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Medusa Mining Limited: Interim Financial Results


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© Marketwire 2013
2013-02-28 07:41:23 -

COMO, WESTERN AUSTRALIA -- (Marketwire) -- 02/28/13 -- Medusa Mining Limited ("Medusa" or the "Company") (ASX:MML)(LSE:MML) presents its interim financial results for the six months to 31 December 2012, with a Net Profit After Tax ("NPAT") of US$28.6 million.


HIGHLIGHTS FOR THE SIX MONTHS TO 31 DECEMBER 2012:


Financials


--  Revenues of US$52.4 million compared to US$40.9 million for the
    corresponding period in the previous year, an increase of 28% due to
    marginal increase in both gold production and a higher average price
    received on sale of gold. Medusa is an un-hedged gold producer and
    received an average gold price of US$1,676 per ounce from the sale of
    43,492 ounces of gold for the half-year to December 2012 (corresponding
    period to December 2011: 25,446 ounces at US$1,655 per ounce); 
--  Earnings before interest, tax, depreciation and amortisation ("EBITDA")
    of US$35.3 million, (US$28.4 million in the prior corresponding period);
    an increase of 24%. 
--  Earnings per share ("EPS") of US$0.152 on a weighted average basis is
    based on NPAT of US$28.6 million (six months to December 2011: EPS of
    US$0.127 based on NPAT of US$24.0 million);an increase of 19%. 
--  The Company remains debt free and had total cash, cash equivalent in
    gold on metal account and bullion on hand of US$15.8 million at 31
    December 2012 (corresponding period to 31 December 2011: US$80.2
    million). 

----------------------------------------------------------------------------
Description                      Unit  Dec 2012  Dec 2011  Variance     (%) 
----------------------------------------------------------------------------
Revenues                          US$ $  52.4 M $  40.9 M $  11.5 M      28%
----------------------------------------------------------------------------
EBITDA                            US$ $  35.3 M $  28.4 M $   6.9 M      24%
----------------------------------------------------------------------------
NPAT                              US$ $  28.6 M $  24.0 M $   4.6 M      19%
----------------------------------------------------------------------------
EPS (basic)                       US$ $   0.152 $   0.127 $   0.025      19%
----------------------------------------------------------------------------



Operations



--  The Company produced 32,580 ounces of gold for the half-year, compared
    to 26,780 ounces from the previous corresponding period, at an average
    recovered grade of 7.82 g/t gold (six months to December 2011: 8.10 g/t
    gold); 
--  Average cash cost for the half-year of US$300 per ounce, was higher than
    the previous corresponding period's costs of US$261 per ounce; 

----------------------------------------------------------------------------
Description                    Unit  Dec 2012  Dec 2011  Variance      (%)  
----------------------------------------------------------------------------
Production                   ounces    32,580    26,780     5,800       21% 
----------------------------------------------------------------------------
Cash costs                   US$/oz $     300 $     261 $     (39)     (15%)
----------------------------------------------------------------------------



Production Guidance


The revised forecast gold production for the fiscal year to 30 June 2013 after taking into account current year to date production of 32,580 is now between 80,000 to 90,000 ounces at anticipated cash costs of US$250 per ounce.


A breakdown of actual and forecasted production ounces in calendar years (CY2011 to CY2016) and financial years (FY2012 to FY2017) is highlighted in Table below.


Calender Years

###PRECONTENT2###

Financial Years

###PRECONTENT3###

To view the Preliminary Development Timetable, please visit the following link: media3.marketwire.com/docs/856603.jpg. : media3.marketwire.com/docs/856603.jpg.

Dividends


The Board has temporarily suspended the payment of any dividend for the current fiscal year. In the previous half year to 31 December 2011, the Company paid an interim un-franked dividend of A$0.05 per share.


JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS


Medusa Mining Limited


Information in this report relating to Exploration Results has been reviewed and is based on information compiled by Mr Geoff Davis, who is a member of The Australian Institute of Geoscientists. Mr Davis is the Non-Executive Chairman of Medusa Mining Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a "Competent Person" as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Davis consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.


Cube Consulting Pty Ltd


Information in this report relating to Mineral Resources has been estimated and compiled by Mark Zammit of Cube Consulting Pty Ltd of Perth, Western Australia. Mr Zammit is a member of The Australasian Institute of Mining & Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Zammit consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.


Carras Mining Pty Ltd


Information in this report relating to Ore Reserves is based on information compiled by Dr Spero Carras of Carras Mining Pty Ltd. Dr Carras is a Fellow of the Australasian Institute of Mining & Metallurgy and has 30 years of experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr Carras consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.


DISCLAIMER


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.


The complete Half Year Report for December 2012 is available for viewing on our website www.medusamining.com.au.


ABN: 60 099 377 849


To view the Medusa Mining Limited Half-Year Financial Report, please visit the following link: media3.marketwire.com/docs/mml0227halfyear.pdf. : media3.marketwire.com/docs/mml0227halfyear.pdf.


Contacts:

Australia: Medusa Mining Limited

Peter Hepburn-Brown

Managing Director

+61 8 9367 0601


United Kingdom: SP Angel Corporate Finance LLP

(Financial Adviser & Broker)

Ewan Leggat/Laura Littley

+44 (0)20 3463 2260

at.marketwire.com/accesstracking/AccessTrackingLogServlet?docid= .. width="1" height="1" alt=" " border="0" />



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