Gold producer Medusa Mining said that operations at its Bananghilig Gold Deposit in the Philippines are now focused on upgrading the resource to the 'indicated' category.
The drilling programme, which started in July 2010, aims to extend the current resource to provide a reserve of around 1m ounces of gold. "This reserve would form the basis for a feasibility study which would target production of 200,000 ounces of gold per year from a new milling facility," the statement said.
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