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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, with it’s principal asset being a new gold development project in the Philippines. 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 also currently has interests in Zambia and Nigeria.
The Company is focussed 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
The Masbate Gold Project is a new development project currently being constructed in the Philippines having been acquired by CGA in March 2007.
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 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.
The Philippines is rich in natural resources, with large scale gold, copper and nickel deposits attracting investment from a number of major international mining companies including Anglo American, BHP Billiton, Xstrata, Sumitomo and Anglo Gold.
The Philippines Government has been very supportive of the development of natural resources within the country and offer many attractive incentives including an initial 6 year income tax holiday (with a possibility to extend by a further 2 years) for projects of this nature. The excise tax rate is 2% on gross revenue.
Mkushi Copper Project - Joint Venture Partner
CGA Mining Limited (“CGA”) entered into a Heads of Agreement with African Eagle Resources plc (“AFE”) to joint venture the Mkushi Copper Project in Zambia. CGA has now acquired a 51% interest in the project, with AFE retaining a 49% interest in the project. The joint venture partners negotiated a full form joint venture agreement and transferred the licences into the joint venture vehicle – Mkushi Copper JV Ltd.
Some of the anomalies shown by the previous Geophysical induced polarisation surveys, covering an area of approximately 30 km2 , have been drill tested with the results yet to be fully evaluated. An additional regional campaign carrying out an aerial VTEM survey was undertaken in July 2009 and is expected to indicate additional regional potential.
Segilola Gold Project - Joint Venture Partner
CGA Mining Limited (“CGA”) entered into a Heads of Agreement with Tropical Mines Limited (“TML”), a private company based in Nigeria, to acquire a 51% interest (by earn in) 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.
To date CGA has earned 25% of the project and is on track for the balance of 2 x 13%.
Resource Potential
An assessment by a leading Australian geological firm in October 1995 included an assessment of the potential ore reserves at the project which suggested a potential resource in excess of 800,000 ounces.
A drill indicated gold mineralisation zone has been shown to exist for 950m along strike and to 150m in depth. The drilling to date suggests a grade in excess of 5g/t will be available in any future operations.
The Company has not yet commissioned a technical report on the Segilola Project, and as such is not in a position to adopt the resource and other technical information prepared by TML or its consultants, but intends to prepare a 43-101 compliant technical report once a resource estimate is prepared by the Company.
CGA has reviewed the TML database (hard copy) and the Hansa Geomin database (digital), determined a common grid and produced plans and sections detailing all previous drilling and excavations.
Current work has tested the strike extensions and has so far increased the potential to 1750m in strike length and there is potential for further upside and possible parallel structures.
Geographical Spread
Zambia, Nigeria, Philippines
Board of Directors and Key Management
| Mark Savage | (Chairman) |
| Michael Carrick | (CEO, President) |
| Justine Magee | (Director) |
| Paul Maxwell | (Director) |
| Geoff G. Jones | (General Manager – Technical) |
Company AddressLevel 5
|
Additional Address/Key ContactUnited States |
CapitalShares on issue; 269,321,976
|
Annual General MeetingPerth, Western Australia | Year End30 June |
Major Shareholders
| Sprott Asset Management Inc | 11.7% |
| Deans Knight | 9.6% |
| Passport Capital | 6.3% |
| Portland House | 5.9% |
| Royal Bank of Canada | 5.0% |
Related News
19/10/09 - CGA Mining’s Masbate Gold Project In The Philippines Looks Set For Annualised Production Of 200,000 Ounces This Year30/06/09 - CGA Mining Accelerates Its Production Ramp Up At Masbate, While Segilola Looks Like Another Potential Winner
17/11/08 - CGA Mining Is Confident Of Producing First Gold At Masbate In March
08/04/08 - CGA Mining Expects To Be Producing Gold From Masbate By 2009
Most Recent Statement
04/01/10 - Appendix 3B23/12/09 - CGA Added to Global Gold and Global Mining Indexes
09/07/09 - BMO Capital Markets Initiates Coverage
30/06/09 - Appendix 3B
15/06/09 - Appendix 3B
15/06/09 - Successful Completion of C$20m Placement