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. 

Pdf

CGA Mining seventh consecutive record quarter of gold production

25th Jan 2011, 4:34 am

CGA Mining (ASX:CGX, TSX:CGA) continues its stellar production record from the Masbate gold project, which has helped the company land its seventh consecutive quarter of increases in gold production and throughput.

Masbate is the company's main project, which was acquired by CGA in March 2007, and is now the largest operating gold project in the Philippines.

For the second quarter of financial year 2011, a record 50,330 gold ounces was produced, a 4% increase over the previous quarter.

Mill throughput rose 7% to 1.5 million tonnes of ore.

The company said cash operating costs were A$613 per ounce for the period, up from A$587 per ounce in the September quarter, due to a small decrease in recovery rates.

Revenue from gold sales jumped 36% to $68.5 million for the period, with the average gold price US$1,228 per ounce up from US$1,119 per ounce in the September quarter.

CGA also said that in line with the 6.5mtpa plant expansion plan at Masbate, orders were placed for a 400tph supplementary crushing circuit, which will be designed to ensure the 6.5mtpa throughputs are achieved when the ore blend becomes "harder".

Initial construction for the upgrade has already begun.

At the end of 2010, CGA had US$240 million in cash and liquid assets.

 

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