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



    QUARTERLY REPORT - SEPTEMBER 2007

    LEIGHTON MOBILISES TO SITE AT THE MASBATE GOLD PROJECT

    MKUSHI DRILLING RESULTS INCLUDE
    33m @ 3.12% Cu & 37m @2.42% Cu


    PERTH, Western Australia, Oct. 30 /CNW/ - During the three months ending
30 September 2007, CGA Mining Limited's ("CGA", the "Company") activities
focused on an optimisation review of the Masbate Gold Project in the
Philippines, Leighton's mobilisation to site and compilation of a
prefeasibility study for the Mkushi Cooper project in Zambia.

    MASBATE PROJECT UPDATE
    ----------------------

    Optimisation Review
    -------------------
    The focus of the quarter has been completion of an optimisation review,
which enhanced the economics of the Masbate Gold Project and securing the
funding necessary to develop the new mine. A detailed announcement in relation
to the results of that review was released to the market on 5 October 2007 and
is available at www.cgamining.com.
    The Definitive Feasibility Study ("DFS") carried out by Ausenco
International Pty Ltd Australia ("Ausenco") and published in May 2006 formed
the basis of the optimisation review carried out by CGA and Filminera
Resources Corp. ("Filminera"), with assistance from independent external
consultants.

    The optimisation review focused on 6 main initiatives:
    

    -   Excess grinding capability due to the procurement of two pre-used
        ball mills whose combined capacity exceeded that specified as
        required in the DFS.

    -   High grade resources were identified within the pit limits delineated
        in the DFS.

    -   The water management strategy was reviewed to minimise the use of
        fresh water.

    -   Power generation using coal fired boilers to protect the project from
        high fuel prices and to reduce LOM operating costs.

    -   Appointment of Leighton Contractors (Philippines) Inc ("LCP") to
        conduct a revalidation of the capital costs associated with the
        process plant and infrastructure using their Philippine experience.

    -   Selection of Lycopodium Engineers based in Perth and Manila,
        experienced in the design and construction of large (+4.0 Mtpa)
        process plants.

    -   Review of project economics applying current operating costs and gold
        price assumptions.

    The results of the optimisation review were published in an announcement
to the Australian Securities Exchange and the Toronto Stock Exchange on 5
October 2007 and are summarised in table 1.1 below.


                                  Table 1.1
    -------------------------------------------------------------------------
                   Optimisation Study Results Years 1 - 8
    -------------------------------------------------------------------------
    Physical Parameters               Unit
    -------------------------------------------------------------------------
    Milled Ore                        million tonnes                    37.8
    -------------------------------------------------------------------------
    Grade                             g/t                               1.63
    -------------------------------------------------------------------------
    Mill Recovery - Gold              %                                82.7%
    -------------------------------------------------------------------------
    Refining Recovery - Gold          %                                99.9%
    -------------------------------------------------------------------------
    Bullion Produced - Gold           million ozs                       1.65
    -------------------------------------------------------------------------
    Bullion produced per annum        ozs                            206,000
    -------------------------------------------------------------------------
    Mill Throughput YR1-2             Mtpa                                 4
    -------------------------------------------------------------------------
    Mill Throughput YR3-8             Mtpa                                 5
    -------------------------------------------------------------------------
    Operating Cash Cost               US$/oz                             306
    -------------------------------------------------------------------------
    Capital Cost - Project            US$ million                      119.5
    -------------------------------------------------------------------------
    

    The capital cost includes a contingency of US$7.2m (6.4%) and the
proposed funding package has made an additional allowance for up to US$2.5m
for foreign currency movements prior to execution of the fixed price lump sum
construction contract.
    Average annual gold production during the initial eight (8) years of
production averages 206 000 oz at a cash operating cost of US$ 306/ounce. The
Philippine tax regime allows a minimum six (6) year income tax holiday, the
benefit of which is not included within the above forecast cash operating
costs.
    In addition to the ore reserves reported in the DFS there were an
additional 16 million tonne of indicated resources left stockpiled from the
previous operations. The gold price at the time of preparation of the DFS did
not allow for these resources to be included in reserves.
    With the recent reported gold price of in excess of US$650/oz, we plan to
do the additional work necessary to have these indicated resources converted
into probable reserves and included in the reported production and statistics.

