MEDUSA MINING LIMITED
ABN: 60 099 377 849
Unit 7, 11 Preston Street
Como WA 6152
PO Box 860
Canning Bridge WA 6153
Telephone: 618-9367 0601
Facsimile: 618-9367 0602
Email: [email protected]
Internet: www.medusamining.com.au
ANNOUNCEMENT
17 June 2015
Co-O MINE PRODUCTION GUIDANCE FY 2015-16
(ASX: MML)
Medusa Mining Limited ("Medusa" or the "Company"), through its Philippine affiliate, Philsaga Mining Corporation ("PMC"), wish to advise that production guidance for the
2015-16 financial year will be between 120,000 to 130,000 ounces of gold.
Production for the forthcoming year will be tempered by the medium-term waste generating infrastructure projects being undertaken during the installation of the Service Shaft, new ventilation rises and drives for connecting levels to the Service Shaft.
These works commenced in April 2015.
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Description Unit 2015-16
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Production guidance
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ounces
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120,000 to 130,000
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Cash costs
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US$/ounce
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US$380 to US$430
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Development expenditure
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US$
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US$40M
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Capital expenditure (sustaining)
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US$
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US$10M
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Capital expenditure (Service Shaft)
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US$
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US$10M
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Exploration expenditure
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US$
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US$11M
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AISC(1)
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US$/ounce
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US$960 to US$1,060
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Note (1): included in AISC is capital expenditure for Service Shaft of approximately US$80 per ounce.
Production guidance for 2016-17 is currently estimated at between 135,000 to 145,000 ounces subject to review upon completion of infrastructure improvements.
Geoff Davis, CEO of Medusa, commented:
"It is pleasing to see an anticipated increase in production guidance by 20 to 30 % for the forthcoming financial year, despite the fact that production will be affected by the underground activities associated with the installation of the Service Shaft."
DISCLAIMER
This announcement contains certain forward-looking statements. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate',
'likely', 'intend', 'should', 'could', 'may', 'target', 'plan' and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Medusa, and its officers, employees, agents and associates, that may cause actual results to differ materially from those expressed or implied in such statements. Actual results, performance or outcomes may differ materially from any projections and forward-looking statements and the assumptions on which those assumptions are based. You should not place undue reliance on forward-looking statements and neither Medusa nor any of its directors, employees, servants or agents assume any obligation to update such information.