Ten Sixty Four ( Medusa Mining )--- Goldproduzent zu Niedrigkosten !!! (Seite 36)

[ernestokg]

CAP 225 Millionen

Warum ist die Bude bei der doch eher mickrigen Goldproduktion sooo teuer ?

Vergleich CRK, EDV und andere !

[robusto75]

Medusa Mining ends drilling at Tambis on postive note
By Philip Whiterow September 11 2014, 1:07pm Medusa halted the programme in June but has just received the results from the last three holes.Medusa halted the programme in June but has just received the results from the last three holes.

Medusa Mining’s (ASX:MML) latest round of drilling at the Tambis deposits in the Philippines has finished with a flourish.

Medusa halted the programme in June but has just received the results from the last three holes on the B2 area of the Tambis area.

One hole returned a grade of 9.79 grams per tonne (g/t) over a 12 metre (m) width, while Medusa highlighted grades of 1.36 g/t and 1.22 g/t in another hole.

Geoff Davis, Medusa’s chief executive, said: “It is pleasing to finish the recent round of drilling with some more good results.

“Whilst the drilling is still wide spaced at the B2 Discovery area, we have established mineralisation over a large area of approximately 800 metres by 1,000 metres, and which appears to be still open in most directions.”

Tambis comprises the Bananghilig gold deposit and the B2 discovery area.

[DomRuinart]

Interview mit Geoff Davis:

http://www.directorstalk.com/video-geoff-davis-chief-executi…

[DomRuinart]

Medusa Mining plant im September-Quartal eine Produktion von 20.000 oz:

Medusa Mining expects to produce 20,000oz gold in September quarter
Wednesday, September 10, 2014 by Proactive Investors

An update production update for 2014-15 will follow the operations review, Medusa added. File photo.

Medusa Mining (ASX:MML) expects production to increase for a third quarter running and the miner to start generating cash again.

The Aussie-listed group, which recently appointed engineer Robert Gregory to carry out a comprehensive review of operations at its Co-O mine, said gold production is expected to be above 20,000 ounces for the September 2014 quarter.

Medusa produced 17,615 ounces and 16,200 ounces respectively from the underground mine in the Philippines in the two previous quarters.

An update production update for 2014-15 will follow the operations review, Medusa added.

After a number of problems with a new mill at the mine, recoveries are currently running at a minimum of 90%, Medusa said, with a head grade over the quarter of more than 5 grams per tonne (g/t) gold.

Work is ongoing to cure the teething issues that have included including battery failure, a new feeder, a leaching circuit and screens overhaul, and grind problems.

Medusa added a significant re-interpretation of the vein structure at Co-O had now been completed and it is clear the main west-trending vein is controlled by a major shear system.

Following finalising of the re-interpreted and upgraded vein model a new resource and reserve estimate is nearing completion

The new 2012 JORC code reporting requirements require cut-off grade, minimum mining width and gold price parameters to be applied to the resource estimates to determine a break even grade.

As a result, the new resources will differ from previous estimates, as some vein sections are high grade but narrow and may not meet the minimum width requirements when diluted at current gold prices and/or extraction cost.

On development, horizontal and vertical expansion is planned at a rate of approximately 1,500 metres per month across approximately 60 priority headings for the foreseeable future. This is the minimum rate for new stopes to be mined as the old stopes are being depleted, Medusa said.

Quelle: proactiveinvestors.com.au

[DomRuinart]

Dazu schreibt man im Windward Magazine:


Medusa Mining Expects Co-O Plant Operations To Boost Production Growth

We expect the new plant at Co-O (Philippines) accomplishment would be the catalyst to spin Medusa Mining (MML)’s unsatisfactory operational results. Sooner the new mill is started and running and cash is generating, there may be possible to cancel our “Speculative Risk” and to revisit the discount at present included in our price target. We reiterate our “Outperform” rating with reducing one-year price target to $3 from $3.50.

