CGA Mining Limited - Announcement to the Australian Securities Exchange and Toronto Stock Exchange - December Quarterly Report



    
    /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO US NEWS
    WIRE SERVICES/

                               30 JANUARY 2009
                          DECEMBER QUARTERLY REPORT
    

    PERTH, Western Australia, Jan. 30 /CNW/ -

    
                                 HIGHLIGHTS

    -   Construction of the processing plant by Leighton Contractors Asia
        Limited ("LCAL") remains on schedule to be completed in February
        2009.

    -   Construction of the 30 MW power station is scheduled to be completed
        in the first week of March 2009.

    -   At 31 December 2008, the process plant was 90% complete overall (EPC
        92% actual and 90% planned).

    -   A staged commissioning of the plant has already commenced with all
        processes on track.

    -   The full operating team has been established for the Masbate Project
        and are involved in the commissioning of the plant.

    -   Mr Chris Waller has been appointed to oversee all of the
        commissioning teams i.e. process plant, power plant and ore delivery.
        Mr Waller carried out a similar function for Newmont at the 7.5Mtpa
        Ahafo Gold Project in Ghana.

    -   Deep hole drilling results below the current pit design show
        extensions of economic mineralization.

    -   A review of historic drilling and the 2008 Panique drilling program
        has encouragingly highlighted additional near surface mineralisation
        that could be mined to provide additional high grade (+2 g/t Au) ore
        feed.

    -   Cash position of US$30.7M at 31 December and a further private
        placement of up to C$25m planned to be completed in early February
        that was done at a then premium to market of C$1.25 per share.

    To view images associated with CGA Mining's December Quarterly Report
    please visit:

    http://files.newswire.ca/578/CGA_Projects.pdf


    MASBATE PROJECT UPDATE
    ----------------------
    
    Construction of the process plant and ancillary services by LCAL has
entered the final phase i.e. sectional pre-commissioning and wet commissioning
of the installed equipment.
    As at 31 December 2008, expenditure on the project totalled US$145M and
it is estimated that the overall project is 90% complete (EPC 92% actual
against 90% planned).

    Commissioning

    Leighton Contractors Asia Limited ("LCAL") has commenced commissioning
significant components of the plant at the Masbate Gold Project.
    The commissioning of the plant is being carried out on a sectional basis
as and when individual components of the processing and power plants are
completed to ensure that an integrated overall project (power, process plant
and tailings ), completion date is achieved.
    LCAL has wet commissioned, as required in the EPC contract a number of
areas of the project including the crusher, raw water and process water supply
system, the compressors, blowers and the agitators in the CIL circuit. Ore
commissioning of the crushing circuit has also been completed. The development
of the power station and fuel delivery facility is progressing according to
plan. The construction of Phase 1 of the tailings dam will be completed by the
first week of February.
    The ore commissioning phase of the process plant is currently on track
for practical completion by the end of February 2009 followed by the power
station a week later. The first gold pour is anticipated in March 2009, in
line with original expectations.
    The mining fleet is now on site and preproduction mining is well
underway. Construction of Phase 1 of the run of mine ("ROM") pad adjacent to
the primary crusher station is completed and ore is being stockpiled ahead of
ore commissioning.
    CGA's operating team is largely in place in preparation for the ore
commissioning phase and to take control of the operation post commissioning.
All major consumables have been procured and are either on site or on route to
site.
    Mr. Christopher Waller has been appointed to oversee all of the
commissioning teams i.e. process plant, power plant and ore delivery, during
the ore commissioning. Mr. Waller carried out a similar function for Newmont
at the 7.5Mtpa Ahafo Gold Project in Ghana.

    
    EPC Contract

    -   Crushing circuit, primary crusher, pebble crusher and conveyors are
        complete.

    -   Reagent mixing and ancillary tankage is complete.

    -   SAG and Ball mills installation is continuing.

    -   CIL circuit is complete.

    -   Lime storage shed and delivery system is 80% complete.

    -   All major equipment is now on site and in the process of
        installation.
    

