masbate gold project award of all key permits

17 SEPTEMBER 2007
FINAL AWARD OF ALL KEY PERMITS FOR THE DEVELOPMENT AND OPERATION
OF
THE MASBATE GOLD PROJECT
The Boards of CGA Mining Limited (“CGA”), Filminera Resources Corporation (“FRC”) and Phil.
Gold Processing & Refining Corp. (“PGPRC) are pleased to announce that all key permits required
for the development of the Masbate Gold Project in the Philippines have now been granted by the
various regulatory bodies in the Philippines. The Boards would like to thank the Philippine and
local Government bodies and the Department of Environment and Natural Resources (“DENR”)
and its various bureaus and offices for its support of the project and look forward to moving the
project into development and operation.
Key permits recently obtained include the approval of the Social Development and Management
Program (“SDMP”), Environmental Protection and Enhancement Program (“EPEP”) and Annual
Environmental Protection and Enhancement Program (“AEPEP”), Mineral Processing Permit
(“MPP”), Declaration of Mining Project Feasibility (“DMPF”) and two Mineral Production Sharing
Agreements (“MPSA”) as described below.
Filminera has previously obtained all other key agreements, permits, licenses and certificates
required for the mining operations. These include the MPSA 095-97-V, covering an area of 290
hectares and valid for 25 years from 20 November 1997 and renewable for another 25 years, and
the Environmental Compliance Certificate (“ECC”) 9804-003-120C. The ECC was issued by the
DENR after a rigorous process of environmental impact assessment and community
consultations. Under the approved ECC the company may develop and operate a gold and silver
operation employing Carbon In Leach technology processing up to 20,000 dry metric tonnes of ore
per day supported by an up to 50 MW power plant.
Mineral Processing Permit (MPP) #10-2007-V
Granted to PGPRC by the DENR 30 July 2007 and released 10 September 2007 by the Mines &
Geosciences Bureau (MGB5) Regional Office No. 5.
The MPP is issued for a standard period of five years renewable to a maximum of 25 years.
Declaration of Mining Project Feasibility (DMPF) of Filminera Resources Corporation under
the Mineral Production Sharing Agreement No. 095-97-V
Approved by the Director of Mines on August 24, 2007 and was ordered and released on 29
August 2007 at the Mines & Geosciences Bureau (“MGB”) Central Office.
The DMPF follows the MGB’s review of the Filminera Mining Project Feasibility Study for the
Masbate Gold Project. This approved and registered DMPF is an MGB mandatory requirement for
the issuance of Notice to Proceed (NTP) by the Mines & Geosciences Bureau (MGB5) Regional
Office No. 5 Daraga,, to start the construction and development of the project for subsequent
commercial production.
Mineral Production Sharing Agreement (MPSA)
Two MPSA’s were signed by the DENR Secretary on 30 July 2007 and are currently being
registered by the MGB Central Office. These MPSA’s were previously known as APSA-V-0031
and APSAV-0033 involving an area of 131 hectares and 126 hectares respectively. These are
contiguous with the existing MPSA 095-97-V, which was duly approved November 20, 1997 and
covers the reported reserves and resources of the Masbate Gold Project.
These two signed MPSAs will enhance Filminera’s ability to identify additional reserve and
resources ounces for the project.
Enquiries
Australian Contact US Contact
President & CEO – Michael Carrick Chairman – Mark Savage
Tel: +610 8 9263 4000 Tel: +1 505 344 2822
Fax: +61 8 9263 4020 Fax: + 1 505 344 2922
Email: [email protected] Email: [email protected]