/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO US NEWS WIRE SERVICES/
CGA ADDED TO S&P/TSX GLOBAL GOLD INDEX AND S&P/TSX GLOBAL MINING INDEX
ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE AND TORONTO STOCK EXCHANGE
PERTH, Western Australia, Dec. 23 /CNW/ - CGA Mining Limited (ASX Code: CGX, TSX Code: CGA) ("CGA" or the "Company") is pleased to announce it has now been included in the S&P/TSX Global Gold Index and S&P/TSX Global Mining Index. This is an important milestone for the Company and is in recognition of the successful transition into production by the Company.
ABOUT CGA MINING LIMITED
CGA is listed on the Toronto Stock Exchange and Australian Securities Exchange. The Masbate Gold Project in the Philippines was successfully constructed with first gold poured on 12 May 2009. The project which is currently ramping up to full production has a total indicated resource base of 4.55M ounces of gold, total inferred resource base of 3.22M ounces of gold and a probable reserve of 3.03M ounces of gold. It is currently forecast to produce over 200,000 ounces per annum at steady state operations.
The 4Mt per annum plant was constructed by Leighton Contractors Asia Limited ("Leighton") without one lost time injury. The mining contract for the project has also been awarded to Leighton, the largest mining contractor in the world. CGA is completing a scoping study for the expansion of the plant throughput at Masbate.
CGA has a disciplined acquisition program focused on acquiring new gold projects with a substantial initial resource with the capacity to grow materially and where the development and operational experience of CGA can be applied to enhance shareholder value.
NATIONAL INSTRUMENT 43-101 AND JORC COMPLIANCE
Mr Geoff.G.Jones, F.Aus.I.M.M.CP Mng, CGA's Consulting Engineer, is acting as the Qualified Person in compliance with NI 43-101 and JORC reporting requirements with respect to this announcement. He has prepared and / or supervised the preparation of the scientific or technical information in this announcement and confirms compliance with NI43-101 and JORC requirements. Further details about the Masbate Gold Project are found in the following technical reports (i) NI43-101 Technical Report, October 2008, Masbate Gold Project, Masbate Island, Philippines dated 5 December 2008 and (ii) Technical Report on the Mineral Resources of the Masbate Deposit Masbate Province, Republic of the Philippines, For CGA Mining Limited, dated 20 May 2008.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the reserves and resources at the Masbate Gold Project, and other milestones related to the Masbate Gold Project and other projects, production estimates and CGA's future operating or financial performance, are forward-looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from CGA's expectations include uncertainties related to fluctuations in gold and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the development of CGA's mineral projects; the need to obtain additional financing to develop CGA's mineral projects.; the possibility of delay in development programs or in construction projects and uncertainty of meeting anticipated program milestones for CGA's mineral projects; and other risks and uncertainties disclosed under the heading "Risk Factors" in CGA's Annual Information Form for the year ended 30 June 2009 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com.
SOURCE CGA Mining Limited
For further information: For further information: ENQUIRIES: Australian Contact: President & CEO, Michael Carrick, Tel: +61 8 9263 4000, Fax: +61 8 9263 4020, Email: firstname.lastname@example.org; US Contact: Independent Chairman, Mark Savage, Tel: (505) 344-2822, Fax: (505) 344-2922, Email: email@example.com