Lower than anticipated recoveries and grade translated in production of 14500 ounces, 15% below guidance of 17,000 ounces. Production was lower than our 15600 ounces forecast as a result of lower grades and recoveries at Co-O. Cash costs comprising royalties of $339 per ounce were essentially in-line with our $335 per ounce forecast, with gold sales of 15600 ounces also in-line (our forecast of 15600 ounces). Company reiterated that there will be further delays to the ramp up of the new Co-O mill as a result of delays relating to replacing the failed power cells for the SAG mill, with the firm expecting the cells to be installed and tested around mid-November. Company has advised production for the December quarter will be reduced; however, it indicated that the magnitude of reduction is difficult to quantify until the SAG mill is operating. Previous firm guidance for Dec Q production was 35koz, and we forecast 20,000 ounces at cash costs comprising royalties of $335 per ounce.

Full-year guidance for fiscal year 2015 is anticipated to be provided once the new Co-O mill is fully commissioned (our estimation – 95,000 ounces). We highlight that our production numbers remain meaningfully below guidance with long-term production at Co-O of 157, 000 ounces per annum vs. firm guidance of 200,000 ounces per annum. Company has $5.9 million in cash and gold equivalent, down from $7.5 million at end June. The firm has drawn $7 million of its $14 million debt capacity and we anticipate the debt capacity to be completely drawn by end December. At present, with “Speculative Risk” – investors are advised to retain their margin of safety at present while buying Medusa’s shares.

Quelle: Winward Magazine

[DomRuinart]

