Proactiveinvestors recommends
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
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
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
Is CGX a Buy, Sell or Hold?Get your FREE analysis of CGX
Pdf

CGA Mining reaches 10 tonne gold poured milestone at Masbate

25th May 2011, 6:04 am

CGA Mining (ASX: CGA, TSX: CGX) has now achieved the ten tonne gold poured milestone at the Masbate Gold Project in the Philippines.

CGA is also locking in the throughput rate of 6.5 million tonnes per annum, with an upgrade to the processing plant.

To agressiverly boost exploration, the company has allocated a US$10 million per annum exploration budget at Masbate focussed on both the conversion of additional resources to reserves, and delineating new reserve and resource ounces.

The exploration campaign includes 25,000 metres of reverse circulation drilling, 30,000 metres of diamond drilling and 15,000 metres of trenching.

Masbate is the largest gold project in the Philippines and has a total Indicated Resource of 153.41 million tonnes at 0.92 grams per tonne gold for 4.55 million gold ounces, and a Probable Reserve of over 3 million gold ounces.

The ore body at Masbate strikes in a south easterly direction and CGA owns the next 18 kilometres of intensely mineralised strike.

CGA successfully poured its first gold in May 2009 to kick off production from the project.

In its first year of operation Masbate produced in excess of 150,000 ounces and is on track to produce at a rate of over 200,000 ounces per annum.

The company recently spun out its African assets in Ratel Group (TSX: RTG) and also holds a 23% interest in St Augustine Gold and Copper (TSX: SAU), which is earning a 60% stake in the King-king Copper-Gold Porphyry Project in the Philippines.

 

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.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.