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Medusa Mining Limited Still Up More Than 4% on Co-O Mine Update

Medusa Mining Limited (MLL.TO), through its Philippines operating company, Philsaga Mining Corporation, is still up more than 4% after advising that it has increased the indicated resource at its Co-O Mine by 4% to 603,000 ounces and increased the Inferred Resource by 36% to 898,000 ounces (excluding production since 9 December 2009). It said the grade of both categories has also increased.

The company also announced additional information which supports the announcement dated January 18, 2010, containing estimates of the conceptual potential target sizes for the Co-O Mine using various parameters which indicate a range of 3 million ounces in 9.3 million tonnes to 7 million ounces in 22 million tonnes using a grade range of 9 to 11 g/t gold with a preferred average grade of 10 g/t gold.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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