Positive results Medusa's Bananghilig deposit
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.
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.
Try 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"It is pleasing that drilling continues to provide positive results in and around the existing resource which allows us to progress to infill drilling and to upgrade the resource category to predominantly Indicated, which will then be used for reserves modelling later in the year," said Medusa's Managing Director Peter Hepburn-Brown.
Some 21 holes were completed between August 31st and December 31st.
Markets reacted positively to the news on Tuesday, with shares trading up 2.43% at 368.25p by 14:36.
-
What do rising oil prices mean for you?As conflict in the Middle East sparks an increase in the price of oil, will you see petrol and energy bills go up?
-
Rachel Reeves's Spring Statement – live analysis and commentaryChancellor Rachel Reeves will deliver her Spring Statement on 3 March. What can we expect in the speech?
