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/NOT FOR DISSEMINATION IN
THE UNITED STATES OR FOR RELEASE TO US NEWS WIRE SERVICES/
AND 12 MONTHS LOST TIME INJURY FREE
ANNOUNCEMENT TO THE TORONTOSTOCK EXCHANGE AND AUSTRALIAN SECURITIES EXCHANGEPERTH,
June 5, 2012 /CNW/ - The Board of CGA Mining Limited ("CGA", "the Company") (TSX Code : CGA, ASX Code : CGX) is pleased to report a record monthly production of 20,007 ounces of gold for
May 2012 (previous record, 18,318 ounces in
December 2010). The record ounce production came from processing of 642,816 tonnes (also a record, with the previous record being 605,330 tonnes in
May 2011) at 1.15g/t Au head grade and an average throughput rate of 919 tonnes/hour.
Since the SAG mill was brought back into production in late
December 2011, throughput has averaged 802 tonnes/hour with an availability of 93%. The Board of CGA is also pleased to announce another 12 months (5.6 million man hours) of Lost Time Injury free production. This outstanding result has been achieved through the dedicated actions of the entire workforce, whilst at the same time delivering record production levels.
The Masbate Gold Project maintains its commitment to responsible and sustainable mining practices which includes treating the local community, the environment and safety as key priorities.
ABOUT CGA MINING LIMITED
CGA is listed on the main board of the Toronto Stock Exchange and ASX. The Masbate Gold Project in
the Philippines was successfully constructed with first gold poured mid-2009. The project has a total measured and indicated resource base of 5.13M ounces of gold, total inferred resource base of 2.83M ounces of gold and a proven and probable reserve of 3.097M 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
US$12M 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 100,000m of drilling as part of
US$20M expenditure 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.