VANCOUVER, Aug. 13 /CNW/ - The Board of CGA Mining Limited ("CGA")
(ASX:CGX, TSX:CGA) is pleased to announce that Filminera Resources Corp
("FRC") has sold its interests in FCF Mining Corporation ("FCF") to Metals
Exploration Plc (an AIM listed entity). The receivable of US$5.627m has been
assigned for full face value and the shares have been sold for approximately
A$2.5m, increasing cash reserves within the group by A$9.1m.
FRC (which also owns the Masbate Project), owned a minority interest in
FCF which holds other exploration and mining interests in the Philippines.
Given the focus of FRC and CGA on the development of the Masbate Gold Project,
the minority interest in FCF was considered non core and the proceeds of the
sale will be applied to the proposed development of the Masbate Project.
For further information:
For further information: Australian Contact: President & CEO - Michael
Carrick, Tel: +61 8 9263 4000, Fax: +61 8 9263 4020, Email:
email@example.com; US Contact: Chairman - Mark Savage, Tel: (505)
344-2822, Fax: (505) 344-2922, Email: firstname.lastname@example.org