MEDUSA Mining appears to be on a bit of a buying spree, completing its purchase of the Kurnalpi Project in Western Australia and extending its option to purchase agreement for the Queen River Project in Tasmania.
The Kurnalpi purchase had been conditional on the vendors, a private syndicate, successfully defeating a plaint against the project tenement in August 2002.
Medusa has paid the syndicate $30,000 in cash and issued 700,000 shares at 20 cents each and 700,000 options meaning a total consideration worth $170,000. The options are currently escrowed.
The company has also extended its option to purchase the Queen River Project in Tasmania’s Mt Lyell district until May 27.
If that purchase is completed it will mean Medusa has seven projects on the go, four in WA, one in South Australia, one in Tasmania and one, Saugon, in the Philippines.
Medusa managing director Geoff Davis said the Saugon project was the company’s main focus.
He said the company hoped to be producing gold from it by the end of the year on the back of some "very good" exploration results.