Proactiveinvestors recommends
Additional Information
Market: ASX TSX
Sector: Gold Mining
EPIC: CGX
Latest Price: 1.63  (-4.12% Descending)
52-week High: 2.95
52-week Low: 1.58
Market Cap: 550.49M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
CGA Mining Ltd.
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 Ltd. profile here
Pdf

CGA Mining hits further high grade gold outside Masbate Resource

6th Aug 2010, 9:20 am

CGA Mining (TSX :CGA, ASX :CGX) and Filminera Resources Corporation have reported new exploration results from recent drilling at the Capsay/Old Lady Prospect in the Philippines, intercepting high grade gold.

The Capsay/Old Lady Prospect lies 3.5kms from the Masbate Plant site and approx 1.5kms from the southern limit of the exisiting Main Vein pit. It is interpreted as the SE extension of the recently announced Blue Quartz Prospect.

The zone is outside the Masbate Project’s current 43-101 resource or reserve estimates.

Relatively wide intercepts occur in hole ODRC001 (9m @ 1.35g/t from 60m), ODRC003 (10m @ 1.70g/t from 22m), ODRC004 (12m @ 3.0g/t from 51m and 10m @4.82g/t from 81m), ODRC006 (16m @ 1.20g/t from 48m) and ODRC007 (25m @ 2.13g/t from 29m).

Michael Carrick, chief executive officer of CGA, said "drilling is continuing in this area and more results are expected when assays are received.”

Previous mining by Atlas Mining Corporation at Capsay/Old Lady from open pit and underground operations produced 544,867 tonnes at a grade of 1.97 g/t Au.

The current 37 hole RC drilling program is initially planned on an average 50m x 50m grid pattern to cover the known mineralized quartz veins at the Capsay/Old Lady Prospect. 17 RC drill holes have been completed with results received only for the 5 holes reported above.

The Masbate Gold Project, located on the island of Masbate approximately 350 kilometres south of Manila, is the largest gold project in the Philippines and was successfully developed with first gold poured in May 2009.

The project has a total indicated resource base of 4.55M ounces (153.41mt @ 0.92 g/t), total inferred resource base of 3.22M ounces (127.15mt @ 0.79 g/t)and a probable reserve of 3.03M ounces (92.2mt @ 1.0g/t) of gold.

In its first year of operation the project produced in excess of 150 000 ounces and is on track to produce at a rate of over 200,000 ounces per annum.

CGA is currently upgrading the process plant to lock in a throughput rate of 6.5Mtpa and an aggressive US$10Mpa exploration program is underway.

No investment advice

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.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.