Name of the Project
Co-O gold mine Tigerway decline project.

Location
Philippines.

Project Owner/s
Australian based gold producer Medusa Mining, through its subsidiary Philsaga Mining Corporation.

Project Description
The Co-O gold mine has been in production for 13 years and has been a consistent producer that continues to replace reserves as the orebody extends at depth. As reserves are depleted at shallower levels, additional infrastructure is required to continue mining and improve exploration effectiveness.

Ore and waste material from the Co-O mine are currently hoisted to surface through existing mine infrastructure, including the L8, Baguio, Agsao and internal shafts. However, these assets can effectively facilitate mining only to Level 12, about 600 m below surface.

Medusa plans to build a decline to access the orebody below the limitations of existing shaft infrastructure.

The decline will extend infrastructure below the current extent of Level 12, with high-grade mineralisation intersected in drilling below Level 16 and remaining open at depth.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
$54-million. The project will be funded from existing cash reserves.

Planned Start/End Date
Construction is expected to take 36 months.

Latest Developments
Construction of the decline was approved in January 2020, but the planned appointment of an Australian-based underground mining contractor was delayed with the onset of the Covid-19 pandemic. This resulted in Medusa evaluating the option of using a Philippines-based contractor to mitigate the operational restrictions and cost impacts of Covid-19.

Key Contracts, Suppliers and Consultants
Mount Rock Powder Corporation (mining and blasting contractor).

Contact Details for Project Information
Medusa Mining, tel +61 8 9474 1330 or email admin@medusamining.com.au.