News

November 17, 2008

CGA Mining Is Confident Of Producing First Gold At Masbate In March

By Charles Wyatt

These days, there aren’t too many well-funded gold companies around that are on the way to production, or in process of ramping up. CGA Mining stands out among those that are. Judging by the two initial reports from Haywood and Mirabaud Securities, analysts were impressed by progress during a recent visit to the company’s Masbate mine in the Philippines, although of course Michael Carrick, the chief executive, wouldn’t have invited them unless he was confident that the project was on schedule and within budget. Aussies would say that as Leightons - Australia’s leading mining contractor - is on a fixed price contract there should be no question about either of these targets being met anyway.

At the moment, money is the first subject anyone asks about, and with A$28 million still in the kitty CGA is well-funded into production. Going back into the company’s history for a moment, it made A$63 million back in June 2004 from the sale of its shares in Centerra Gold. At that time CGA Mining was called Central Asia Gold. There was another cash boost in October 2006 when the company’s coffers swelled with A$78 million in cash, delivered as a result of payment on its withdrawal from the...