CGA Mining Limited - Announcement to the Australian Securities Exchange and Toronto Stock Exchange


    PERTH, Western Australia, March 27 /CNW/ - The Boards of CGA Mining
Limited, Filminera Resources Corporation ("FRC") and Phil. Gold Processing and
Refining Corp. are pleased to announce that they have executed a 6 year mining
contract with Leighton Contractors ("Leighton"), one of Australia and Asia's
pre-eminent and most highly regarded contractors, for the Masbate Gold Project
in the Philippines. Leighton will provide the full mining fleet and associated
equipment and will provide mining and technical services for the project.
    It is anticipated that Leighton Contractors will commence on site
activities in relation to the tailings storage facility this month. The
initial work will comprise the construction of Stage 1 of the main embankment
to a height of 20m above the natural ground level (final height to accommodate
known reserves is 51m). This work is expected to be completed by end of August
2008. The equipment will then transfer to pioneering activities relating to
the development of the open pit mining operations.
    Leighton has been operating in Asia since 1975, and has a unique
combination of local knowledge and extensive international experience which
has made them the region's international contractor of choice.
    The Asian operations have an annual revenue in the region of over US$300
million and employ almost 2,500 people in Asia. Leighton is Australia's
largest project development and contracting group with annual revenues
exceeding US$10 billion, current work in progress of A$24 billion and has been
involved in the mining and resources market since the 1940's.
    Today, the Group is the world's leading contractor miner, mining in
excess of 100 million tonnes of iron ore and 100 million tonnes of coal each
year, across Australia and Asia. They operate and maintain a fleet of owned
and leased mining plant and equipment, currently worth over US$1.9 billion.
    We are pleased to welcome Leighton as the mining and technical services
provider for the Masbate Gold Project. They will work under an alliance
agreement which has been successfully applied at a number of other mines. The
alliance agreement is designed to maintain unlimited flexibility with all
aspects of mining, total transparency of costs and provide the safest and
lowest mining cost per tonne.
    The contract includes standard industry terms and conditions including
the right to terminate and the right to buy out the mining fleet at written
down value at any time after the first anniversary of the date of commencement
of the works, providing the opportunity of moving to an owner operation at
FRC's election.

    Cautionary Note Regarding Forward Looking Statements

    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. 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
"Caution Regarding Forward-Looking Statements" in CGA's Annual Information
Form for the year ended 30 June 2007 filed with the Canadian securities
regulatory authorities on the SEDAR website at

For further information:

For further information: Enquiries: Australian Contact: President & CEO
- Michael Carrick, Tel: +610 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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