Wednesday, 28th February 2007 (2506 views)

Medusa Mining has announced that it has 'high hopes' for its Co-O mine in the Philippines after intersecting various high grade gold veins.

Along the 1.5 kilometre-long vein system, Medusa confirmed depth extensions at the property and also declared that underground sampling work undertaken had resulted in the discovery of "continuous high grade results".

The Australian mining company released its results with the highlights being a grade of 16.75 grams per tonne over 1.5 metres and 4.7 metres with a gold grade of 57.66 grams per tonne.

In addition, the development sampling that took place at the Co-O mine found average mineralisation at the 3,050 metre level of 35.37 grams per tonne of uncut gold.

Geoffrey Davis, managing director of Medusa Mining, stated: "These results firmly support our view that the Co-O Mine will develop into an exceptionally high grade gold mine with potential for a considerably enhanced resource base."

The mining company is focused on the Philippines and is committed to acquiring both gold and copper sites that will generate cashflow within two years of purchasing them.

 

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