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| Australian miner expanding Philippine project |
| Thursday, 01 May 2008 15:17 | |||
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In a report to investors, Medusa said it was producing at 20,000 ounces on annualized basis, and would increase to 40,000 ounces in the second half of 2008 and to 50,000 ounces in the first half of 2009. The company said it would start in July a second-phase expansion of the Co-O mine to increase production to 100,000 ounces of gold by the first quarter of 2010. At a second-phase expanded operation, the Co-O gold mine’s plant capacity will reach 1,000 tons of ore a day, it said. In a separate statement on the second phase, managing director Geoff Davis said the projected expanded output of the Co-O mine was based on an expanded resource of 713,00 ounces at 10.9 grams of gold per ton of ore. “To achieve this production, the company has elected to sink a new shaft (called Hill View) to an initial depth of 420 meters, with the capacity for it to be deepened to 600 meters in the future,” he said. The expansion would require the construction of a new tailings dam by the end of 2009, for which Medusa has recently finalized land purchases.
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