Aussie miner posts record yield
By Riza T. OlchondraPhilippine Daily Inquirer
Australia’s CGA Mining Ltd., which leads the Masbate gold project, posted a record yield in the first six months of 2012.
The Masbate project is one of the largest gold producers in the Philippines. CGA leads the Masbate gold project through Philippine company Filminera Resources Corp.
For two successive quarters, the company reported a record output of 100,013 ounces of gold.
“Full quarterly results will be released as soon as they are available,” the company said in a report which did not include comparative figures.
From January to June, the company processed 3,315,301 tons of ore with an average grade of 1.10 grams of gold per ton. The company succeeded in recovering 85.2 percent of the precious metal.
Also, CGA Mining said its plant in Masbate continued to operate above expectations with availabilities for the six month, averaging 94.8 percent.
Since it was recommissioned, the SAG (semi-autogenous grinding) mill has consistently operated at or above 6.6 million tons per annum.
In May, CGA Mining booked a record monthly production of 20,007 ounces of gold. The previous record was 18,318 ounces posted in December 2010.
The processed volume that month was also reported to be a record high with 642,816 tons ore, containing a grade of 1.15 grams per ton of gold, CGA said.
CGA is listed on the main board of the Toronto Stock Exchange and Australian Securities Exchange.
The Masbate project has a total measured and indicated resource base of 5.13 million ounces of gold, total inferred resource base of 2.83 million ounces of gold and a proven and probable reserve of 3.097 million ounces of gold.
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Tags: Business , CGA Mining Ltd. , Masbate gold project , mining
