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 gold production rates to increase with 500tph ore processing by August
CGA Mining (ASX: CGX, TSX: CGA) has resumed gold production at the Masbate Gold Project in the Philippines after the reconfiguration of the grinding circuit having been completed and ore now being fed direct into the ball mills.
The company said production rates will steadily increase as the revised circuit is bedded down, with the reconfigured circuit forecast to operate at up to 400tph.
The ore feed is then expected to increase to 500tph once the supplementary crusher is commissioned in late August, increasing gold production rates.
Also at the site - repairs to the SAG mill continue with repairs to be completed within the original time frame of three months.
Masbate has been a huge cash generator for CGA Mining recently, 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.
CGA Mining also has an extensive exploration program underway at the project, and has allocated a US$20 million exploration budget for financial year 2012.
