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CGA Mining www.cgamining.com/

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.

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CGA Mining pours half a million gold ounces, achieves record half yearly production

CGA Mining (ASX: CGX, TSX: CGA) has achieved a number of records to date, including the pouring of its 500,000th ounce of gold at the Masbate Gold Project in the Philippines last week.

This major milestone follows record quarterly production for the June 2012 quarter, record half yearly production and a 17% increase in Reserves.

During the June quarter, CGA poured 50,813 ounces from the processing of 1.7 million tonnes at an average grade of 1.08 grams per tonne (g/t) gold with 84% recovery.

Two successive strong quarters has resulted in production of a record 100,013 ounces for the six months from January to June 2012.

The plant continued to operate above expectations with availabilities for the 6 months averaging 94.8%.

Since recommissioning, the SAG mill has consistently operated at or above 6.6 million tonnes per annum with the highest throughput recorded in May, reaching an annualised throughput rate of 7.6 million tonnes per annum.


Production

First gold was poured from the Masbate Gold Project in mid-2009.

The project hosts a Measured and Indicated Resource of 5.1 million ounces of gold, an Inferred Resource of 2.8 million ounces of gold, and a Proven and Probable Reserve of 3.1 million ounces of gold.

CGA has completed a US$12 million investment program designed to upsize throughput to 6.5 million tonnes per annum from 4 million tonnes per annum at Masbate.

The project is forecast to produce at a rate of over 200,000 ounces per annum, with 190,033 ounces produced during the 2011 financial year.


Aggressive exploration

CGA is planning an extensive 100,000 metres of drilling over the next 12 months.

The drilling is part of a US$20 million aggressive exploration strategy.

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