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CGA MINING LIMITED

ASX: CGX

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Delisted from ASX 05/02/2013 following completion of the Scheme of Arrangement with Toronto listed B2Gold Corp.

CGA Mining Limited and its subsidiaries ("CGA", "the Company"), 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 has been listed on The Australian Stock Exchange (ASX, code CGX) since April 1991 and on the Toronto Stock Exchange (TSX, code CGA) since 21 February 2005.

Masbate Gold Project Reserves and Resources

Indicated Resources of 135.33mt @ 0.96g/t containing 4.55m oz
Inferred Resources of 127.15mt @ 0.79g/t containing 3.22m oz

Both of the above were calculated at a 0.36g/t cut-off based on a US$750 / ounce gold price and represents an overall increase of 62% in resources since CGA first acquired the project.

Lower Quartile Solutions Pty Ltd (LQS) prepared a NI 43 101 compliant technical report dated 20 October 2008 in which it stated the total mineral reserve at the Masbate Project.

Indicated Reserves of 92.2Mt @ 1.0g/t containing 3 m oz

The reserve is based on a selling price of US$750/oz. This represents a 53% increase in reserves from the figure reported in the Technical Report dated 30 April 2006 prepared by IMC Consultants Pty Ltd.

Mine For

gold

Location of operation(s)

Philippines

Address

Level 5 , BGC Centre , 28 The Esplanade
PERTH, WA, AUSTRALIA

Phone

(08) 9263 4000

Email

Website


Last Updated

14/04/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.