Net profit for CGA Mining, a company listed in Toronto and Australia, soared
307% to $66 million for financial year ending June 2011. This is the result from
increased production and higher prices. The company experienced a 51% jump in
gold and silver sales to $235.3 million. Though the production schedule is a
neat 37% increase in production output at 6.1 million tonnes, the company has a
"well-advanced" scoping study to ramp production up to 10 million tonnes.
CGA Mining owns the Masbate gold mine in the Philippines, which saw its first
gold in 2009, has an annual output of 150,000 ounces. It is on schedule to
produce 200,000 ounces of gold annually. The company has allocated US$20 million
exploration budget for 2012. It will also be undertaking an extensive 144,000
metres of reverse circulation drilling and 28,000 metres of diamond drilling, to
convert Inferred resources into Reserves. With exploration success, coupled with
current high levels of gold pricing, CGA Mining looks set for continued
profitability. Come connect with Mr Michael Carrick,
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