Medusa Mining has announced that it has produced 25,114 ounces of gold in the March quarter. The Philippines focused Australia and Canadian listed miner said that gold production costs were US$191 per ounce after being recovered from an average grade of 11.58 g/t gold ore.
The production figure for the March quarter was lower than the 26,123 ounces of gold that were produced in the December quarter last year. The production cost for the December quarter was also lower at US$185 per ounce. However the production was slightly above the two quarters before that.
The cumulative total of gold produced in the past three quarters is 76,241 ounces. Medusa Mining has thus generated $92 million in cash from the sales. The company has a market capitalization of $1.56 billion. It has declared a 5 cents a share dividend that was paid out on March 23, 2011.
Medusa is now looking forward to future growth with the new plant at its Co-O mine. Permits for the same are expected to be completed by September and the construction will take another 21 months. Once it is constructed the new plant will have the capacity to produce 200,000 ounces of gold per annum. The company is also looking forward to new exploration results from its many drilling sites in the Philippines.
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Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD.
Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia.
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