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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 achieves daily throughput production record at Masbate

15th Nov 2010, 3:34 pm

CGA Mining (ASX:CGX, TSX:CGA) has achieved a new daily throughput production record at the Masbate Gold Project in the Philippines of 21 831 dry tonnes processed at a throughput rate of 926dtph, with the plant continuing to perform well and exceed all expectations.

The previous record was 20 526t which was announced 10 May 2010. In the September Quarter the project produced 48 373 ounces at cash operating costs of $587/ounce. Throughput was 1 447 557t for a grade of 1.27g/t and a recovery of 85.9%. Availability was up to 91% (June Quarter 87.4%).

The Masbate Gold Project is the largest gold project in the Philippines and was successfully developed with first gold poured on 12 May 2009.

The project has a total indicated resource base of 4.55M ounces, total inferred resource base of 3.22M ounces and 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.

The 4Mtpa designed plant was constructed by Leighton Contractors Asia Limited without one lost time injury. The mining contract for the project has also recently been awarded to Leighton, the largest mining contractor in the world, and aims to expand the project to 6.5 Mtpa.

The plant is currently running at an annualised rate in excess of 6Mtpa. CGA is completing a US$15M investment program designed to upsize throughput to 6.5Mtpa at Masbate.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

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