Announcement to the Australian Securities Exchange and Toronto Stock Exchange - CGA announces exercise of over-allotment option

    PERTH, Western Australia, Oct. 2 /CNW/ - CGA Mining Limited (TSX: CGA;
ASX: CGX) ("CGA", "the Company") is pleased to announce that Haywood
Securities Inc. has exercised their over-allotment option in full to sell an
additional number of common shares for gross proceeds of US$5 million under
the terms of the previously announced private placement of US$60 million of
common shares and units. The completion of the private placement is subject to
receipt of applicable regulatory and shareholder approvals.
    The proceeds, in combination with a US$65 million senior debt facility
being arranged by BNP Paribas (as announced September 10, 2007), are proposed
to be utilised to fund the construction of the Company's Masbate Gold Mine in
the Philippines.

    About CGA
    CGA is a development company focused on the construction the Masbate Gold
Project in the Philippines, with commercial production forecast for the first
quarter 2009. The Company also has the 51% owned Mkushi advanced stage copper
development project in Zambia (in the prefeasibility stage) and the 51% owned
Segilola gold exploration project in Nigeria, considered to be the most
advanced gold exploration project in the country.

For further information:

For further information: Australian Contact: President & CEO - Michael
Carrick, Tel: +61 8 9263 4000, Fax: +61 8 9263 4020, Email:; US Contact: Chairman - Mark Savage, Tel: (505)
344-2822, Fax: (505) 344-2922, Email:

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CGA Mining Limited

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