Monday, 25 July 2011

CGA Mining gold production rates to increase with 500tph ore processing by August

CGA Mining (ASX: CGX, TSX: CGA) has resumed gold production at the Masbate Gold Project in the Philippines after the reconfiguration of the grinding circuit having been completed and ore now being fed direct into the ball mills.

The company said production rates will steadily increase as the revised circuit is bedded down, with the reconfigured circuit forecast to operate at up to 400tph.

The ore feed is then expected to increase to 500tph once the supplementary crusher is commissioned in late August, increasing gold production rates.

Also at the site - repairs to the SAG mill continue with repairs to be completed within the original time frame of three months.

Masbate has been a huge cash generator for CGA Mining recently, with the company pouring over 190,000 gold ounces during financial year 2011, a 27% increase of the previous corresponding period.

Spot gold averaged around US$1400 an ounce during the one year period, providing gross revenues of US$270 million.

CGA Mining also has an extensive exploration program underway at the project, and has allocated a US$20 million exploration budget for financial year 2012.

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