OPERATIONS UPDATE
(ASX: MML)
Medusa Mining Limited (“Medusa” or the “Company”), through its Philippine operating company, Philsaga Mining Corporation, announces the following updates.
As announced to the market on 1 September 2014, Mr Robert Gregory was appointed as consulting mining engineer in conjunction with another senior mining engineer to conduct a comprehensive review of the Company’s operations at its Co-O Gold Mine and provide recommendations to the Board.
Upon completion of this review process, the Board will provide an updated production guidance for the 2014-15 financial year.
KEY POINTS (to date)
• Based on current production statistics for July and August, gold production is expected to be above 20,000 ounces for the September 2014 quarter;
• At this production level, the Company expects to start adding to its cash balance;
• Mill recoveries are currently running at a minimum of 90%;
• Current trends indicate the mill head grade for the quarter will be above 5 g/t gold.
MILL
Since commissioning of the new mill in the first quarter of 2014, several issues have arisen (aside from the well documented power cell failure):
(i) The vibratory feeder to the primary crusher was found to be unsuitable and was taken off-line in December 2013. Subsequently all feed to the mill was loaded through the emergency feed station resulting in uncrushed run-of-mine (“ROM”) size rock being fed directly into the SAG mill.
The vibratory feeder was replaced with a new purpose built apron feeder on 9 July 2014 and the primary crusher is now operating to design.
(ii) Leaching Circuit: construction of two new pre-leach tanks is underway and is expected to be completed late in the year. These tanks will increase leaching time from 24 hours to approximately 30 hours.
(iii) Screens: issues with various screens are being resolved progressively.
(iv) Grind size: grind size distributions are still below the design of 80% passing 75 microns, however modifications are underway to improve this.
(v) Currently the gold recovery is a minimum of 90%, partly due to the higher percentage of stope ore in the mix as well as technical improvements, and is anticipated to be optimised further once more technical improvements are completed.
MINE
Geology
The extensive development that has been undertaken over the last two years, including opening up Level 8, has provided a much clearer understanding of the 3D shapes of the pinching and swelling of the veins and grade distributions. Consequently since September 2013 a major review of the all the mine geological data has been undertaken to develop a scheme of systematic classification of the veins according to textures and their relationship to the grade tenor of the vein. This classification allows visual grade estimates to be undertaken at working faces to facilitate and expedite mining decisions and to assist in mine planning.
A significant amount of re-interpretation has been completed, including the recognition that the main west-trending vein system is controlled by a major shear system. This shear system has controlled the orientation of the three main sub-vertical veins (Central, Jereme and GHV) and caused the development of numerous ‘link’ structures/veins in some sections of the mine particularly in the areas between the Jereme and GHV veins on the west side of the Oriental Fault. These link structures/veins are commonly low-angle between 30° to 60° and are now being interpreted and verified from numerous previously unallocated drill hole intersections and underground development and stoping.
In addition the recognition of the Don Pedro Vein’s northerly orientation on Level 8 in 2013 has also resulted in the recognition of a third vein orientation set. The Don Pedro Vein has been mined up to Level 7. To the east, the Don Pedro East Vein has been followed by winzing down from Level 8 to half way between Level 9 and Level 10. Other veins with this orientation are now being recognised in the mine.
Level development readily defines the pinch and swell nature of the veins in a horizontal direction, and now with an increased number of levels and vertical development as well as stoping data, the pinch and swell characteristics are being defined in a vertical sense. Recognition of pinching and swelling in a vertical direction affects the projection of veins to depth where a significant proportion of the 2013 Inferred Resources are located, and provides additional controls for refining resource estimations
Underground exploration
Three drill chambers have been excavated on Levels 3, 5 and 8 and one is planned to provide access for long term drilling programmes as shown on Figures 1 and 2. Additional drilling is being planned to ensure that replacement of reserves is achieved on an annual basis by upgrading Inferred Resources to the Indicated status, in conjunction with level development.
Figure 2 shows the interpretation of the veins on Level 8, with the current and planned underground drilling projected onto this level. Currently rigs are operating from chambers L8-19E and L3-17W. Drilling from drill chamber L3-64W recently finished and the rig will be moved to drill chamber L5-42W.
Resource and reserve estimates
The new resource and reserve estimates are nearing completion following finalising of the re-interpreted and upgraded vein model. The new 2012 JORC code reporting requirements for resources differ significantly from the 2004 JORC code under which all previous Co-O Deposit resources have been reported.
JORC 2004 was an estimate of the volume of in-ground mineralisation above a certain cut-off grade (3 g/t gold at Co-O) and with applied upper cuts, and which had a reasonable expectation of being mined.
JORC 2012 requires cut-off grade, minimum mining width and gold price parameters to be applied to the resource estimates to determine a break even grade. It is expected that the new resources will differ from previous estimates, as some vein sections are high grade but narrow, and may not meet the minimum requirements when diluted at current gold prices and/or extraction cost. However should the gold price improve or costs decrease, then this mineralisation is still available to be included in future resource estimates as Co-O is a long life mine.
Mining
Two mining methods are currently utilised at the Co-O Mine:
(i) Shrink stope mining
This method is predominantly used on vertical to sub-vertical veins where dilution can usually be reasonably well controlled. Shrink stopes have a minimum mining width of 1.2 metres; and
(ii) Slot stope mining
This method is used on the numerous low-angle veins (described above) where it is difficult to control the dilution from the hanging wall or roof. The minimum mining width for low angle veins is 1.5 metres, hence the higher dilution in low-angle stopes is partly responsible for the overall lower than average grade achieved from the mine.
The productivity of slot stopes is not as high as shrink stopes, and hence they also incur slightly higher costs. Trialling of various support methods to minimise the hanging wall dilution in the slot stopes is planned.
The objective to attain a long term mix of development to stoping ore of 30% to 70% is currently being achieved. Approximately 40% of the stope ore is currently sourced from the more diluted slot stopes.
Approximately 20% to 30% of the development ore is by definition (in a narrow vein mine) taken from Inferred Resources as this development is required as part of the conversion process from Inferred to Indicated Resources.
Manning levels
The reduction in workforce numbers, mainly contractors, as announced in the 30 June 2014 quarterly report, was primarily attributable to the reduction in the number of development headings to approximately 60 priority headings, and to a lesser extent, excess manning levels built up during the shaft sinking and expansion phase.
The Company has used this opportunity to retire some managers whilst providing the opportunity for younger personnel to take up management positions.
Development
Horizontal and vertical development is planned to continue for the foreseeable future at a rate of approximately 1,500 metres per month across approximately 60 priority headings. This is the minimum rate of development that needs to be maintained in order for new stopes to be mined as the old stopes are being depleted.
Vertical development of the Don Pedro Vein East by winzing has been completed from Levels 8 to 9, and is underway from Levels 9 to 10 as the first stage of opening up deeper levels in the mine.
L8 Shaft upgrade
In mid-December 2014, the L8 Shaft haulage will be upgraded to a 4.8 tonne skip and a double decker man-cage configuration to replace the current 3.6 tonne skip and single man-cage configuration. This exercise will also require the introduction of heavier duty winder ropes and replacement of gearing on the winder.
The above changes will increase the haulage capacity as a result of the increase in the skip payloads and reduce the time required for the employees to travel to underground work stations.
The proposed upgrade is programmed to take between three to four weeks and plans are currently being formulated to minimise disruption to production by re-routing ore through other shafts and ore passes.
In addition a 100,000 litre (100 cubic metres) sump is being developed below Level 8 to ensure long term dewatering control.
Long term planning
Preliminary planning for a new “materials and men” shaft down to Level 12 has commenced with drill holes for geotechnical evaluation completed but yet to be assessed.
The proposed position of this shaft, which will be named 15E Shaft, is shown in Figure 1.
Infrastructure
The main infrastructure development underway is the construction of a new road traffic bridge across the Agsao River adjacent to the mine.
This bridge is expected to be completed before the beginning of the wet season in November/December and will minimise the risk of flooding around the mine entrance and work areas.

