CGA Mining Limited - Release of Half Yearly Results



    PERTH, Western Australia, March 14 /CNW/ - CGA Mining Limited ("CGA", the
"Company") announces the release of its 31 December 2007 Half Year Financial
Statements. These statements contain changes from the previous unaudited
31 December Half Year Financial Statements released on 14 February 2008. The
changes, which relate to technical accounting adjustments, are as follows:

    
    -   The reclassification of US$5.575m fair value placed on the warrants
        issued in connection with the promissory note issue in November 2007
        from reserves to current liabilities and the recognition of a
        US$1.812m notional gain reflecting the movement in fair value between
        their issue date and 31 December 2007, against current liabilities
        and as a gain in the Income Statement.

    -   The recognition of US$0.921m of notional accrued interest on the
        receivable from an associate (Filminera Resources Corporation) and
        the equity accounting of US$0.866m to reflect our share of the loss
        of the associate.

    -   A number of balance sheet reclassifications with regard to plant and
        equipment, trade and other payables and interest bearing liability
        balances and adjustments on the provisional consideration paid and
        fair values of the identifiable net assets and liabilities on the
        acquisition of Philippine Gold Limited as permitted under Australian
        equivalents to International Financial Reporting Standards. The net
        effect of these adjustments on net assets is US$0.054m.
    





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: Chairman - Mark Savage, Tel: (505)
344-2822, Fax: (505) 344-2922, Email: marksavage@comcast.net

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CGA Mining Limited

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