overcome with the completion of the Saga Shaft with capacity of 1,500 tpd.
•The production range for the financial year to end-June 2013 has been guided down to 70,000 to 80,000 oz from 80,000 to 90,000 oz reflecting the pace of development ahead of mine and mill expansion.
•Expansion on target and on budget: Production is on schedule from the new mill in June/July this year.
•The new Sag mill and crusher are on schedule for commissioning in June.
•The leach tanks have been upgraded and converted to CIL and the detoxification plant was commissioned in April.
•The tie in of the new leach circuit to the crushing circuit will result in 4 weeks of loss in production which has been taken into account in new production targets for FY 2013.
•Mine development continues to meet expansion requirements: The lateral development underground has accelerated to a minimum of 1,000m a month from 800m per month recently with a high proportion of lower grade development ore being fed into the current mill and also stockpiled.
•Around 200m of Level 8 development has been finished with four veins intersected giving greater flexibility and production capacity.
•Development for the quarter was 2,317m with 50 development headings on vein, 20 vertical rises on ore and 15 on waste.
•Bananghilig Feasibility on track: The feasibility is expected to be completed in the September quarter with the company looking to finesse and improve parameters released with the recent scoping study.
•This open pit bulk mining project is being targeted for production in 2016 with ramp up in FY 2016.
•Current parameters for the Bananghilig project are 200,000ozpa for a 5 mtpa milling operation with recovered grades of 1.3 g/t, strip ratio of 4:1 and 80% recoveries.
•Cost of capex including pre-strip is projected at US$220m with an indicative cash costs excluding 3% royalties of US$565/oz. Royalties are likely to increase to 6% including the 1% community royalty with the passing of the new mining act.
•The plan is for Bananghilig to be funded from cash flows from Co-O.
•Cash and cash equivalent at the end of the quarter stood at US$8.91m.
•Most of the major expenditure for the mine expansion and development has been undertaken.

Conclusion: The lower production for the quarter and the revised production for FY 2013 should not be a surprise and is in our view historic – the old mill is close to the end of its life and mine development to meet the mill expansion has impacted grades and production. The key for the stock is the expanded production with the new mill to be commissioned in June.
The expansion to 200,000 oz should give operating cash flows of US$210m based on a total cash cost of US$400/oz and current gold prices of $1450/oz. This will more than cover the on going exploration and development work at Co-O and fund works to bring Bananghilig on stream targeted for 2016 and rebuild the company’s cash position.
We have brought back our target price to reflect the lower near term production, higher cash consumption and lower gold prices.
At current prices there is significant upside in the share price with PE and EV/EBITDA multiples coming down from 10.5x and 7.9x in 2013(F) to 3.4x and 2.7x respectively.

sp 178p still falling.

Yes a reaction to the recent quarterly report which showed a drop in production,it's affected senitment and the market is looking elsewhere at presemt,this in turn creates a buying opportunity imo,just judging the bottom?

Worth re-reading the following,

Conclusion: The lower production for the quarter and the revised production for FY 2013 should not be a surprise and is in our view historic – the old mill is close to the end of its life and mine development to meet the mill expansion has impacted grades and production. The key for the stock is the expanded production with the new mill to be commissioned in June.
The expansion to 200,000 oz should give operating cash flows of US$210m based on a total cash cost of US$400/oz and current gold prices of $1450/oz. This will more than cover the on going exploration and development work at Co-O and fund works to bring Bananghilig on stream targeted for 2016 and rebuild the company’s cash position.
We have brought back our target price to reflect the lower near term production, higher cash consumption and lower gold prices.
At current prices there is significant upside in the share price with PE and EV/EBITDA multiples coming down from 10.5x and 7.9x in 2013(F) to 3.4x and 2.7x respectively.

I make the value around £47k by the CEO?

http://www.investegate.co.uk/medusa-mining-ltd--mml-/rns/director-s-shareholding/201305030900019620D/

sp 166p continues to sink like a stone made perhaps of gold?

sp 117p still falling.

sp falls again to 106.25, something wrong here?

Will production be down? Will medusa need finance to complete modernisation? any effect of new taxation laws? These are some of the issues been asked ,but 6 months from now should not be relevant. Small rebound today. Is this the bottom?

Looking at this one - haven't bought yet. Just following if that's ok.

Share trader - don't suppose it's possible to have a chart for MML at the top?

sp 100p still falling.

The company who manage the mill expansion have gone bust before completion. This may affect production. Is this the reason for the drop in share price? People in the know had prior knowledge.

o-O MILL EXPANSION PROJECT MANAGERS APPOINT ADMINISTRATORS

(ASX & LSE: MML)

Medusa Mining Limited ("Medusa" or the "Company") wishes to advise that the ASX listed entity, All Mine Group, the parent company of Arccon (WA) Pty Ltd who manage the Co-O Mill expansion, appointed WA Insolvency Solutions Pty Ltd as administrators on 20 June 2013 (see ASX announcement under ticker AZG dated 20 June). The Company was advised by letter Thursday evening 20th June.

