CGA Mining granted exploration licence at Masbate Gold Project

CGA Mining (ASX: CGX, TSX: CGA) has announced that the Masbate Gold Project, through Filminera Resources Corporation, has successfully secured a new exploration permit, EP-010-2010-V, in the Municipality of Aroroy, Masbate, in the Philippines.

The exploration permit covers a significant area of approximately 5,231 hectares (52.3 square kilometres), with a north to south distance of nearly 11 kilometres.

The permit area is contiguous to the tenements currently being mined by the Masbate Gold Project and initial aeromagnetics flown over the area, indicate similar radiometric signatures to the current reserves.

The exploration permit allows Filminera to undertake exploration activities for a period of up to six years and then a further two years to prepare a mining feasibility study.

The securing of the licences materially increases the exploration potential of the Masbate Gold Project and CGA said an aggressive exploration program is planned in the next 12 months to seek to materially increase reserves and resources for the project.

http://www.proactiveinvestors.com.au/companies/news/6356/cga-mining-granted-exploration-licence-at-masbate-gold-project-6356.html