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 another monthly throughput gold production record at Masbate
CGA Mining (ASX: CGX, TSX: CGA) continues to exceed expectations in the production of gold at the Masbate Gold Project in the Philippines, with the company achieving a new monthly throughput production record in May.
Over the month CGA Mining processed 605,330 tonnes at a throughput rate of 870dtph and an availability of 93.51%, equating to an annual throughput rate of 7.1mtpa.
The result for the month of May is that 17,074 gold ounces were produced, with a gross value of around US$26.3 million, based on the current gold spot price of US$1540 an ounce.
Production is expected to continue to increase, with the commissioning of a supplementary crusher due in the September 2011 quarter.
CGA Mining continues to work towards boosting the resource at the project, with an aggressive US$10M exploration program underway focussed on both the conversion of additional resources to reserves and delineating new reserve and resource ounces.
Masbate is the largest gold project in the Philippines and 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.
In the first year of operation the project produced over 150,000 ounces, with the May production highlighting the company is on track to produce at a rate of around 200,000 ounces annually.
