Medusa Mining plans to move from AIM market to LSE Main Market

Medusa Mining (ASX, AIM: MML, TSX: MLL)is preparing to move from the AIM market of the London Stock Exchange to the Official List and the Main Market, which it said would help it to “raise its profile on a larger scale".

Medusa’s graduation from AIM to the Main Market is expected on 17 May 2010, subject to approvals form the UK Listing Authority and the London Stock Exchange.

“The directors believe that Medusa is now of a size and stature that justifies and qualifies its graduation from AIM to the Official List. The Company regards the Main Market as an ideal platform to raise the Company's profile on a larger scale,” said Managing Director of Medusa Mining Geoff Davis.

Medusa Mining is looking to gain access to a wider group of investors who it said would recognise the growth potential of the Philippines, which is the country’s area of focus.

This week, the company reported a record level of gold production achieved in Q3 with 25,505 oz (ounces) of gold produced at its Co-O mine compared to 21,108 oz produced in the previous quarter. The period also marked the completion of the Phase II expansion of the Co-O mine in the Philippines, on schedule, and the mine is now operating at a production rate that supports its target for 2010 of 100,000 ounces.

The Q3 production also eclipsed the target by 505 oz.

A new resource estimate for the mine is expected to be completed in July-August 2010.

The company is also preparing for a major drilling campaign at the Bananghilig gold deposit at the Tambis project, which is scheduled for July 2010 and will form the basis for pre-feasibility studies. Medusa is looking to increase the resource to a level sufficient to support a minimum operation of 5 years at a production rate of 200,000 oz per year.

The current forecast of gold production for the year to 30 June 2010 stands at around 90,000 oz and an anticipated cash cost of US$190/oz.

The stock has performed strongly on AIM as the share price increased from 180 pence to the current 277 pence over the past six months. The company’s market cap currently stands at over £0.5 billion.

http://www.proactiveinvestors.com.au/companies/news/6494/medusa-mining-plans-to-move-from-aim-market-to-lse-main-market-6494.html