Difference between revisions of "Masbate, Philippines"

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 ==[[Masbate News]]==
-'''Masbate execs wish to learn from Mandaue'''
+'''CGA Mining on track to produce 200,000oz gold per annum at Masbate'''
-*Source: http://www.sunstar.com.ph/cebu/local-news/2011/09/18/masbate-execs-wish-learn-mandaue-180039
+*Source: http://www.proactiveinvestors.com.au/companies/news/19807/cga-mining-on-track-to-produce-200000oz-gold-per-annum-at-masbate-19807.html
-*Sunday, September 18, 2011
+*Tuesday, September 20, 2011
-:by Justin K. Vestil
+:by Jeff Coote
-LOCAL government officials of Masbate recently visited Mandaue City to learn about the latter’s solid waste management program.
+CGA Mining (ASX: CGX, TSX: CGA) has completed the supplementary crushing circuit at the Masbate Gold Mine in the Philippines and first ore has been fed into the circuit.
-Masbate City Vice Mayor Allan Cos, who led the delegation, wanted to learn how some Mandaue barangays established and maintained their materials recovery facilities (MRFs).
-Mandaue City Mayor Jonas Cortes and some members of the City Council welcomed the Masbate officials, who also wanted to establish sister-city ties with Mandaue.
+CGA is completing a US$15 million investment program designed to upsize throughput to 6.5 million tonnes per annum (Mtpa) at Masbate and the company remains on track to produce 200,000 ounces gold per annum.
-Masbate City Councilor Leilah Danao-Placer told reporters they heard about Mandaue’s solid waste management projects through the City Government’s website.
-Placer said Masbate wanted to learn how Barangay Canduman put up its MRFs.
+The company said the circuit ran well and this week will see the throughput gradually ramped up to design.
-Barangay Canduman—together with Pagsabungan and Bakilid—have benefitted from MRFs and other solid waste management projects of the Mandaue City Government.
-Placer said Masbate wants to replicate the waste management program of Mandaue, which includes recycling and composting.
+The supplementary crusher consists of a jaw crusher combined with a secondary and tertiary cone crushers and has been installed to deliver 12 millimetre product to the grinding circuit.
-The Mandaue City Government closed its open dumpsite in Barangay Umapad in 2009 and required barangays to implement materials recovery, recycling and composting.
+Initially this will be ideal direct feed for the ball mills whilst the SAG mill is brought back on line and ultimately will be used to ensure 6.5mtpa throughputs are maintained.
+Once this is completed and the SAG mill brought back on line the project is forecast to produce at a rate of over 200,000 ounces per annum. In the year ended 30 June 2011 the mill produced 190,033 ounces.
+The Masbate Gold Project was successfully constructed with first gold poured mid 2009. The mining contract was awarded to Leighton Holdings (ASX: LEI), the largest mining contractor in the world.
+The project has a total indicated resource base of 4.55 million ounces of gold, total inferred resource base of 3.22 million ounces of gold and a probable reserve of 3.03 million ounces of gold.
+CGA delivered a bumper set of numbers in the company's annual report for financial year 2011.
+The stand out metric is a 307% increase in net profit to $65.1 million, which was generated from a 51% boost in gold and silver sales to $235.3 million. The gross profit jumped 70% to $80.4 million.
+CGA now has a war chest of $204.6 million in cash and liquid assets - almost double from a year before, and has an aggressive exploration strategy that is planning to undertake 172,000 metres of drilling at a cost of US$20 million over the next twelve months.
+The company is also looking at acquiring new gold projects with a substantial initial resource with the capacity to grow materially.
 ==Photo Gallery of Masbate, Philippines==