Medusa Mining: Resource conversion 'very good'

LONDON (ShareCast) - Medusa Mining, the gold producer with a Philippines focus, has published a resource update revealing encouraging results at its Bananghilig Deposit.

The company stated that an additional 14 infill holes had commenced to convert additional inferred gold resources to indicated resources.

Data published by the group showed that indicated resources were estimated at 11.9m tonnes comprising 608,000 ounces of gold.

Inferred resources were estimated at 9m with 472,000 ounces of gold expected.

Peter Hepburn-Borwn, Managing Director of Medusa, commented: "The resource conversion has been very good where drilling densities are sufficient. The conversion of inferred resources to indicated resources is re-commencing with an additional 14 holes planned."