Ann: Co-O Mine Production Guidance FY 2015-2016, page-2

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.
Description Unit 2015-16
Production guidance ounces 120,000 to 130,000
Cash costs US$/ounce US$380 to US$430
Development expenditure US$ US$40M
Capital expenditure (sustaining) US$ US$10M
Capital expenditure (Service Shaft) US$ US$10M
Exploration expenditure US$ US$11M
AISC(1) US$/ounce US$960 to US$1,060
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.”