    SAG Mill Refurbishment & Installation

    During the quarter the refurbished mill shells were lifted into position
and the gear boxes, pinnions and girth gear installed in preparation for
lowering into the final position. The new mill lube pack was installed in
December. The reconditioned mill motors arrived in Manila for shipment to site
early January. The mill liners were delivered on site in preparation for
installation by Metso Minerals Australia Limited ("Metso") early next quarter.
Weir Services Australia Pty Ltd ("Weir") continues to supervise the
installation and a specialist electrical engineer from BEC Engineering Pty Ltd
("BEC") is to arrive on site late January to commission the mill controls.

    Ball Mill Refurbishment / Installation

    The shells and ends for both mills were installed during the quarter for
the final positioning in January. German Hydraulic & Plant Service Inc were
commissioned to refurbish and install all lubrication systems in association
with LCAL and Weir.
    Structural steelwork in the ball milling area is well advanced. The BEC
specialist engineer has been commissioned to supervise commissioning of the
mill control system.

    Tailings Storage Facility ("TSF")

    The secondary embankment (division) ensuring that water flow from a main
catchment to the south of the project area is diverted away from the tailings
storage, has been completed. As a part of this construction a significant
culvert has been constructed under the main access road to Masbate City. The
diverted water is stored in a fresh water reservoir prior to release through
the culvert to Panique Bay. The diversion reservoir adds emergency fresh
supply to the mining project.
    A third party expert, appointed by the Mines Geoscience Bureau Area 5
("MGB5"), the responsible governmental agency has given their approval to the
design and construction of the TSF.

    Pre Production Mining

    All access roads to the initial (starter) pits have been completed,
clearing and grubbing of the planned mining areas is complete and close spaced
drilling (grade control) is being undertaken to assess the grades of the
initial mining.

    Power Station

    During the quarter the five (5) Wartsila Gen Sets planned to be capable
of delivering 30 mega watts ("MW") of nominal power to the processing plant
and ancillary infrastructure, were delivered to the project site. The design
of the power station is the subject of a contract between Phil. Gold
Processing and Refining Corp. ("PGPRC") a 100% subsidiary of the Company and
Poyry Energy Inc. ("Poyry"), an experienced electrical engineering company.
LCAL has executed a construction contract for the civil, structural and
mechanical installation and the detailed electrical layouts under instruction
from Poyry. Wartsila Philippines Inc ("Wartsila") a subsidiary of the Finnish
parent company Wartsila Finland Oy, manufacturer of the generators, has been
commissioned to carry out pre-commissioning inspections and commissioning of
the facility.
    The facility is due to be commissioned during the first week of March
2009.

    Infrastructure

    Main Office - Rehabilitation of an existing building was completed by the
end of the quarter with electrical reticulation and supply being the remaining
element of construction. It is planned to habitate the facility in February
2009.
    Assay Laboratory - The foundations for the structure and recovery /
relocation of the structural steel from the original facility were completed.
During the quarter the internal design has been agreed with SGS Australia Pty
Ltd ("SGS"), the contracted operator and all chemicals and equipment are in
transit to the project site.
    Clinic - The new facility, which is close to the processing facility, has
been completed with the transfer relocation of equipment and staff to be
relocated from the temporary facility by the end of January 2009.

    Mining and Geology

    The Company engaged an experienced mine planner to review and implement
the conceptual design and schedules carried out by the independent engineer
Lower Quartile Solutions Pty Ltd ("LQS"). All pit access roads have been
designed and constructed so as to ensure exploitation of the higher grade
material in the initial (1&2) years. Detailed optimisation routines, checking
and assessing of the practicality of the high grading schedule and ability to
convert to a 5 Mtpa production rate in Yr 3 have been carried out.
    The Company continued to explore the depth extent of the mineralised
zone. A 300m deep hole targeted at the inferred material extending below the
known economic limit of the Main Vein was completed during the quarter. The
results of this drilling are reported in Table 1 below. These results
establish the continuity of mineralisation below the planned 150m depth of the
open pit. An additional hole is planned to be drilled to check the strike and
extent of the mineralisation and to assess the existence of further high grade
resources at depth.
    An area of mineralisation in the Panique area has been identified as a
possible additional source of economic material and could also be the source
of waste material for the ongoing tailings dam development. The geology
department will determine viability of the Panique material during the March
quarter.

