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Additional Information
Market: ASX, TSX
Sector: General Mining - Gold
EPIC: CGX
Latest Price: A$1.74  (7.76% Ascending)
52-week High: A$2.95
52-week Low: A$1.58
Market Cap: A$585.95M
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CGA Mining
www.cgamining.com

CGA Mining (ASX:CGX, TSX:CGA) and its subsidiaries, is a producing gold mining company, with its principal asset being the +200,000 ounce per annum Masbate Gold Mine in the Philippines. The Masbate Gold Project has total resources of approximately 7.7m ounces and and reserves of 3m ounces.

The Masbate Gold Project is the largest operating gold project in the Philippines. Construction on the process plant was successfully completed in February 2009, less than 2 years after acquisition of the project, with the construction and installation of the power plant completed in April 2009. First gold was poured on 12 May 2009, with over 1 tonne of gold poured by September 09 and total production in excess of 150,000 ounces in the first year of operation. The project is forecast to produce over 200,000 ounces per annum and an expansion to 6.5mtpa is planned in 2010/2011 to further increase the production profile of the project.

The Company is focussed on enhancing the value of the Masbate Gold Project by both production growth and an aggressive exploration program on the highly prospective tenements and identifying new growth opportunities, through judicious and profitable acquisition programmes. 

Full CGA Mining profile here
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CGA Mining reports bumper US$18.9m profit, hunts for gold acquisitions

29th Sep 2010, 9:07 am

CGA Mining (ASX:CGX,TSX:CGA) has reported a US$18.948M net profit for financial year 2010 in audited results, up from the $4.847M loss in the previous corresponding period.

Michael Carrick, chief executive officer, said, “CGA is pleased with the operational performance of the Masbate Project in its first year."

The Masbate Gold Project, the largest gold project in the Philippines, was fully commissioned during the year.

The mine achieved an annual production profile in excess of 150,000 ounces with consistent growth quarter on quarter, to be operating currently at an annual equivalent of 6Mtpa throughput.

The project has a total indicated resource base of 4.55M ounces, and a total inferred resource base of 3.22M ounces, with a probable reserve of 3.03M ounces of gold.

At steady state operations the project is forecast to produce over 200,000 ounces per annum.

CGA added that it has a disciplined acquisition program focused on acquiring new gold projects, with a substantial initial resource with the capacity to grow materially, and where the development and operational experience of CGA can be applied to enhance shareholder value.

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