CGA Mining (ASX:CGX, TSX:CGA) is a producing gold mining company, with its principal asset being the +200,000 ounce per annum Masbate Gold Mine in the Philippines.
Masbate is the largest operating gold project in the Philippines, with construction on the process plant successfully completed in February 2009, less than 2 years after acquisition of the project.
A record 50,330 gold ounces, equating to around $70 million in value based on a gold price of US$1375, was produced by CGA Mining (ASX: CGX, TSX: CGA) at the Masbate Gold Project for the December 2010 quarter.
Throughput also hit record levels at 1,549,168 tonnes.
To highlight how the CGA continues to ramp up production at Masbate, the December 2010 quarter was the seventh consecutive quarter of record production and throughput levels being achieved.
Gold ounce production is set to continue increasing, with expansion plans in place in early 2011.
Masbate, located in the Philippines, is the largest gold project in the country with gold first poured in May 2009.
Masbate has an indicated resource base of 4.55 million gold ounces, a total inferred resource base of 3.22 million gold ounces and a probable reserve of 3.03 million gold ounces.
CGA said the project is forecast to produce over 200,000 gold ounces annually.