CGA Mining
Full CGA Mining profile here
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.
CGA Mining becomes strategic investor in Sierra Mining
Thursday, April 29, 2010
CGA Mining (ASX: CGX, TSX: CGA), which has a market capitalisation in excess of $700 million, will take a 10% interest in Sierra Mining (ASX: SRM) and become a strategic investor in the company.
CGA has agreed to invest in 11.8 million ordinary shares at $0.06 each, along with one for two free attaching options exercisable at $0.10 each.
The placement along with the entitlements issue will raise approximately $3.3 million before costs for Sierra to continue the exploration and development of its key gold and copper gold tenements in the Philippines.
CGA recently commenced production at the Masbate Gold Project in the Philippines and is now producing at the rate of 200,000 ounces of gold per annum.
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