CGA Mining Limited – Announcement to the Australian Securities Exchange and Toronto Stock Exchange – US$80M project finance facility for the Masbate Gold Project fully syndicated

July 10, 2008 · Posted in Exploration, Gold, Mining Companies

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Western Australia, July 8 /CNW/ – CGA Mining Limited (ASX: CGX, TSX: CGA) (”CGA” or the “Company”) is pleased to announce that the US$80 million senior debt facility arranged by BNP Paribas is now fully syndicated with commitment letters received from the four participating banks selected for the syndicate. Satisfaction of final conditions precedent, which are principally procedural in nature, is expected shortly.

ABOUT CGA MINING LIMITED
CGA is listed on the main board of the Toronto Stock Exchange and Australian Securities Exchange. The Masbate Gold Project in the Philippines is currently under construction and is due for completion in December of this year. The project has a total indicated resource base of 4.55M ounces an total
inferred resource base of 3.22M ounces and is currently forecast to produce over 200,000 ounces per annum. The 4Mt pa plant is under construction by Leighton Contractors Asia Limited (”Leighton”). CGA is currently 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. A 30,000m drilling program (9,000m of which has already been completed) is currently underway at Masbate. CGA is completing a Feasibility Study into the Mkushi Copper Project in Zambia, which is due for completion in December 2008. 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 general manager, technical, 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 Masbate Gold Project, Masbate Island, Philippines Form NI 43-101F1 Technical Report dated 30 April 2006 prepared by IMC Consultants Pty Ltd and available on SEDAR at www.sedar.com. Mining Associates Pty Ltd, a qualified person, has verified the updated resource statement 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.

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