Medusa Mining Limited Releases Full Year Results

Medusa Mining Limited (ASX:MML) reported its full year financial results for the year ended 30 June 2012. The company announced a Net Profit After Tax of US$49.2 million.

Financial highlights include:

• Revenues of US$81.2 million compared to US$149.6 million for the previous year, due to a decrease in gold production as a result of accelerated development at the mine to prepare for future production increase, limited shaft haulage capacity and reduced availability of the milling circuit due to adverse weather conditions on two separate occasions.

  Medusa is an un-hedged gold producer and received an average gold price of US$1,658 per ounce from the sale of 55,446 ounces of gold for the year (2011: 96,217 ounces at US$1,371 per ounce);

• Earnings before interest, tax, depreciation and amortisation (“EBITDA”) of US$58.0 million, (US$120.7 million in the previous year);
• Basic earnings per share (“EPS”) of US$0.261 on a weighted average basis, based on NPAT of US$49.2 million (2011: EPS of US$0.587 based on NPAT of US$110.4 million);
• The Company remains debt free and had total cash, cash equivalent in gold on metal account and bullion on hand of US$51.8 million at year end (2011: US$102.1 million);

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