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 reports further record throughput at Masbate Gold Project
Monday, May 10, 2010
CGA Mining (ASX: CGX, TSX: CGA) has reported that during the current month it has achieved a new record throughput of in excess of 20,000 dry tonnes (on soft ore) in a 24 hour period (annual equivalent of in excess of 7 mtpa at 95% availability) at the Masbate Gold Project in the Philippines.
With the continuing improvement in performance of the plant, the design throughput was only 4 mtpa and was achieved before any of the planned modifications to further expand the production capacity.
The company said that given the success of the addition of lead nitrate, the record throughput has also been achieved while maintaining strong recoveries.
The Masbate Gold Project has considerable scale with indicated resources of 3.3 million ounces and inferred resources of 1.77 million ounces, including a probable mining reserve of 1.984 million ounces of gold (cut-off 0.7g/t).
CGA believes that the project has very good exploration potential, both from the further conversion of existing resource ounces to reserves, and the potential to further expand the existing 5 million ounce resource base of the project.
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