Announcement to the Australian Securities Exchange and Toronto Stock Exchange - CGA Mining Announces Practical Completion of the EPC Contract for Construction of the Process Plant at the Masbate Gold Project


    PERTH, Western Australia, Feb. 23 /CNW/ - The Boards of CGA Mining
Limited ("CGA", the "Company") (ASX Code: CGX, TSX Code: CGA) and Phil. Gold
Processing and Refining Corp. ("PGPRC") are pleased to announce that Leighton
Contractors Asia Limited ("LCAL") has achieved practical completion of the
processing plant at the Masbate Gold Project in the Philippines on schedule.


    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 4Mt pa 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 at site at the project. 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.


    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 and available on SEDAR at, 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


    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

For further information:

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

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