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.
CGA Mining expands Masbate gold project in Philippines with new stake in Pajo property
CGA Mining (TSX: CGA, ASX: CGX) said Tuesday that it has acquired an undisclosed interest in the Pajo property in the Philippines, in joint venture with Bloomsbury Holding and local partners.
The Pajo property covers an area of around 786 hectares and is to the north of the Colorado Pit on the company's Masbate Gold project, the largest gold project in the Philippines that had its first pour in May of last year.
The acquisition will increase CGA's amount of land under mining licenses by 53%, and is expected to improve operations by allowing shorter hauls for waste dumping from the currently operated Colorado Pit.
The company said that the new stake in Pajo will mean the site, together with Masbate, now has more than 18 kilometres of exploration tenure, with potential to grow the reserve and resource base of the project through drilling.
The Pajo property hosts the Pajo Hill prospect, which was subject to underground mining during the pre-war period. CGA said that a drilling program by previous owners identified a polygonal resource at the site, with the central part of the zone showing continuous mineralized widths of 60-110 metres.
It added: "Several other areas of significant quartz veining that align with structures already identified and converted into reserves and resources at the Masbate tenements have also been identified."
Masbate has a total indicated resource base of 4.55 million ounces, a total inferred resource base of 3.22 million ounces and a probable reserve of 3.03 million ounces of gold. The project is forecast to produce over 200,000 ounces per year.
