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 hits more near surface gold at Masbate in Philippines
CGA Mining (ASX: CGX, TSX: CGA) exploration success continues at the Masbate Gold Project, the largest gold project in the Philippines.
The latest intercepts have been identified at Libra East, which is immediately adjacent to the Main Vein Pit.
Highlights include:
- 32 metres at 1.98 grams per tonne (g/t) gold from 74 metres;
- 30 metres at 1.57g/t gold from 92 metres; and
- 14 metres at 2.25g/t gold from 131 metres.
Adding to the potential for more gold strikes, CGA said an extension of highly mineralised quartz veining has also been identified, immediately to the north of the current planned Colorado Pit.
Exploration is ongoing at the project, with a current program of resource infill drilling underway in the planned Main Vein Pit.
The 41 hole program is targeting the inferred section of 4 major veins within the Binstar zone as well as the Main Vain zone itself.
These latest results for CGA come hot on the heals of a major milestone announced earlier in the week, with the company now having poured ten tonnes of gold at Masbate.
To aggressively boost exploration at the project, CGA has allocated a US$10 million per annum exploration budget, 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.