Medusa is currently uncertain as to the timing and the effects on completion of the finishing touches to the mill and full circuit commissioning as dedicated commissioning personnel were scheduled to mobilise to site imminently. Discussions are expected with the administrators and direct communications with personnel on site are underway to minimise disruption to site activities.

The Company will provide further updates when more information becomes available.

https://www.youtube.com/watch?v=f_YKy2V5aP4

Results out. Profit rise. Starting to look better, [depending on gold price].

http://www.investegate.co.uk/medusa-mining-ltd--mml-/rns/operations-update---new-mill-and-level-8/201309040800021865N/

">

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/12/20_LBMA_Chairman_Tells_Producers_Gold_To_Plunge_$400_In_2014.html

These guys seem positive on the miners - http://www.spreadbetmagazine.com/blog/titan-investment-partners-why-were-backing-the-mining-sector.html

http://www.investegate.co.uk/medusa-mining-ltd--mml-/rns/half-yearly-report/201402270805020352B/

http://www.bloomberg.com/news/2014-02-28/gold-fix-study-shows-signs-of-decade-of-bank-manipulation.html?alcmpid=markets

Broker Views..... Stock on a P/E of just over 4 (just getting the forward P/E Yep I know not always the correct way to value a mine. But it does give a comparison.....

MEDUSA MINING BROKER VIEWS

Date Broker Recommendation Price Old target price New target price Notes

04 Mar Cantor Fitzgerald Buy 136.25 190.00 222.00 Retains
27 Feb SP Angel Buy 136.25 -.............. 245.00 Reiterates

Russian gold glitters in face of Ukraine conflict

by Suzie Neuwirth
March 17, 2014, 12:48pm

The geopolitical tensions between Russia and the West over Ukraine are boosting the gold price and benefitting Russian miners, according to Canaccord Genuity today.

The broker has upgraded its recommendations on Russian gold producers Polymetal International and Petropavlovsk to “buy”, as a result of its bullish view on the yellow metal and a weaker currency, due to the regional unrest.

“The 14 per cent ruble depreciation since December improves costs in US dollar terms and drives a six per cent and 17 per cent increase in our net asset value estimates respectively,” said Canaccord.

“The higher gold price estimates make a substantial difference to our free cash flow estimates and ability of management to reduce net debt levels over the next few years,” it added.

Gold is a safehaven metal that investors traditionally buy at times of financial uncertainty. As City A.M. reported last month, research from the World Gold Council showed that overall gold demand slid by 15 per cent last year, due to large-scale outflows from ETFs, as confidence in the US economy improved.

But the battle over Crimea’s sovereignty – coupled with worries surrounding China’s credit market – have triggered a recent pick-up in the gold price and should cause it to rally further in the near term, according to the broker’s research.

“We believe the recent strength in the gold price is the result of a robust physical demand and a pick up in investment demand as indicated by the first significant rise in exchange traded fund (ETF) gold holdings in 15 months,” it added.

Canaccord is revising its estimates across the (gold) board. African Barrick Gold also gets its seal of approval and even Egypt-focused Centamin is a “speculative buy” despite an ongoing legal dispute.

“Our average 2014-2018 gold price assumption rises six per cent to US$1,354 (£814)/oz, and long-term projection rises five per cent to US$1,455/oz,” said Canaccord.

“This drives earnings per share upgrades and an average 25 per cent increase in target prices across our coverage.”

http://www.investegate.co.uk/medusa-mining-ltd--mml-/rns/intended-delisting-and-cancellation-from-lse/201404040700059652D/



Medusa Mining Limited



4 April 2014



Intended Delisting and Cancellation of Securities from the London Stock Exchange



Medusa Mining Limited ("Medusa Mining" or "the Company") announces that its board of directors has resolved to request the cancellation of the listing of the Company's ordinary shares of nil par value (ISIN: AU000000MML0) ("Securities") on the Official List of the UK Listing Authority and the cancellation of the admission to trading of the Securities on the Main Market of the London Stock Exchange plc (the "LSE").



Reasons for the delisting

Medusa Mining has decided to apply for voluntary delisting of its shares from the LSE in order to streamline administrative procedures and to reduce management costs from listing on multiple stock exchanges. As the volume of trading in the Securities on the LSE is low and the Securities will continue to be traded on the Australian Securities Exchange, Medusa Mining believes the impact on its shareholders from delisting from the LSE will be minimal.



Delisting Schedule

Application has been made to the UK Listing Authority for the Securities to be removed from the Official List, and to the LSE for the Securities to be removed from trading. The last day of dealings in the Securities on the LSE is expected to be 22 May 2014. The cancellation of the listing and of trading in the Securities on the LSE is expected to take effect at or about 8.00 a.m. on 23 May 2014.