    Appointment of Leighton Contractors (Philippine) Inc
    ----------------------------------------------------
    Leighton Holdings Limited ("Leighton"), which controls 100% of LCP, is
Australia's largest project development and construction company, well
regarded and respected internationally and also today, the world's leading
contract miner, operating a fleet in excess of US$1.5 billion. LCP is to be
awarded both the fixed price lump sum ("FPLS") construction contract (covering
a scope of works to the value of US$84.94m), with all key terms now agreed,
and an alliance mining contract (with LCP providing the full mining fleet
estimated to cost in the order of US$34m).
    A letter of Intent ("LOI") was provided to LCP and an initial purchase
order issued to enable LCP to mobilise an earthmoving fleet to the project
site to commence the earthworks associated with the process plant
construction.

    To date LCP has commenced the following activities:

    
    -   Process Plant Earthworks.

    -   Contractor's Office erection.

    -   Contractor's accommodation and utilities.

    -   Concrete batch plant erection.
    

    A selection of photographs illustrating the progress to date have been
posted on the CGA website www.cgamining.com under Projects/Masbate Gold
Project.

    Power

    DMCI Corporation ("Consunji)" is the largest construction company in the
Philippines and own and operate a large coal mine on an island close to
Masbate. At the coal mine, Consunji generates their own power via coal fired
boilers. Consunji was recently awarded a contract to supply power to Maselco
(the appointed franchise for power distribution on Masbate Island). CGA and
Filminera have entered into negotiations with Consunji for the construction
and operation of a dedicated coal fired 25 MW coal fired power station
adjacent to the project site. Consunji has engaged Thermax Limited
("Thermax"), an experienced Indian engineering company specialised in coal
fired power generation, to design the appropriate facility. The preliminary
estimate supplied to CGA / Filminera by Consunji and Thermax includes an all
in power cost (Capital, Operating & Maintenance, Raw Materials) averaging
US$0.10/kWh over a 10 year project life. This is a significant reduction when
compared to diesel powered generators and the heavy fuel (bunker) powered
generation contemplated in the DFS. The effective power cost can be further
reduced by disposing of the facility at the end of the life of mine to
Consunji at a contracted residual value of 30% of the new price i.e. US$10m.
    The construction of the power station will take 24 months i.e. 9 months
longer than the process plant. The optimisation study has allowed for a
conservative 12 month delay. During the interim period power will be provided
via barge mounted units berthed close to the existing jetty at the project
site. The cost of interim power is forecast at US$0.16 / kWh. Appropriate and
available barges have been identified and negotiations with the supplier and
operator have commenced.

    Permits

    All key permits have now been secured including the recent approval of
the feasibility study in respect of PGPRC (processing) and Filminera (mining
and infrastructure) and the issue of a Mineral Processing Permit by the
central and regional authorities in the Philippines.

    Staffing

    CGA, Filminera, and PGPRC have made the following appointments of
consultant or employees for the development activities at Masbate.

    General Manager - Tim Armstrong, a Canadian mining engineer with in
excess of 20 years experience in the development and operation of underground
and surface mines in North America, Greece and Philippines (10 years) will
oversee the project.

    Construction Manager - Mark Hughes, an Australian electrical engineer
with over 20 years construction and project management experience in Australia
and South East Asia will oversee the FLSP contract with LCP.

    Manager Mining - Noel Rollo, an Australian mining engineer with in excess
of 30 years experience in Australia, Africa and South East Asia will be
responsible for all geological, mining / earthmoving activities on site.

    Geology Manager - Max Tuesley, an experienced Australian geologist who
has worked in Australia and South East Asia will be responsible for all
geological activities on site at Masbate.

    In connection with the above new appointments and the continued objective
of attracting and retaining the best team to develop the Masbate Gold Project,
the Company issued 2.25m options under The Employee Option Plan to employees,
with an exercise price of $0.90 per option and expiring on 30 September 2012.

    Financing

    The Company has secured preliminary credit approval, subject to
documentation and completion of detailed due diligence for a US$65m project
finance facility and engaged Haywood Securities Inc. to undertake a placement
of new shares and units comprised of promissory notes and warrants to raise,
on a best effort basis, a further US$65m, subject to a number of conditions,
one of which is shareholder approval of various instruments.
    The proceeds of these debt and equity financings are planned to be
applied to the development at the Masbate Gold Project and other working
capital needs.
    A shareholder's meeting has been called for 15 November 2007, to seek
approval for the issue of:

    
    -   48.2 million new shares at an issue price of C$0.83; and
    -   25,000 US$1,000 promissory notes with 250 attaching warrants per
        note, with an exercise price of C$1.03 and a maximum 3 year term.
    

