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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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CGA Mining gold production jumps 27% to 190,000 ounces at Masbate

14th Jul 2011, 3:01 pm
CGA Mining (ASX:CGA, TSE:CGX) continues to deliver from the Masbate Gold Project in the Philippines, with the company pouring over 190,000 gold ounces during financial year 2011, a 27% increase of the previous corresponding period.

Spot gold averaged around US$1400 an ounce during the one year period, providing gross revenues of US$270 million.

The production was achieved from a throughput level of almost 6.2 million dry tonnes, a 37% boost over financial year 2010.

The anticipated upside for Masbate are these results are likely to be just the beginning, with the company allocating a US$20 million exploration budget for financial year 2012.

CGA has planned to undertake an extensive 144,000 metres of reverse circulation drilling, and 28,000 metres of diamond drilling, principally focused on converting Inferred resources to Reserves.

The company also aims to identify new Reserves and Resources from both extensions to existing pits and a number of new targets.

September 2011 quarter production

  • CGA Mining said that production however for the September 2011 quarter will be impacted as mechanical repairs are carried out on the SAG mill.
  • The company added that it had extensive insurance policies which are available for both repairs and loss of profits claims, subject to normal deductibles.
  • A crack in one of the segments in the discharge end of the SAG mill was identified earlier in the week.
  • The SAG mill was shut down and will now be disassembled and repaired.
  • CGA Mining said that full technical assessments are not yet available, but the company currently estimates that these repairs will cost in the order of $0.5 million and could take up to three months to complete.
  • Full capacity of the plant will therefore be restored during the next quarter.

Masbate - by the numbers

  • CGA Mining successfully poured the first gold in May 2009 to kick off production from Masbate.
  • The project has a total Indicated Resource of 4.55 million ounces (153.41 million tonnes at 0.92g/t), a total Inferred Resource of 3.22 million ounces (127.15 million tonnes at 0.79g/t), and a Probable Reserve of 3.03 million ounces (92.2 million tonnes at 1.0g/t) of gold.
  • Masbate poured 150,000 gold ounces in the first year of operation, and is on track to produce at a rate of around 200,000 ounces annually.
CGA Mining is currently upgrading the process plant to lock in a throughput rate of 6.5Mtpa.

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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.

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