CGA announces high grade intercept of 16m @ 24.42g/t at Masbate Gold Project
Tuesday, Jan 15, 2013
PERTH, Western Australia, Jan. 14, 2013 /CNW/ - The Board of CGA Mining Limited ("CGA", "the Company") (TSX Code : CGA, ASX Code : CGX) is pleased to announce that exploration drilling at the Montana North Prospect intersected 16m @ 24.42g/t Au including 6m @ 62.10g/t Au.
The Montana North Prospect is a strike continuation of the previously mined Montana vein system. Exploration drilling indicates the structure extends over 700m North West from the old Montana Pit and remains open to the North West. The structure consistently shows grades higher than previously mined and seen in this area. The main Colorado haul road crosses the southern end of the structure and hauling distance to the Mill is less than 1.5km.
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).
SOURCE CGA Mining Limited