    
       Table 1- Results from Exploration Drill Hole Below Main Vein Pit
    -------------------------------------------------------------------------
    Hole       Co-ordinates  Azimuth      Dip     From   To   Width    Grade
    Name           (m)      (Degrees)  (Degrees)   (m)   (m)   (m)   (Au g/t)
    -------------------------------------------------------------------------
    MVRCDH01   30028 East
               25300 North     210        -74      121   190    69      1.14
    -------------------------------------------------------------------------
                                                   219   313    94      0.89
    -------------------------------------------------------------------------

    Initial wide spaced grade control drilling has now been completed and
assays returned for three of the Masbate starter pits. This drilling was
carried out on a 25 x 25m pattern over the following areas:

    -   Libra West;
    -   Libra; and
    -   HMB West.
    

    Assay and logging results were imported into Surpac and geological
interpretation followed by wireframe construction was instigated.
    Assays were then composited to 2m and an upper cut of 15g/t Au applied to
the Libra West results so that no overestimation occurred due to outlier
values (this was also the upper cut used within the feasibility study).
    Block models were created using 5m (*) x 5m (y) x 2.5m (z) size blocks and
estimation undertaken using Ordinary Krigeing. The grade control block model
results were then compared to the resource block model.
    Results indicate a positive reconciliation (75,485 ounces inferred
resource versus 113,658 ounces derived from the grade control drilling
resulting in +51% overall) in both tonnes and grade when comparing indicated
resources to grade control outlines.

    Safety

    LCAL has achieved to date 2.5 million hours without a lost time injury
during the process plant construction. The established operational management
team are introducing training and safety incentives onsite in preparation for
the start of operations in March.

    Environment

    All the necessary sampling and measuring of discharges resulting from
onsite activities are being carried out to ensure compliance with the
Environmental Clearance Certificate (ECC).

    Community Relations

    The Company continues to target education and health issues in its
initiatives with the local community.

    Expenditure

    As at 31 December 2008 the group has spent US$145M on the development of
the Masbate Gold Project, which is in line with expectations. The capital
development budget forecast is currently US$170M. Total cash reserves at 31
December were US$30.7M, (including the cash reserves of Filminera Resources
Corporation) with additional available credit facilities of US$15M.

    
    MKUSHI PROJECT UPDATE
    ---------------------
    
    CGA has completed a draft feasibility study on the Mkushi Copper Project
in Zambia and accordingly, has satisfied the final condition for full vesting
of the 51% interest in the project, with its joint venture partner African
Eagle Resources plc ("AFE").
    In light of current global economic conditions and copper prices, the
joint venture partners have agreed to defer any decision to commit to
development of the project until a general improvement in the project economic
parameters is achieved. Both CGA and AFE have agreed to revisit a decision to
develop the project later in the year, having regard to the economic
conditions then prevailing and the results of an optimisation review which is
currently being undertaken.

    Mining Licence

    During this quarter the certification for the 25 year mining licence
covering the Mkushi project was received in line with previous notifications.

    Optimisation Review

    An optimisation review assessing the potential to mine the known and
potential reserves via open pit and underground methods at a higher grade is
currently underway.

    
    SEGILOLA GOLD PROJECT UPDATE
    ----------------------------
    
    Drilling continued during the quarter. The total amount of drilled meters
up to the end of December 2008 from Spektra Jeotek AS was 6009m from a total
of 65 completed holes. Samples are being sent to SGS laboratories at Tarkwa in
Ghana. During the period, assays were received from a further 10 diamond drill
holes.
    Core logging and sample preparation is ongoing at the Ilesha Camp,
including digital data capture and data entry into the drill hole database.
    Drill pad clearance is ongoing to keep ahead of the drill advance.

    Survey

    Sphero Grid Surveyors, an Osogbo based survey contractor were re-engaged
for 5 days during the period to locate the latest drill collars positions to
hole number SGD054.

