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Monday, 27th July 2009 (704 views)

Medusa Mining is on course to produce 100,000 ounces of gold a year at its Co-O Mine in the Philippines, it has been reported.

With the first phase of the planned expansion of the mine, which is located in a region of high gold-copper deposits, now complete, the company is believed to be on track to step up its current rate of gold production to 60,000 ounces a day.

Through its ongoing expansion of the Co-O operations, the 100,000 ounces target is now expected to be reached by the end of the first quarter of 2010, with around 1.38 million ounces of 10.8g/t gold inferred at the mine.

Furthermore, probable gold reserves at the mine stand at 500,000 ounces at 14.9g/t gold, Proactive Investors has reported.

Medusa started its operations in the Philippines back in 2004, initially setting a production target of just 40,000 ounces of gold per year at its Co-O mine, which is located close to Dawao City.

The company is also currently working to mine metal deposits at Lingig, in the north of the country.

 

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