CGA Mining reports of increasing production in Philippine project
Junior mining firm CGA Mining Ltd (ASX: CGX) reported on Wednesday that its Masbate gold venture in central Philippines has been ramping up the project's throughput, chalking up consistent gains that surpassed so far earlier projections.
From its original throughput design of only 4.0 million tonnes per annum (MTPA), the company said that the Masbate project saw quarterly production jumps since June of last year, with its current operations now churning out yearly throughput reaching to a high of 6.0 MTPA.
CGA said that as of the first half of the current year, it was able to mill 4.5 MTPA of ore at an average grade of 1.26 grams per tonne of gold while the exploration site's output figures already reached 150,143 ounces with an average cost $US548 per ounce.
Used to be known as Central Asia Gold Ltd, the company said that it is currently conducting scoping studies at the project site in order to determine "future plant expansion designed to fully optimise the Masbate project."