    The gross proceeds of the proposed placings, as set out above, are
approximately US$65m.

    MKUSHI PROJECT UPDATE
    ---------------------
    The prefeasibility study is on target for completion in the next quarter
and at present is looking positive. Results from the metallurgical testwork
have indicated a good grade and clean copper concentrate can be achieved from
a simple flotation circuit.
    Resource drilling is continuing and is indicating some encouraging
results in a southerly extension zone, and also at depth. Further resource
drilling has been planned, including from within the existing open pit, which
has been dewatered for this purpose.
    Recent significant assay results are indicated in the following table.
The results have extended the resource potential of the three principal
mineralisation zones H, L and G Zones. The promising results from L Zone,
including MH073, 37m at 2.42% Cu, require follow up drilling to establish the
full extent of the higher grade mineralisation. Good results have also been
found at depth in hole MMU038, 33m @ 3.12% Cu, and this is a strong indication
that quality mineralization continues at depth. Although drilling will
continue for some time it is expected that a Stage 1 resource estimate will be
generated during the last quarter of 2007. Additional copper mineralisation
has been located in the hanging wall to both L and H Zones and this will be
further targeted in the ongoing drilling programmes. The southern extensions
of H Zone have provided good indications and this area will be further tested
during the December quarter.

    
                           Recent Drilling Results

    -------------------------------------------------------------------------
                                                                        Cu
    HOLE NO   PROSPECT     EAST    NORTH     FROM     TO   INTERVAL  GRADE %
    -------------------------------------------------------------------------
    MH048       L ZONE   731140  8456911      113      123       10     1.26
    -------------------------------------------------------------------------
    MH048       H ZONE   731140  8456911      175      187       12     1.20
    -------------------------------------------------------------------------
    MH048       H ZONE   731140  8456911      264      277       13     0.45
    -------------------------------------------------------------------------
    MH069       L ZONE   731027  8456733       85      107       22     0.34
    -------------------------------------------------------------------------
    MH069       H ZONE   731027  8456733      224      230        6     3.36
    -------------------------------------------------------------------------
    MH069       H ZONE   731027  8456733      240      245        5     0.63
    -------------------------------------------------------------------------
    MH071     new zone   731145  8457010       73       79        6     1.52
    -------------------------------------------------------------------------
    MH073       L ZONE   731069  8456795      119      156       37     2.42
    -------------------------------------------------------------------------
    MH073       L ZONE       includes         139      145        6     8.90
    -------------------------------------------------------------------------
    MH073       H ZONE   731069  8456795      223      239       16     1.51
    -------------------------------------------------------------------------
    MH073       H ZONE   731069  8456795      250      267       17     1.39
    -------------------------------------------------------------------------
    MH073       H ZONE   731069  8456795      270      275        5     0.71
    -------------------------------------------------------------------------
    MH075     new zone   730904  8456720      107      111        4     0.85
    -------------------------------------------------------------------------
    MH075     new zone   730904  8456720      129      135        6     1.61
    -------------------------------------------------------------------------
    MH075       L ZONE   730904  8456720      292      297        5     0.72
    -------------------------------------------------------------------------
    MH076       L ZONE   730830  8456540      256      258        2     3.68
    -------------------------------------------------------------------------
    MMU036    new zone   731409  8457370      132      143       11     1.80
    -------------------------------------------------------------------------
    MMU036    new zone   731409  8457370      147      153        6     1.33
    -------------------------------------------------------------------------
    MMU036      H ZONE   731409  8457370      175      178        3     0.95
    -------------------------------------------------------------------------
    MMU036      H ZONE   731409  8457370      210      222       12     0.93
    -------------------------------------------------------------------------
    MMU038      G ZONE   731452  8457399      151      157        6     2.00
    -------------------------------------------------------------------------
    MMU038      G ZONE   731452  8457399      163      173       10     0.80
    -------------------------------------------------------------------------
    MMU038      G ZONE   731452  8457399      193      198        5     1.10
    -------------------------------------------------------------------------
    MMU038      G ZONE   731452  8457399      200      233       33     3.12
    -------------------------------------------------------------------------
    MMU041      G ZONE   731487  8457169       24       57       33     1.00
    -------------------------------------------------------------------------
    MMU043      G ZONE   731496  8457248       26       76       50     0.97
    -------------------------------------------------------------------------
    MMU043      G ZONE   731496  8457248      101      103        2     1.08
    -------------------------------------------------------------------------
    MMU042      G ZONE   731757  8457465      166      173        7     0.90
    -------------------------------------------------------------------------
    

    An Environmental Impact Assessment is also underway and a draft
Environmental Impact Statement is due in December 2007.