    Environmental

    The Fugro Environmental Consultant team (Fugro Consultants Nigeria
Limited) presented a draft Environmental Baseline Study in December 2008. This
has been reviewed and a final report is expected during the first quarter of
2009.

    Diamond Drilling

    A total of 24 diamond drill holes were completed during the quarter from
2342m for a total year to date meters of 6009m from 65 drill holes.
    Drilling is continuing according to plan. New drilling rod strings have
been ordered from Ghana and are expected to arrive on site during February.

    Assays

    Results were received from SGS in Ghana for the 10 diamond drill holes
sent for analysis. An additional 13 hole samples have been sent to Accra,
samples from a further 9 holes are being prepared for dispatch, and samples
from a further 15 holes will be sent once logging is completed. The results
from the last set of assay results are presented below in Table 2.

    
                 Table 2 - Segilola Project Drilling Results

    -------------------------------------------------------------------------
                                        TOTAL
                                   ELE-  LEN-  AZI-               INTE-  GOLD
    HOLE ID   EASTING  NORTHING  VATION   GTH  MUTH  DIP  FROM TO  RVAL (g/t)
    -------------------------------------------------------------------------
    SGD018    267,200   389,315   318.1  62.0   86   -58   21  24   3    6.28
    -------------------------------------------------------------------------
    SGD019    267,210   389,340   315.1  60.0   89   -53   12  16   4    3.26
                                                          -------------------
                                               including   13  14   1   10.40
    -------------------------------------------------------------------------
    SGD022    267,106   388,955   310.5  89.8   90   -60   63  67   4    8.18
    -------------------------------------------------------------------------
    SGD024    267,122   388,895   324.0  89.0   90   -60   27  29   2    3.04
                                                          -------------------
                                                           31  32   1    1.24
                                                          -------------------
                                                           35  43   8    6.42
                                                          -------------------
                                               including   37  39   2   19.10
                                                          -------------------
                                                           46  48   2    2.56
    -------------------------------------------------------------------------
    SGD025    267,121   388,895   324.0 140.0   90   -85   52  60   8    4.47
                                                          -------------------
                                               including   54  55   1    8.60
                                                          -------------------
                                                           62  66   4    6.10
                                                          -------------------
                                               including   64  65   1   16.30
    -------------------------------------------------------------------------
    SGD026    267,107   388,925   320.0  90.3   90   -65   51  58   7    7.87
                                                          -------------------
                                               including   51  52   1   18.20
                                                          -------------------
                                                  and      55  57   2   16.17
    -------------------------------------------------------------------------
    SGD027  701885.89 831362.83  316.46    77   90   -76     No significant
                                                                intercept
    -------------------------------------------------------------------------
    SGD028A 701875.12 831234.66  316.19  73.4   90   -60   23  26   3    3.18
                                                          -------------------
                                                           27  29   2    1.17
                                                          -------------------
                                                           32  33   1    1.32
                                                          -------------------
                                                           34  35   1    2.22
                                                          -------------------
                                                           39  41   2    1.44
                                                          -------------------
                                                           42  44   2   30.15
    -------------------------------------------------------------------------
    SGD029  701998.99  831809.3  317.77    66   90   -60   18  21   3    1.89
                                                          -------------------
                                               including   19  20   1    4.12
                                                          -------------------
                                                           22  23   1    1.80
                                                          -------------------
                                                           26  27   1    1.70
    -------------------------------------------------------------------------
    SGD030  702011.39 831833.66  318.85  73.7   90   -60   18  19   1    2.00
                                                          -------------------
                                                           22  24   2    3.91
                                                          -------------------
                                               including   23  24   1    6.36
    -------------------------------------------------------------------------
    SGD031  702007.76 831873.96  315.62 160.4   90   -60   18  19   1    3.42
    -------------------------------------------------------------------------
    Significant assays assumed greater than 0.7 gAu/t
    

    Resource Model

    Work has commenced on the preliminary in house resource model and all
results to date have been included.

    Metallurgical Testing

    Samples have been sent for initial metallurgical testwork (bottle roll
test) to provide an indication of gold recovery.

