PMEA Blog

ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE AND TORONTO STOCK EXCHANGE /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO US NEWS WIRE SERVICES/

PERTH, Western Australia, Aug. 30, 2011 /CNW/ - The Board of CGA Mining Limited (”CGA”, “the Company”) (TSX Code : CGA, ASX Code : CGX) is pleased to announce the preliminary final report for the year ended 30 June 2011. In its second year of operations the Company has seen a 51% increase in revenues from ordinary activities, a 70% increase in gross profit and a 307% increase in net profit after tax.

Highlights for the period include:

• 27% increase in production for the year ended 30 June 2011 of 190,033 ounces (2010:150,141 ounces) of gold.
• 70% increase in gross profit to $80.4M (2010:$47.4M).
• 307% increase in net profit after tax to $65.1M (2010: $16.0M)
• Revenues from gold and silver sales increased by 51% to $235.3M (2010: $155.6M).
• $204.6M in cash and liquid assets on hand at 30 June 2011, an increase of 87% from the prior year (2010: $109.2M).
• 37% increase in throughput with a total of 6,152,561 dry tonnes milled (2010: 4,148,408t).
• Work on the 6.5Mtpa plant upgrade is being finalized with commissioning of the supplementary crusher expected to occur within the next two weeks.
• Work on the comprehensive scoping study to lift production rates to +10Mtpa is well advanced and continues to track on schedule.

The detailed final year end operating and financial results will be included in the Annual Management Discussion and Analysis and Annual Financial Statements, which will be released at the end of September, following completion of the year end audit.

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