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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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Pdf

CGA Mining net profit jumps 400% to $39 million in first half

9th Feb 2011, 10:37 am

CGA Mining (ASX: CGX, TSX: CGA) is reaping the benefits from the sustained high gold price and the stellar gold production performance from the Masbate gold project in the Philippines, with a 400% jump in net profit.

Net profit was $39 million for the first half of financial year 2011, up from $7.6 million for the corresponding period a year before, with cash flows from existing operations doubling to $47 million.

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

This was the seventh consecutive quarter of increased gold production for the company.

Masbate is behind the booming gold production, which is currently forecast to produce 200,000 gold ounces each year.

Masbate has a Probable Reserve of 3.03 million gold ounces.

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