    
    CORPORATE
    ---------
    
    As at 31 December 2008, group cash was US$30.7M (including the cash
reserves of Filminera Resources Corporation) and we had drawn US$75M under the
BNP arranged project finance facility for the Masbate Gold Project. Additional
available facilities as at 31 December 2008 were US$15M in total.
    At 31 December 2008, the Company had 9,535,000 options and 5,575,000
outstanding warrants on issue. The total issued capital of the Company as at
31 December 2008 was 233,876,976 fully paid ordinary shares.
    In January 2009, CGA appointed Haywood Securities Inc. to undertake, on a
best efforts basis, a placement of up to 20 million new ordinary shares at an
issue price of C$1.25 (A$1.55) to raise gross proceeds of up to C$25 million.
We refer readers to our January 27, 2009 news release for further details. The
private placement is planned to close in early February.

    ABOUT CGA MINING LIMITED

    CGA is listed on the Toronto Stock Exchange and Australian Securities
Exchange. The Masbate Gold Project in the Philippines is currently under
construction and first gold production is due in the first quarter of 2009.
The project has a total indicated resource base of 4.55M ounces, total
inferred resource base of 3.22M ounces and a probable reserve of 3.03M ounces
of gold. It is currently forecast to produce over 200,000 ounces per annum.
The 4Mtpa plant is under construction by Leighton Contractors Asia Limited
("Leighton"). CGA is completing a scoping study for the expansion of the plant
throughput at Masbate. The mining contract for the Masbate Gold Project has
been awarded to Leighton, the largest mining contractor in the world. There
are currently four drilling rigs on site.
    The Company is also currently undertaking a 10,000m drilling program at
Segilola, regarded as Nigeria's most advanced gold property. 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 information relating to the Masbate Project is included in the
technical report entitled Technical Report on the Mineral Resources of the
Masbate Deposit, Masbate Province, Republic of the Philippines for CGA Mining
Limited prepared by Mining Associates Pty Ltd lodged 8 July 2008 and the
technical report entitled NI43-101 Technical Report, October 2008 Masbate Gold
Project Masbate Island, Philippines prepared by Lower Quartile Solutions Pty
Ltd lodged on December 5, 2008. Both technical reports are available on SEDAR
at www.sedar.com.

    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 anticipated dates for construction and production, and
other milestones related to the Masbate Gold Project and other projects;
estimates of capital and operating costs, recovery rates, production estimates
and estimated economic return; and CGA's future operating or financial
performance, are forward-looking statements. Information concerning mineral
reserve and resource estimates including statements regarding the conversion
of inferred resources to reserves also may be deemed to be forward-looking
statements in that it reflects a prediction of the mineralization that would
be encountered if a mineral deposit were developed and mined. 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 the Masbate Gold Project; the
need to obtain additional financing to develop the Masbate Gold Project; the
possibility of delay in development programs or in construction projects and
uncertainty of meeting anticipated program milestones for the Masbate Gold
Project; and other risks and uncertainties disclosed under the heading "Risk
Factors" in CGA's Annual Information Form for the year ended 30 June 2008
filed with the Canadian securities regulatory authorities on the SEDAR website
at www.sedar.com.

    
    Appendix 5B

                 Mining exploration entity quarterly report

    Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

    Name of entity
    -------------------------------------------------------------------------
    CGA Mining Limited
    -------------------------------------------------------------------------

    ABN                                     Quarter ended ("current quarter")
    -------------------------               ---------------------------------
    88 009 153 128                          31 December 2008
    -------------------------               ---------------------------------

    Consolidated statement of cash flows

                                                   --------------------------
                                                      Current   Year to date
    Cash flows related to operating activities        quarter  (three months)
                                                      $US'000        $US'000
                                                   --------------------------
    1.1  Receipts from product sales and related
          debtors
    1.2  Payments for
         (a) exploration and evaluation                (1,960)        (4,618)
         (b) development                              (27,186)       (70,242)
         (c) production
         (d) administration                              (797)        (2,044)
    1.3  Dividends received                                 -              -
    1.4  Interest and other items of a similar
          nature received                                 279            336
    1.5  Interest and other costs of finance paid      (1,543)        (1,961)
    1.6  Income taxes paid                                  -              -
    1.7  Other (Business development)                    (144)          (260)
                                                   --------------------------
         Net Operating Cash Flows                     (31,351)       (78,790)
    -------------------------------------------------------------------------

