The Board of CGA Mining Limited (CGX) reports that during the current month, with the continuing improvement in performance of the plant at the Masbate Gold Project, we have now 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). The design throughput was only 4 mtpa and this was achieved before any of the planned modifications to further expand the production capacity of the plant. Given the success of the addition of lead nitrate, the record throughput has also been achieved while maintaining strong recoveries.
CGA is listed on both the Toronto Stock Exchange and the Australian Securities Exchange. The Masbate Gold Project is the largest gold project in the Philippines and was successfully developed with first gold poured on 12 May 2009. The project, which is currently ramping up to full production, has a total indicated resource base of 4.55M ounces, total inferred resource base of 3.22M ounces with a probable reserve of 3.03M ounces of gold. At steady state operations the project is forecast to produce over 200,000 ounces per annum.
The 4Mtpa 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 is completing a scoping study for the expansion of the plant throughput at Masbate.
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.
Tags: CGA Mining, CGX, Gold Mining, Record Output
