Resources round-up: Medusa, EMED Mining, Herencia Resources

Gold producer Medusa Mining has said that a fire has damaged around 120 metres of timbering at the Baguio Shaft belonging to its Philippines operating company Philsaga Mining Corporation. The fire was the result of sparks caused by welding activities. In response, the firm began processing stockpiles of the mine water settling pond fines from surface and underground to offset the lost production. The company said its production guidance of between 100,000 and 120,000 ounces remains in place. Work to fix the shaft is expected to take three months, after which it will operate with additional capacity.

EMED Mining, a Europe-based minerals development and exploration company, has conditionally raised £3.5m before expenses following the placing of 1.67m shares at 8.5p each in both the UK and Canada. The proceeds will largely be used to fund the cash consideration for the recently announced acquisitions of certain land plots adjoining the Rio Tinto Copper Mine. The new shares will represent around 4% of the enlarged issued share capital.

Herencia Resources, an exploration and development company operating in Chile, has said that its 70%-owned flagship Paguanta Project, where it is undertaking a number of work programmes to investigate the potential for an open pit mine at the surface of the Patricia deposit, has returned excellent results. The best results from the drillhole re-sampling were 15.0m at 132.3g per tonne (g/t), 2.8% lead and 0.4g/t gold, including 4.0 metres at 319.0g/t silver, 6.2% lead, 0.9g/t gold (from 14 metres down hole). The field work programmes have now been completed and full results are expected within 8-10 weeks.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

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

Sign up

NR