Perth-based CGA Mining is the latest company to consider capital raising plans as commissioning begins on its Masbate gold project in the Philippines.
Perth-based CGA Mining is the latest company to consider capital raising plans as commissioning begins on its Masbate gold project in the Philippines.
The company this morning entered into a trading halt, with shares last trading at $1.44.
CGA announced today that commissioning of the plant is being carried out on a sectional basis as and when individual components of the processing and power plants are completed.
It added that several areas of the operation had already completed the commissioning phase, with the process and power plants currently on track for practical completion by the end of next month.
CGA said it anticipates first gold pour in March, in line with original expectations.
The commissioning phase of the project is being carried out by Leighton Contractor Asia Ltd.
CGA joins Apex Minerals and Ironbark Gold which are both in trading halts pending the release of capital raising details.
The announcement is below:
The Board of CGA Mining Limited (ASX Code: CGX, TSX Code: CGA) and Phil. Gold Processing and Refining Corp. are pleased to announce that the principal contractor, Leighton Contractors Asia Limited ("LCAL") has commenced commissioning significant components of the plant at the Masbate Gold Project.
The commissioning of the plant is being carried out on a sectional basis as and when individual components of the processing and power plants are completed to ensure that an integrated overall project (power, process plant and tailings ), completion date is achieved.
LCAL has wet commissioned, as required in the EPC contract a number of areas of the project including the crusher, raw water and process water supply system, the compressors, blowers and the agitators in the CIL circuit. Ore commissioning of the crushing circuit has also been completed. The development of the power station and fuel delivery facility is progressing according to plan. The construction of Phase 1 of the tailings dam will be completed by the first week of February.
The ore commissioning phase of the process plant is currently on track for practical completion by the end of February 2009 followed by the power station a week later. The first gold pour is anticipated in March 2009, in line with original expectations.
The mining fleet is now on site and preproduction mining is well underway. Construction of Phase 1 of the run of mine ("ROM") pad adjacent to the primary crusher station is completed and ore is being stockpiled ahead of ore commissioning.
CGA's operating team is largely in place in preparation for the ore commissioning phase and to take control of the operation post commissioning. All major consumables have been procured and are either on site or on route to site.
Mr. Christopher Waller has been appointed to oversee all of the commissioning teams i.e. process plant, power plant and ore delivery, during the ore commissioning. Mr. Waller carried out a similar function for Newmont at the 7.5Mtpa Ahafo Gold Project in Ghana.