         Cash flows related to investing activities

    1.8  Payment for purchases of:
         (a) prospects
         (b) equity investments
         (c) other fixed assets                           (74)          (120)
    1.9  Proceeds from sale of:                             -              -
         (a) prospects
         (b) equity investments
         (c) other fixed assets
    1.10 Loans to other entities                       (5,519)        (7,412)
    1.11 Loans repaid by other entities                     -              -
    1.12 Other (provide details if material)                -              -
                                                   --------------------------
         Net investing cash flows                      (5,233)        (7,532)
                                                   --------------------------
    1.13 Total operating and investing cash flows
          (carried forward)                           (36,584)       (86,321)
    -------------------------------------------------------------------------
    1.13 Total operating and investing cash flows
          (brought forward)                           (36,584)       (86,321)
    -------------------------------------------------------------------------

         Cash flows related to financing activities

    1.14 Proceeds from issues of shares, options,
          etc.                                              -             48
    1.15 Proceeds from sale of forfeited shares             -              -
    1.16 Proceeds from borrowings                      32,900         72,100
    1.17 Repayment of borrowings                            -              -
    1.18 Dividends paid                                     -              -
    1.19 Other (provide details if material)                -              -
                                                   --------------------------
         Net financing cash flows                      32,900         72,148
    -------------------------------------------------------------------------

         Net increase (decrease) in cash held

    1.20 Cash at beginning of quarter/year to date     34,331         44,781
    1.21 Exchange rate adjustments to item 1.20           (62)           (22)
                                                   --------------------------
    1.22 Cash at end of quarter(*)                     30,585         30,585
    -------------------------------------------------------------------------
        (*)an additional US$110,738 in cash is held by Filminera Resources
           Corporation

    Payments to directors of the entity and associates of the directors

    Payments to related entities of the entity and associates of the related
    entities

                                                             ----------------
                                                             Current quarter
                                                             $US'000
                                                             ----------------
    1.23 Aggregate amount of payments to the parties
          included in item 1.2                                           201
                                                             ----------------
    1.24 Aggregate amount of loans to the parties included
          in item 1.10                                                     -
    -------------------------------------------------------------------------

    1.25 Explanation necessary for an understanding of the transactions
        ---------------------------------------------------------------------
         Payment of directors' fees, salaries, taxes, and superannuation.
        ---------------------------------------------------------------------

    Non-cash financing and investing activities

    2.1  Details of financing and investing transactions which have had a
         material effect on consolidated assets and liabilities but did not
         involve cash flows
        ---------------------------------------------------------------------
         n/a
        ---------------------------------------------------------------------

    2.2  Details of outlays made by other entities to establish or increase
         their share in projects in which the reporting entity has an
         interest
        ---------------------------------------------------------------------
         n/a
        ---------------------------------------------------------------------

    Financing facilities available

    Add notes as necessary for an understanding of the position.

                                                   --------------------------
                                                    Amount
                                                    available    Amount used
                                                    $US'000      $US'000
                                                   --------------------------

    3.1  Loan facilities                               17,300         73,000
                                                   --------------------------
    3.2  Credit standby arrangements                        -              -
    -------------------------------------------------------------------------

    Estimated cash outflows for next quarter
                                                                -------------
                                                                 $US'000
                                                                -------------
    4.1  Exploration and evaluation                                    1,053
                                                                -------------
    4.2  Development                                                  22,282
    -------------------------------------------------------------------------
         Total                                                        23,335
    -------------------------------------------------------------------------

    Reconciliation of cash

                                                   --------------------------
    Reconciliation of cash at the end of the
     quarter (as shown in the consolidated          Current      Previous
     statement of cash flows) to the related items  quarter      quarter
     in the accounts is as follows.                 $US'000      $US'000
    -------------------------------------------------------------------------
    5.1  Cash on hand and at bank                      30,121          9,902
                                                   --------------------------
    5.2  Deposits at call                                   -         23,500
                                                   --------------------------
    5.3  Bank overdraft                                     -              -
                                                   --------------------------
    5.4  Other (AUD account)                              464            929
    -------------------------------------------------------------------------
         Total: cash at end of quarter
          (item 1.22)(*)                               30,585         34,331
    -------------------------------------------------------------------------
    (*) an additional US$268,784 in cash is held by Filminera Resources
        Corporation

