News

April 08, 2008

CGA Mining Expects To Be Producing Gold From Masbate By 2009

By Charles Wyatt

When last we wrote about CGA Mining, in the summer of 2007, chief executive Michael Carrick was just about to make the big decision on whether or not to develop the Masbate gold mine in the Philippines. There was not much doubt which way the decision would go, and now a definite date has been set for the start of commercial production - the first quarter of 2009. One of the interesting aspects is the performance of the share price over the last six months. It has been a difficult time for junior companies, even though the price of gold has leapt ahead, but at A$2.00 the price of CGA, which is dual listed on the ASX and Toronto, is nearly double what it was last October.

Investors certainly seem to have taken the company to their hearts, since the development stage usually sees a sag in the share price as doomsters tend to predict possible teething problems. They are often right. But Michael Carrick proudly points out that the Sunday Times recently published a list of the 25 best performing stocks over the last 12 months on the entire ASX and CGA Mining came ninth, with a rise of 229 per cent. That there was only one other gold company on the list - Equigold -...