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/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
Sept. 24, 2012 /CNW/ - CGA Mining Limited and its subsidiaries ("CGA" or "the Company") is pleased to announce that in an interview by Bloomberg, the Philippine Government's Director of Mines and Geosciences Bureau, Director
Leo Jasareno, said of the proposed merger of B2Gold & CGA:
"It's a vote of confidence in
Leo Jasareno went on to also confirm the recent successful renewal of the Mineral Processing Permit for a further 5 years (the maximum period allowed under the relevant legislation) at the Masbate Gold Project, a further confirmation of the support for the project from the Philippine Government. The renewal was successfully approved by the Secretary of the Department of Environment and Natural Resources following the issuance of Executive Order 79, which details the Administration of President
Benigno S.C. Aquino III mining policy.
President Aquino is scheduled to visit
Australia next month to promote further investment in
the Philippines mining sector.
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.