CGA Mining Limited Launch Into Australian Securities Exchange and Toronto Stock Exchange
May 2nd, 2008QUARTERLY HIGHLIGHTS
- New Spektra drilling rig arrived on site at the Segilola Project in Nigeria, the most advanced gold project in the country and a 10,000m drilling program has commenced
- Feasibility Study underway and progressing well for the Mkushi Copper Project in Zambia
- Masbate construction is ahead of schedule by 4 weeks
- Mining Alliance Agreement with Leighton Contractors (Philippines) Incorporated (”Leighton”) executed with a 6 year term and total contract value of US$170M
- Significant milestone of 1,000,000 manhours reached with no lost time injury
- Construction currently 45% complete, with engineering and design 55% complete
- All refurbishment works completed on the SAG mill and it is ready for shipment to the Philippines
- Work commenced under the Mining Alliance Agreement on the tailings storage facility (”TSF”)
- Leighton to manage procurement and installation of 3 Sulzer power units with a 32 mw capacity under a variation to the fixed price lump sum contract
- Final credit approvals secured by a number of banks and signing of an US$80.3m project finance facility expected in the June quarter
- Development expenditure on Masbate to March 31 of US$38.6M and total cash reserves of US$47.7M
New high grade system discovered at Libra (Masbate Project) including:
37m (at) 3.57 g Au /t
19m (at) 9.39 g Au /t
27m (at) 9.88 g Au /t
42m (at) 10.51 g Au/t
29m (at) 4.70 g Au/t
During the three months ending 31 March 2008, CGA Mining Limited’s (”CGA”, the “Company”) activities focused on the development on the Masbate Gold Project in the Philippines and commencement of the detailed feasibility study for the Mkushi Copper Project in Zambia.
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