VANCOUVER, Sept. 18 /CNW/ - The Boards of CGA Mining Limited ("CGA", "the
Company"), Filminera Resources Corporation and Phil. Gold Processing and
Refining Corp. are pleased to announce that they have agreed the principal
terms of a fixed price lump sum ("FPLS") construction contract with Leighton
Contractors ("Leighton"), one of Australia and Asia's pre-eminent and most
highly regarded contractors, for the Masbate Gold Project in the Philippines.
The total capital expenditure for the development of the project is
estimated at US$119.3m. Leighton will manage a scope of works of US$84.9m.
Notwithstanding the materiality of the fixed price lump sum contract component
with Leighton, an overall contingency of 6.4% has been maintained within the
total development budget.
Leighton is Australia's largest project development and construction
group with a market capitalisation of A$12.2 billion, 25,000 employees and
current work in progress of A$16 billion, with A$6.8 billion in the mining and
resources sector. Leighton, through its various operating subsidiaries has
been involved in the mining and resources sector since the 1940's and
operating in Asia since 1975. Annual revenue for the Asian region alone is
over US$300 million, with almost 2,500 employees. Leighton have a successful
track record of delivering projects on schedule and budget, with the financial
and technical strength and experience to support a FPLS contract for Masbate.
We are pleased to have Leighton as our development partner on Masbate.
Leighton has a dedicated and established office in Manila, having had
extensive experience in the region including the recent construction of a
similar plant in the Philippines.
Leighton has also formed a strategic alliance with Lycopodium Limited, a
highly respected Australian engineering consulting firm, who will be
responsible for all process engineering and detailed design.
Detailed agreements are well advanced and are anticipated to be signed
shortly, reflecting standard terms for a FPLS contract including process
guarantees and liquidated damages.
For further information:
For further information: Australian Contact, President & CEO - Michael
Carrick, Tel: +610 8 9263 4000, Fax: +61 8 9263 4020, Email:
email@example.com; US Contact, Chairman - Mark Savage, Tel: (505) 344
2822, Fax: (505) 344 2922, Email: firstname.lastname@example.org