    SEGILOLA PROJECT UPDATE
    -----------------------
    An agreement has been signed with Spektra Jeotek AS ("Specktra"), a
Turkish drilling company, for the supply and operation of a diamond core drill
rig at the Segilola project site for the planned drilling of a minimum
10,000m. Arrangements are currently underway to have the drill transported to
the Segilola Project in Nigeria.
    Spektra is an established drilling company based and registered in
Ankara, Turkey having a registered branch office in Tehran-Iran,
Karachi-Pakistan and a local company in Serbia. Spektra has its own fully
equipped and staffed workshop in Ankara. In addition they fully own a
manufacturing company, DELTA Machinery AS (Delta), which manufactures drill
rigs and equipment for the needs of Spektra. For Segilola they have built a
crawler mounted diamond drill rig and have supplied the necessary drilling
equipment for the planned drilling programme.
    Spektra has a highly skilled, experienced and competent team of staff and
technicians who also operate and maintain their rigs. They have almost 25
years of experience in the drilling industry and are currently operating
mainly in the mineral resource industry. Spektra has drilled, and is currently
drilling, for various national and multinational companies all around the
world and is operating in: Morocco; Algeria; Serbia; Turkey; Azerbeijan; Iran;
Pakistan; Yemen and Turkey.
    Prior to arrival of the rig, trenching and sampling is continuing. Quartz
samples recently taken from the existing trench in the old open pit are shown
below.

    Trench Sample Results

    -------------------------------------------------------------------------
    Trench ID               Au intersect                   Comments
    -------------------------------------------------------------------------
    1620N                   6m @ 4.9g/t       includes 1m @ 14.1g/t, &
    1m @ 8.5g/t
    -------------------------------------------------------------------------
    1745N                 10m @ 3.2 g/t          includes 1m @ 9.95g/t
    -------------------------------------------------------------------------


    National Instrument 43-101 Compliance

    Mr Geoff.G.Jones, F.Aus.I.M.M.CP Mng, CGA's general manager, technical,
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.

    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
"Caution Regarding Forward-Looking Statements" in CGA's Annual Information
Form for the year ended 30 June 2007 filed with the Canadian securities
regulatory authorities on the SEDAR website at www.sedar.com.


    

                                 Appendix 5B

                  Mining exploration entity monthly 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                                         Month ended ("current month")
    -----------------------------              ------------------------------
    88 009 153 128                                            September 2007
    -----------------------------              ------------------------------

    Consolidated statement of cash flows
                                                   --------------------------
                                                                        Year
                                                                     to date
                                                        Current       (three
    Cash flows related to                                 Month       months)
     operating activities                                $A'000       $A'000
                                                   --------------------------

    1.1  Receipts from product sales and
          related debtors                                     -            -

    1.2  Payments for (a) exploration and evaluation       (597)      (2,210)
                      (b) development                      (559)      (1,109)
                      (c) production                          -            -
                      (d) administration (incl.
                           annual audit fee & legal)       (220)        (508)

    1.3  Dividends received                                   -            -
    1.4  Interest and other items of a similar
          nature received                                   207          485
    1.5  Interest and other costs of finance paid             -            -
    1.6  Income taxes paid                                    -            -
                                                   --------------------------
    1.7  Other -Business development                     (1,169)      (3,342)

         Net Operating Cash Flows
    -------------------------------------------------------------------------

         Cash flows related to investing activities
    1.8  Payment for purchases of: (a) prospects              -            -
                                   (b) equity investments
                                   (c) other fixed assets
    1.9  Proceeds from sale of:    (a) prospects              -            -
                                   (b) equity investments     -            -
                                   (c) other fixed assets     -            -
    1.10 Loans to other entities
    1.11 Loans repaid by other entities
    1.12 Other (provide details if material)
                                                   --------------------------
         Net investing cash flows                             -            -
                                                   --------------------------
    1.13 Total operating and investing cash flows
          (carried forward)                              (1,169)      (3,342)
                                                   --------------------------