[DomRuinart]

Geoffrey John Davis ist zurück

Ich setze große Erwartungen in die Rückkehr von Davis als CEO vomn Medusa. Immerhin hat er den Aktienkurs in seiner ersten Amtszeit von 2002 bis 2011 auf über 8 AUD (über 6 Euro) getrieben. Er zeigt ja auch heute an seinem ersten Arbeitstag schon, dass er es ernst meint:

APPOINTMENT OF MINING CONSULTANT

(ASX: MML)

Medusa Mining Limited ("Medusa" or "the Company") is pleased to advise that it has engaged the services of Mr Robert Gregory for an initial period of six months to review the entire mining operations at its Co-O Gold Mine in the Philippines.

Mr Gregory is an accomplished Mining Engineer with over 26 years mining experience, and has widespread international exposure having worked previously in Australia, Indonesia, Philippines and China. He has worked in both underground and open pit mines, and held managerial positions in junior and major mining companies.

His role at Medusa (in conjunction with another experienced consulting mining engineer) will initially be focussed on conducting a comprehensive review of the Company’s mining operations and associated activities and providing feedback with recommendations to the Board of Medusa.

His broad experience will no doubt be a great asset to the Company’s operations.

[Boersiback]

Antwort auf Beitrag Nr.: 47.611.422 von GustavOemark am 26.08.14 13:58:21

van Eck ist fleißig am aufstocken... auch bei Beadell z.b.
bei Medusa: er ist da eben nur "interim" CEO

[GustavOemark]

Antwort auf Beitrag Nr.: 47.611.221 von phranque am 26.08.14 13:41:28

naja mit dem London Delisting vielleicht wirklich langsam wieder ein Blick wert... van Eck hat ebenfalls kräftig aufgestockt

[phranque]

ANNOUNCEMENT
19 August 2014
...
Appointment of Interim Chief Executive Officer
The Board is pleased to advise that, Mr Geoffrey John Davis has agreed to assume the role of Chief Executive Officer for an interim period whilst the Company sources the services of a Managing Director.
Mr Davis, the Company’s founding Managing Director from February 2002 to June 2011 and then Non-Executive Chairman from June 2011 to November 2013, will officially commence his role on 1 September 2014

Was mich wundert ist, dass diese Meldung nicht positiver aufgefasst wird (jedenfalls dem Kusverlauf nach).
Wenn ich das richtig gestöbert habe, hat Geoffrey Davis einen recht guten Ruf in der Branche- Meinungen dazu?

Jedenfalls kann ich mit dem Titel beim Verkauf auf einen Schlag beim Fiskus ordentlich Kohle abzwacken. Dazu hab ich heute ein wenig zum FiFo-Traden aufgestockt.