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Medusa Mining - On track to expand Co-O to 200,000 ounces p.a.

May 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • MML
  • Price:
  • 530p
Medusa looks like a sitting duck to a predator with unhedged gold production and the expectation that production will rise very sharply in the next couple of years. During the month the company released Q3 results. The  Co-O mine continues to prove itself a high grade, narrow vein mine with some exceptional veins. Production in the period was 72kt of ore at a grade of 11.58g/t with a recovery rate holding at a steady 94%. The company sold 25,911oz of gold over the period at an average price of US$1,401 whilst cash cost remained low at US$191 per ounce.  In 2010, Medusa's Co-O mine had 90,000 ounces of production and an average gold price of US$1100. In the 9 months so far this year it has already achieved 74,794 o ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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