Announcement To The Australian Securities Exchange And Toronto Stock Exchange



    CGA Mining Closes C$40 Million Share Offering and US$25 Million Unit
    Offering

    PERTH, Western Australia, Nov. 22 /CNW/ - CGA Mining Limited (ASX: CGX,
TSX: CGA) ("CGA" or the "Company") is pleased to announce that it has closed
its previously announced private placement of 48,200,000 ordinary shares in
the capital of the Company ("Shares") and 25,000 units (the "Units"). The
proceeds, in combination with a US$65 million senior debt facility being
arranged by BNP Paribas, is planned to be used to fund the construction of the
Company's Masbate Gold Mine in the Philippines.
    The Shares were sold at C$0.83 per Share. Each Unit is comprised of one
12% senior unsecured promissory note with a par value of US$1,000 (the "Note")
issued by CGA Financing Holding Company B.V., a wholly owned subsidiary of the
Company (the "Note Issuer") and 250 transferable share purchase warrants
issued by the Company (the "Warrants"). The Notes will pay a 12% coupon per
annum, paid semi-annually until the earlier of the maturity date (five years)
or redemption at the option of the Company following the 24 month anniversary
of closing. Each Warrant entitles the holder to purchase one Share for a
period of 36 months from closing at an exercise price of C$1.03 per Share,
subject to the Company's right to accelerate the expiry date after 24 months
if the volume weighted average trading price of the Shares exceeds 160% of the
exercise price for 20 consecutive trading days on the TSX or on the ASX.
    The Company has guaranteed the obligations of the Note Issuer under the
Notes.
    The private placement was marketed on a best efforts basis by way of
brokered private placement with Haywood Securities Inc. as agent (the
"Agent"). For their services, the Agent received an aggregate commission of
5.0% of the gross proceeds in connection with the Share offering and 4.0% of
the gross proceeds in connection with the Note offering.

    Masbate Gold Mine

    The Masbate Gold Mine is currently under construction and is scheduled
for completion in December 2008. Annual production is forecast to be in excess
of 200,000 ounces per annum. The project has NI43-101 compliant indicated
resources of 3.0 million ounces, low grade indicated resources of 0.4 million
ounces, and inferred resources of 1.8 million ounces of which 1.98 million
ounces currently report to a probable reserve calculated at US$450/ounce. CGA
has entered into a fixed price construction contract with Leighton Contractors
Philippines Inc, a wholly owned subsidiary of Leighton Holdings Limited
("Leighton). Leighton is Australia's largest project development and
construction group. All key permits for construction of the Masbate Gold Mine
are now in place including the Mineral Production Sharing Agreement (MPSA -
initial term of 25 years and extendable) and the Mineral Processing Permit.

    About CGA

    CGA is a development company focused on the construction the Masbate Gold
Project in the Philippines, with commercial production forecast for the first
quarter 2009. The Company also has the 51% owned Mkushi pre-feasibility stage
copper development project in Zambia and the 51% owned Segilola gold
exploration project in Nigeria, which is one the most advanced gold
exploration projects in the country.

    %SEDAR: 00021775E




For further information:

For further information: Australian Contact, President & CEO - Michael
Carrick, Tel: +61 8 9263 4000, Fax: +61 8 9263 4020, Email:
mcarrick@cgamining.com; US Contact, Chairman - Mark Savage, Tel: (505)
344-2822, Fax: (505) 344-2922, Email: marksavage@comcast.net

Organization Profile

CGA Mining Limited

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