| CGA not to suffer loss from new Australian tax 2010-05-05 09:23 ET - News Release Mr. Michael Carrick reports PROPOSED AUSTRALIAN RESOURCE TAX HAS NO AFFECT ON CGA The proposed new resources super profits tax as referred to by the Australian government will not have any impact on CGA Mining Ltd. as the company's assets are all located offshore. CGA is listed on both the Toronto Stock Exchange and the Australian Securities Exchange. The Masbate gold project is the largest gold project in the Philippines and was successfully developed with first gold poured on May 12, 2009. The project, which is currently ramping up to full production, has a total indicated resource base of 4.55 million ounces, a total inferred resource base of 3.22 million ounces with a probable reserve of 3.03 million ounces of gold. At steady state operations, the project is forecast to produce over 200,000 ounces per annum. The four-million-ton-per-annum plant was constructed by Leighton Contractors Asia Ltd. without one lost-time injury. The mining contract for the Masbate gold project has been awarded to Leighton, the largest mining contractor in the world. CGA is completing a scoping study for the expansion of the plant throughput at Masbate. 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. Geoff G. Jones, FAusIMMCP 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 NI 43-101 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 Ltd. prepared by Mining Associates Pty. Ltd. and available on SEDAR, lodged July 8, 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. An NI 43-101-compliant report has been lodged on SEDAR, verifying and supporting the new reserve statement made for the Masbate project. Daniel Tuffin, previously 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. Alfred John Gillman of Odessa Resources Pty. Ltd., an independent qualified person experienced in the style of mineralization at Segilola, has completed the resource statement for the Segilola project as disclosed in this announcement, including verification of the sampling, analytical and test data underlying the estimate. Verification also included a site visit, database validation of historical drill results, and a review of sampling and assaying protocols. The qualified person was satisfied with all of the protocols used during the drilling, sampling, and in the Segilola resource estimate, compilation and computation. We seek Safe Harbor. |