    1.13 Total operating and investing cash flows
          (brought forward)                              (1,169)      (3,342)
                                                   --------------------------

         Cash flows related to financing activities
    1.14 Proceeds from issues of shares, options, etc.       30           30
    1.15 Proceeds from sale of forfeited shares               -            -
    1.16 Proceeds from borrowings                             -            -
    1.17 Repayment of borrowings                              -            -
    1.18 Dividends paid                                       -            -
    1.19 Other (provide details if material)                  -            -

                                                   --------------------------
         Net financing cash flows                            30           30
                                                   --------------------------
         Net increase (decrease) in cash held            (1,139)      (3,312)

    1.20 Cash at beginning of quarter/year to date       27,236       29,324
    1.21 Exchange rate adjustments to item 1.20            (173)         (88)
                                                   --------------------------

    1.22 Cash at end of quarter                        25,924(*)    25,924(*)
    -------------------------------------------------------------------------
    (*) Filminera Resources Corp. has an additional $9.1m in cash.


    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
                                                                      $A'000
                                                            -----------------

    1.23 Aggregate amount of payments to the parties
          included in item 1.2                                           120
                                                            -----------------

    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 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
         --------------------------------------------------------------------
         -
         --------------------------------------------------------------------
    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
         --------------------------------------------------------------------
         -
         --------------------------------------------------------------------

    Financing facilities available

    Add notes as necessary for an understanding of the position.
                                                    -------------------------
                                                         Amount
                                                      available  Amount used
                                                         $A'000       $A'000
                                                    -------------------------
    3.1  Loan facilities                                      -            -
                                                    -------------------------
    3.2  Credit standby arrangements                          -            -
    -------------------------------------------------------------------------

                                                                 ------------
    Estimated cash outflows for next quarter                          $A'000
                                                                 ------------

    4.1  Exploration and evaluation                                    1,768
                                                                 ------------
    4.2  Development                                                  25,467
    -------------------------------------------------------------------------
    Total                                                             27,236
    -------------------------------------------------------------------------

    Reconciliation of cash
                                                    -------------------------
         Reconciliation of cash at the end
          of the quarter (as shown in the
          consolidated statement of cash flows)           Current   Previous
          to the related items in the accounts            quarter    quarter
          is as follows.                                   $A'000     $A'000
                                                    -------------------------

    5.1  Cash on hand and at bank                          23,845     24,560
                                                    -------------------------
    5.2  Deposits at call                                     132        132
                                                    -------------------------
    5.3  Bank overdraft                                         -          -
                                                    -------------------------
    5.4  Other (provide details)
         USD Account                                        1,947      4,632
         USD Deposit
    -------------------------------------------------------------------------
         Total: cash at end of quarter (item 1.22)         25,924     29,324
    -------------------------------------------------------------------------


    Changes in interests in mining tenements
                         ----------------------------------------------------
                                        Nature of   Interest at  Interest at
                             Tenement    interest   beginning of    end of
                            reference   (note (2))    quarter      quarter
                         ----------------------------------------------------
    6.1  Interests in
          mining tenements
          relinquished,
          reduced or lapsed         -            -            -            -
                         ----------------------------------------------------
    6.2  Interests in
          mining tenements
          acquired or
          increased                 -            -            -            -
                         ----------------------------------------------------


    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      161,549,976  161,549,976
                         ----------------------------------------------------
    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
          (description
          and conversion
          factor)
                         ----------------------------------------------------
    7.8  Issued during
          quarter
                         ----------------------------------------------------
    7.9  Exercised
          during
          quarter             300,000            -         0.60         0.60
                         ----------------------------------------------------

    7.10 Expired
          during
          quarter
    -------------------------------------------------------------------------
    7.11 Debentures
          (totals only)
    -------------------------------------------------------------------------
    7.12 Unsecured notes
          (totals only)
                         ----------------------------------------------------

    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/does not(*) (delete one) give a true and fair
        view of the matters disclosed.

        Sign here: (Signed)                         Date:   30 October 2007

        (Director/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.
    

    %SEDAR: 00021775E




For further information:

For further information: Australian Contact: President & CEO - Michael
Carrick, Tel: +610 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

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