Company Information for CGA Mining Ltd

ASX-CGX; TSX-CGA

www.cgamining.com

Company stock charts - 6 Month chart

ASX; CGX

View full financial data

TSX; CGA

View full financial data

Company Statement

CGA Mining Limited and its subsidiaries (formerly called Central Asia Gold Limited) (“the Company”) is a mining company focused on exploring, developing and operating resource opportunities throughout the world. It has been listed on The Australian Stock Exchange (ASX, code CGX) since April 1991 and on the Toronto Stock Exchange (TSX, code CGA) since 21 February 2005. The Company currently has interests in Zambia, Nigeria and a new development project, the Masbate Project in the Philippines.

The Company is focused on developing the Masbate Gold Project in the Philippines, extending the reserve and resource base together with completing a feasibility study on its next development project, the Mkushi Copper Project in Zambia and aggressively pursuing exploration opportunities at the Segilola Gold Project in Nigeria.

Current Operations

Masbate Gold Project
CGA Mining has acquired Thistle Mining Incorporated’s (THT:AIM) (“Thistle”) interest in the Masbate Gold Project in the Philippines on 19 March 2007.

Project highlights include:

Contained gold resource of 5.071 million ounces (Cut-off 0.7g/t)
Probable mining reserve of 1.98 million ounces (cut-off 0.7g/t)
At a cut-off 1.0g/t – resource grade is 2.03g/t
Open-pit mining
Ore throughput of 4 million tonnes per year
Capex US$92.8 million (May 2006 BFS est)
12 months construction period
Key permits including Environmental Clearance Certificate
Re-engineering and optimisation study to be complete
Production target of CGA post optimisation of in excess of 200 000 ounces per annum
The Masbate Project is an extensively studied, advanced stage development project with 55, 686m of reverse circulation drilling and 58, 757m of diamond drilling.
The construction time frame is currently estimated at 15 months, and consequently gold production is targeted for the first quarter of calendar 2009.

The project has considerable scale with indicated resources of 3.3 million ounces and inferred resources of 1.77 million ounces, including a probable mining reserve of 1.984 million ounces of gold (cut-off 0.7g/t).

CGA believes that the project has very good exploration potential, both from the further conversion of existing resource ounces to reserves, and the potential to further expand the existing 5 million ounce resource base of the project.

Mkushi Copper Project
Joint Venture Partner
CGA Mining Limited (“CGA”) has entered into a Heads of Agreement with African Eagle Resources plc (“AFE”) to joint venture the Mkushi Project in Zambia. CGA will acquire a 51% interest in the project, with AFE retaining a 49% interest in the project. CGA will be responsible for funding all future work up to completion of a bankable feasibility study for each of the projects, while AFE is managing exploration initiatives outside the initial development zones, with funding proportional to the percentage interest held by each party in the project.

The joint venture partners are currently negotiating a full form joint venture agreement and awaiting approval from the Zambian Ministry of Mines for transfer of the licence into the joint venture vehicle.

Segilola Gold Project
Joint Venture Partner
CGA Mining Limited (“CGA”) has entered into a Heads of Agreement with Tropical Mines Limited (“TML”), a private company based in Nigeria, to acquire a 51% interest in the Segilola Gold Project in Nigeria, considered to be the most advanced gold exploration project in the country. TML is a Nigerian company owned 80% by local investors and 20% by the Government.

Finalisation of the formal joint venture agreement is waiting on final approval of the transfer of the licence to the new joint venture.

Geographical Spread

Zambia, Nigeria, Philippines

Board of Directors and Key Management

Mr Mark Stuart Savage	(Chairman)
Mr Michael Joseph Carrick	(CEO, President)
Ms Justine Alexandria Magee	(Director, CFO)
Mr Paul Maxwell	(Director)
Geoff G. Jones	(General Manager – Technical)

Company Address

Level 5
The BGC Centre
28 The Esplanade
PERTH, Australia 6000


Telephone:	+61 8 9263 4000
Facsimile:	+61 8 9263 4020
Email:	info[at]cgamining.com
Website:	http://www.cgamining.com

Additional Address/Key Contact

United States
Contact Details for Chairman, Mark Savage
Email: marksavage@comcast.net
Telephone: +1 505 344 2822
Facsimile: +1 505 344 2922

Annual General Meeting

Perth, Western Australia

Year End

30 June

Major Shareholders

Citicorp Nominees Pty Ltd	26.26%
Westpac Custodian Nominees Limited	14.11%
ANZ Nominees Limited	10.17%
Nefco Nominees Pty Ltd	9.07%
National Nominees Limited	7.64%

Most Recent Statement

14/01/09 - Euroz Securities Limited Initiates Coverage
09/01/09 - Appointment of Independent Non-Executive Directors
10/12/08 - Masbate Gold Project Update
30/11/08 - Notice of Annual General Meeting/Proxy Form
14/11/08 - Mirabaud Securities Limited Initiates Coverage
14/11/08 - Mirabaud Securities Limited Initiates Coverage

To top