Medusa Mining Ltd (AIM, ASX: MML; TSX: MLL) said chairman Kevin Tomlinson has informed the board that he will be resigning to attend to increased work commitments.
The group said the board has accepted Tomlinson's resignation and wishes to acknowledge the substantial contribution and commitment that he has made to the company since cecoming chairman over 4 years ago, helping to take Medusa from a market capitalisation of A$30 million in October 2005 to over A$550 million today.
The company is currently expanding its high grade Co-O Mine operations in the Philippines - with total resources of 1,380,000 ounces at 10.8 g/t gold - to increase its production capacity to 100,000 ounces per year in 2010, and is conducting near mine exploration to assess the possibilities of further expansion to 200,000 ounces per year.
Numerous new discoveries of gold and copper-gold are anticipated in the future within the large regional tenement package totalling 820 square kilometres.
Disclosure: The author holds no positions in the company