ENP Newswire -
Release date- 29082014 -
HIGHLIGHTS OF THE FINANCIAL YEAR:
Medusa is an un-hedged gold producer and received an average gold price of
Earnings before interest, tax, depreciation and amortisation ('EBITDA') of
Basic earnings per share ('EPS') of
The Company had total cash and cash equivalent in gold on metal account of
No dividends were declared nor paid during the year (2013: Nil)
Depreciation of fixed assets and amortisation of capitalised mine development and mine exploration was
Capitalised mine development costs totalled
The Company produced 59,904 ounces of gold for the year, compared to the previous year's gold production of 62,243 ounces, at an average recovered grade of 4.76 g/t gold (2013: 7.02 g/t gold);
The average cash cost for the year of
Production Guidance to
The production guidance for the six months to
Reserves and Resources
New Resource and Reserve estimates for 2014 are incomplete and will be reported in accordance with JORC 2012 when finalised.
Contiguous tenement package maintained at >800km2;
Budgeted exploration for fiscal year 2015 of
Exploration highlights at Co-O include:
revised the vein classifications and interpretations and
underground drilling continues to confirm and extend mineralization across strike and at depth.
An Induced Polarisation, Resistivity and Ground Magnetics geophysical programme was commenced over the
At the B2 Prospect adjacent to the Bananghilig Deposit, drilling has continued to assess the extent of the mineralization and
Regional exploration has continued over the Company's granted tenements.
The last day of dealings in the Securities on the LSE was on
No dividends were declared nor paid during the year.
Events Subsquent to Year End
Resignation of Managing Director
Appointment of Interim Chief Executive Officer
This report 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.
Tel: +618 9367 0601
Fax: +618 9367 0602
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