Friday, 5th October 2007 (1539 views)

An optimisation review of the Masbate gold project in the Philippines, released by CGA Mining, emphasised the "robust nature" of the project, according to Trading Markets.

Construction on the project is currently estimated to take 15 months, with the facility open for production in the first quarter of 2009.

The news source revealed that CGA Mining anticipates that the annual average production of gold at the project will be 206,000 ounces for the first eight years of the mine life.

CGA Mining acquired the Masbate project, located about 350 kilometres south of the state capital, Manila, in March 2007.

Access to the site is limited, with workers flying in on a daily commercial airbus service from Masbate City, driving in on a limited-access 70-kilometre stretch of road or travelling one hour by boat from Masbate City.

The project has a combined gold reserve of 5.071 million ounces, with a probable reserve of 1.98 million ounces of gold.

 

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