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CGA Mining in pre-open pending 'operational matter' announcement

CGA Mining (ASX: CGX, TSX: CGA) has been granted a trading halt by the ASX pending an 'operational matter' announcement, with the company's shares placed in pre-open.

CGA Mining did not elaborate where the operational matter in located, but recently has been  ramping up exploration at the Masbate Gold Project in the Philippines.

Supporting the increased exploration is a US$20 million budget for financial year 2012, almost triple last year’s spend.

CGA Mining has planned to undertake an extensive 144,000 metres of reverse circulation drilling, and 28,000 metres of diamond drilling, principally focused on converting Inferred resources to Reserves.

Masbate is the largest gold project in the Philippines and has a total Indicated Resource base of 4.55 million ounces, a total Inferred Resource base of 3.22 million ounces and a Probable Reserve of 3.03 million ounces.