dont take my word for it . . .8 Aug 2011 20:27
But i recon a few traders are missing some serious figures - like no Debt, divi no being paid, and plenty of cash in the bag!
Thu, 28th Jul 2011 07:41
RNS Number : 2470L
Medusa Mining Limited
28 July 2011
QUARTERLY ACTIVITIES REPORT
PERIOD ENDED 30 JUNE 2011
OVERVIEW:
Co-O MINE PRODUCTION & DEVELOPMENT
- Capex for new Co-O plant with capacity for 200,000 ounces per year (750,000 tonnes per year) reduced by approximately US$10 million to US$70 million. Permitting on schedule. The SAG mill is being ordered.
- Record annual production of 101,474 ounces at a recovered grade of 12.63 g/t gold and cash costs of US$189 per ounce
- Quarterly production of 25,233 ounces at a recovered grade of 11.05 g/t at cash cost of US$194 per ounce
- Saga Shaft: revised plan to Level 8 depth, on-going steel sets installation, shaft currently at 63 metres
- New Level 1 adit advanced to 235 metres
Co-O MINE RESOURCES & EXTENSIONAL DRILLING
- Global resource ounces increased by 30% to 1.96 million ounces after production for FY11
- Drilling is continuing with six surface and five underground rigs
- Results include 1.40 metres at 21.40 g/t gold, 4.85 metres at 12.35 g/t gold, 2.00 metres at 32.64 g/t gold, 8.65 metres at 41.43 g/t gold, 7.30 metres at 7.15g/t gold and 0.90 metres at 209.73 g/t gold
TAMBIS AREA - BANANGHILIG DEPOSIT
- Resource validation drilling and extensional drilling with six rigs continuing. Comprehensive update expected late in the September quarter
- IP and ground magnetic programme continuing
SAUGON PROJECT
- Drilling continued with three rigs which are to be relocated awaiting an IP survey results
CORPORATE & FINANCIALS (unaudited)
- Delisted from the Toronto Stock Exchange ("TSX") on 17June 2011
- Board re-structure as result of TSX de-listing
- Total cash and cash equivalent in gold on metal account at end of quarter of approximately US$100.7 million
This company is so going to sing - IMO - quite soon.