Announcement to the Australian Securities Exchange and Toronto Stock Exchange - March 14 2007


    TORONTO, March 13 /CNW/ - The Board of CGA Mining Limited ("CGA", "the
Company") is pleased to announce that the Company has agreed with Thistle
Mining Inc ("Thistle") to amend the terms of the acquisition of the Masbate
Gold Project ("the Project") in the Philippines by fixing the issue price for
the share component of the proposed consideration at A$0.65. Under the
original Sale and Purchase Agreement dated 31 January 2007 ("SPA"), the
proposed issue price was the lower of A$0.65 and the volume weighted average
price at which CGA shares were traded on the Australian Stock Exchange in the
10 consecutive trading days prior to completion of the acquisition ("VWAP").
The agreed amendment is subject to the VWAP being not less than A$0.60 and
accordingly, at current trading levels, provides shareholders with certainty
on the issue price. In the event that the VWAP is less than A$0.60, the Board
of Directors of Thistle will review the company's position and determine what
is in its best interests having regard to the approvals and other regulatory
    The proposed acquisition of the Project is subject to amongst things,
shareholder approval by both CGA shareholders and Thistle shareholders, with
both meetings called for 16 March 2007. The Directors of CGA recommend that
shareholders vote in favour of the proposed acquisition of the Project, with
completion anticipated prior to 31 March 2007, assuming all conditions are
satisfied or waived in accordance with the SPA (as amended).

    %SEDAR: 00021775E

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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