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Thursday, 29th October 2009 (2686 views)

Australian firm Medusa Mining has announced record quarterly gold production for the three months to September.

The company - which operates solely in the Philippines - reported gold output of 18,054 ounces at its main Co-O mine for the quarter, compared with production of 16,009 ounces in the previous three months.

As a result, it has changed its annual gold output forecast for 2009 from 82,000 ounces to 86,000 ounces.

Medusa Mining also said that plans to expand the Co-O mine are on track and will result in annual production rising from 60,000 ounces to 100,000 ounces by early 2010.

"The incremental benefits of that expansion are flowing through, as evidenced by the record gold production," the company remarked in a statement.

It acquired the Co-O mine after merging with local firm Philsaga Mining in December 2004. The initial production target for the project was 40,000 ounces of gold per year.

 

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