/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO US NEWS WIRE SERVICES/
ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE AND TORONTO STOCK EXCHANGE
April 5, 2012
/PRNewswire/ - The Board of CGA Mining Limited ("CGA", "the Company") (
TSX Code : CGA, ASX Code : CGX
) is pleased to announce March Quarter production of 49,199 ounces, a 77% increase from the December Quarter of 27,820 ounces, at the Masbate Gold Project. The ounce production comes from the processing of 1,586,549 tonnes (Dec Q 866,140) at an average grade of 1.12g/t (Dec Q 1.10g/t) and a recovery of 86.4% (Dec Q 90.5).
The milling circuit is performing consistently at levels at or above 6.5mtpa as evidenced by the throughput achieved in March, which saw tonnes milled 5.5% above budget at 582,412 tonnes including an average feed rate for the month of 863tph.
Full Quarterly results will be released as soon as they are available and are currently scheduled to be released in the week commencing 16 April.
ABOUT CGA MINING LIMITED
CGA is listed on the main board of the Toronto Stock Exchange and ASX. The Masbate Gold Project in
was successfully constructed with first gold poured mid-2009. The project has a total indicated resource base of 4.55M ounces of gold, total inferred resource base of 3.22M ounces of gold and a probable reserve of 3.03M ounces of gold.
The 4Mtpa designed plant was constructed by Leighton Contractors Asia Limited ("Leighton") without one lost time injury. The mining contract for the Masbate Gold Project has been awarded to Leighton, the largest mining contractor in the world. CGA has completed a
investment program designed to upsize throughput to 6.5Mtpa at Masbate. The project is forecast to produce at a rate of over 200,000 ounces per annum (Year ended
30 June 2011
: 190,033 ounces).
CGA has an aggressive exploration strategy. It is planned to undertake 172,000m of drilling at a cost of
over the next twelve months.
CGA has a disciplined acquisition program focused on acquiring new gold projects with a substantial initial resource with the capacity to grow materially and where the development and operational experience of CGA can be applied to enhance shareholder value.