CGA Mining Limited - Leighton starts commissioning sections of the Mas
Mon Jan 26, 9:00 AM
ca.news.finance.yahoo.com
PERTH, Western Australia, Jan. 26 /CNW/ - The Board of CGA Mining Limited (ASX Code: CGX, TSX Code: CGA) and Phil. Gold Processing and Refining Corp. are pleased to announce that the principal contractor, Leighton Contractors Asia Limited ("LCAL") has commenced commissioning significant components of the plant at the Masbate Gold Project.
The commissioning of the plant is being carried out on a sectional basis as and when individual components of the processing and power plants are completed to ensure that an integrated overall project (power, process plant and tailings), completion date is achieved.
LCAL has wet commissioned, as required in the EPC contract a number of areas of the project including the crusher, raw water and process water supply system, the compressors, blowers and the agitators in the CIL circuit. Ore commissioning of the crushing circuit has also been completed. The development of the power station and fuel delivery facility is progressing according to plan. The construction of Phase 1 of the tailings dam will be completed by the first week of February.
The ore commissioning phase of the process plant is currently on track for practical completion by the end of February 2009 followed by the power station a week later. The first gold pour is anticipated in March 2009, in line with original expectations.
The mining fleet is now on site and preproduction mining is well underway. Construction of Phase 1 of the run of mine ("ROM") pad adjacent to the primary crusher station is completed and ore is being stockpiled ahead of ore commissioning.
CGA's operating team is largely in place in preparation for the ore commissioning phase and to take control of the operation post commissioning. All major consumables have been procured and are either on site or on route to site.
Mr. Christopher Waller has been appointed to oversee all of the commissioning teams i.e. process plant, power plant and ore delivery, during the ore commissioning. Mr. Waller carried out a similar function for Newmont at the 7.5Mtpa Ahafo Gold Project in Ghana.
ABOUT CGA MINING LIMITED
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 4Mtpa 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 on site.
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.
NATIONAL INSTRUMENT 43-101 AND JORC COMPLIANCE
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 www.sedar.com, lodged 8 July 2008.
Andrew James Vigar of Mining Associates Pty Ltd, a qualified person, has verified the resource statement for the Masbate Project as disclosed in this announcement, including sampling, analytical and test data underlying the estimate. Verification of the data included numerous site visits, database validation of historical drill results and review of sampling and assaying protocols. The qualified person was satisfied with the verification process.
A new NI 43-101 compliant report has been lodged on www.sedar.com verifying and supporting the new reserve statement made for the Masbate Project. Mr Daniel Tuffin of Lower Quartile Solution Pty Ltd, a qualified person, has verified the reserve statement for the Masbate Project as disclosed in this announcement, including sampling, analytical and test data underlying the estimate. Verification of the data included database validation of historical drill results and review of sampling and assaying protocols. The qualified person was satisfied with the verification process.
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. 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 at www.sedar.com.
Contacts
Australian Contact: President & CEO
Michael Carrick
Tel: +61 8 9263 4000
Fax: +61 8 9263 4020
Email: mcarrick@cgamining.com
US Contact: Independent Chairman
Mark Savage
Tel: (505) 344-2822
Fax: (505) 344-2922
Email: marksavage@comcast.net |
