AGM Statement
November 18 2009 - 2:01AM
UK Regulatory
TIDMMML
MEDUSA MINING LIMITED
ABN: 60 099 377 849
Unit 7, 11 Preston Street
Como WA 6152
PO Box 860
Canning Bridge WA 6153
Telephone: +618-9367 0601
Facsimile: +618-9367 0602
Email: admin@medusamining.com.au
Internet: www.medusamining.com.au
Medusa Mining Limited
(the 'Company')
Chairman's AGM Address
At today's Annual General Meeting of Medusa Mining Limited, held at
the Sheraton Perth Hotel, 207 Adelaide Terrace, Perth, Western
Australia, the Chairman, Kevin Tomlinson, made the following
comments:
"It is with a great sense of pride that I present my annual address
to you, our shareholders. As outlined in the Annual Report by our
Managing Director, Geoff Davis, this has been a year filled with many
achievements, some of which included new discoveries, significant
resource upgrades, increased production ahead of schedule and several
other equally important events.
"Looking ahead, in early 2010 we expect to attain our immediate
target production of 100,000 ounces annualized. Drilling at the Co-O
Mine and nearby veins is on-going to define extensions with the aim
of increasing mine production to match mill capacity. Should the
drilling prove successful it could result in additional production of
between 20,000 to 30,000 annualized ounces, at minimal capital cost.
"Reflecting back on the year, in addition to the achievements
highlighted, the Company has diversified its shareholder base
significantly, particularly on the back of the fund raising conducted
in early March. The raising has had significant benefits with
increased liquidity and the introduction of a number of funds and
institutional investors onto the Company's share register,
culminating in the Company being included in the S&P/ASX200 in July
2009.
"The management team has been very active at marketing the "Medusa"
story in the North American market. They have conducted several road
shows to Toronto and presented at the Denver Gold Show in order to
gauge investor appetite for the Company. These initiatives have
emphasized to us the appetite for cash generating companies with
significant exploration "blue-sky" in these markets, and I think you
will agree, the Company has excellent exploration discovery potential
for many years to come.
"All the above achievements and activities have translated into some
dramatic corporate statistics; one of which is our market
capitalization. At the time of last year's AGM on 7 November, the
market capitalization of the Company was just A$95 million,
admittedly it was near the low point of the recent downturn, but new
discoveries at Co-O which were announced in December 2008, increased
resources in January 2009 followed by December 2008 quarterly
production increases triggered the share price climb. Today the
Company's market capitalization is around the A$650 million mark, a
spectacular rise indeed!
"Nevertheless, we are not intending to rest on our laurels and are
continually looking at ways to maximize shareholder value.
Consequently, as a result of a combination of the above factors, I am
pleased to inform you that the Company has received conditional
approval from the Toronto Stock Exchange ("TSX") and will officially
list and commence trading on the TSX next Friday, 27 November 2009.
I consider this to be a significant and major milestone for the
Company and share the same view as my fellow Directors that the North
American market will ascribe considerable value to our cashflow and
to the potential for discoveries in our extensive exploration
portfolio.
"In closing, I would like to extend my sincere gratitude to our team
of over 1,500 people who have contributed to the Company's success
this year and to the people in the communities in which we work. I
would also like to extend a hearty thank you to our long-term
shareholders for their continued and loyal support and welcome new
shareholders who have recently invested in the Company."
Kevin M Tomlinson
Chairman
ABOUT MEDUSA MINING LIMITED
Medusa Mining Limited ("Medusa" or the "Company"), a public company
listed on the ASX and AIM, is an Australian based gold producer,
focused solely on the Philippines.
With Indicated Resources of 603,000 ounces and Inferred Resources of
1,427,000 ounces, Medusa's corporate strategy is to become a mid-tier
300,000 to 400,000 ounce per year, low cost gold producer. The
Company is currently expanding the high grade Co-O Mine operations
(500,000 Reserve ounces at 10.8 g/t gold) to increase its production
capacity to 100,000 ounces per year, and is conducting near mine
exploration to assess the possibilities of further expansion to
200,000 ounces per year. Current cash costs at the Co-O Mine are
approximately US$200 per ounce.
A pipe-line of deposits is now being established with the
Bananghilig Deposit (650,000 Inferred ounces at 1.3 g/t gold) which
is expected to expand, potentially in conjunction with new nearby
discoveries.
Further potential upside exists in the discovery of substantial
copper deposits within the tenement holding of > 800km2.
18th November 2008
For further information, please contact:
Medusa Mining Limited +61 8 9367 0601
Geoffrey Davis, Managing Director
Roy Daniel, Finance Director
Fairfax I.S. PLC
(Nominated Adviser/Joint Broker) +44 (0)20 7598 5368
Ewan Leggat
Mirabaud Securities Limited
(Joint Broker) +44 (0)20 7321 2508
Peter Krens
Lothbury Financial +44 (0)20 7011 9411
Michael Padley/Libby Moss
=--END OF MESSAGE---
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