Monday, 1st December 2008 (239 views)

Medusa Mining has announced that it has discovered a new high grade vein at its Co-O gold mine in the Philippines.

Named the Great Hamish Vein, the discovery is interpreted to be between 600m to 650m long and open along strike and at depth.

Medusa made the announcement through its Philippines operating company Philsaga Mining and the company has revealed that it has commenced development on two levels.

Highlights from a drilling programme at the new vein include hole number MD104 measuring 2.25m and delivering 166.29 g/t gold, hole MD96 2.65m at 113.8 g/t gold and MD98 4.9m at 67.03 g/t gold.

The 12 drill holes showed an average 2.23m intercepted at 61.84 g/t gold.

Listed on the London AIM and the Australian ASX, Medusa Mining is an expanding gold producer in the Philippines and predicts that its gold production operations will expand considerably over the next 12 to 18 months from an additional annualised 40,000 ounces as new mines are brought into production.

 

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