    Changes in interests in mining tenements

                             ------------------------------------------------
                                         Nature of  Interest at  Interest at
                              Tenement   interest    beginning   end of
                              reference  (note (2))  of quarter  quarter
                             ------------------------------------------------

    6.1  Interests in mining
          tenements relinquished,
          reduced or lapsed         n/a        n/a          n/a          n/a
                             ------------------------------------------------
    6.2  Interests in mining
          tenements acquired
          or increased              n/a        n/a          n/a          n/a
                             ------------------------------------------------

    Issued and quoted securities at end of current quarter

    Description includes rate of interest and any redemption or conversion
    rights together with prices and dates.

                         ----------------------------------------------------
                                                                 Amount paid
                                                   Issue price   up per
                                                   per security  security
                          Total        Number      (see note 3)  (see note 3)
                          number       quoted      (cents)       (cents)
                         ----------------------------------------------------

    7.1  Preference
         +securities
         (description)
                         ----------------------------------------------------
    7.2  Changes during
         quarter
         (a) Increases
         through issues
         (b) Decreases
         through returns
         of capital,
         buy-backs,
         redemptions
    -------------------------------------------------------------------------
    7.3  +Ordinary
         securities      233,876,976  233,876,976
                         ----------------------------------------------------
    7.4  Changes during
         quarter
         (a) Increases
         through issues
         (b) Decreases
         through returns
         of capital,
         buy-backs
    -------------------------------------------------------------------------
    7.5  +Convertible
         debt securities
         (description)
                         ----------------------------------------------------
    7.6  Changes during
         quarter
         (a) Increases
         through issues
         (b) Decreases
         through
         securities
         matured,
         converted
    -------------------------------------------------------------------------
    7.7  Options                                       Exercise
                                                          price  Expiry date
         (description
         and conversion
         factor)
                         ----------------------------------------------------
    7.8  Issued during
         quarter
                         ----------------------------------------------------
    7.9  Exercised during
         quarter
                         ----------------------------------------------------
    7.10 Expired during
         quarter
                         ----------------------------------------------------
    7.11 Debentures                -            -
         (totals only)
                         -------------------------
    7.12 Unsecured notes
         (totals only)        25,000
                         -------------------------

    Compliance statement

    1   This statement has been prepared under accounting policies which
    comply with accounting standards as defined in the Corporations Act or
    other standards acceptable to ASX (see note 4).

    2   This statement does give a true and fair view of the matters
    disclosed.

    Sign here: (signed)             Date: ...30 January 2008................

    (Company secretary)

    Print name: .Hannah Hudson................

    Notes

    1   The quarterly report provides a basis for informing the market how
    the entity's activities have been financed for the past quarter and the
    effect on its cash position. An entity wanting to disclose additional
    information is encouraged to do so, in a note or notes attached to this
    report.

    2   The "Nature of interest" (items 6.1 and 6.2) includes options in
    respect of interests in mining tenements acquired, exercised or lapsed
    during the reporting period. If the entity is involved in a joint venture
    agreement and there are conditions precedent which will change its
    percentage interest in a mining tenement, it should disclose the change
    of percentage interest and conditions precedent in the list required for
    items 6.1 and 6.2.

    3   Issued and quoted securities The issue price and amount paid up is
    not required in items 7.1 and 7.3 for fully paid securities.

    4   The definitions in, and provisions of, AASB 1022: Accounting for
    Extractive Industries and AASB 1026: Statement of Cash Flows apply to
    this report.

    5   Accounting Standards ASX will accept, for example, the use of
    International Accounting Standards for foreign entities. If the standards
    used do not address a topic, the Australian standard on that topic (if
    any) must be complied with.
    





For further information:

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

Organization Profile

CGA Mining Limited

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