CGA Mining Limited - Announcement to the Australian Securities

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The Masbate Gold Project development in the Philippines continued to be the focus of attention during the period April to June. CGA Mining Limited ("CGA", "the Company") also continued with the necessary investigation and compilation of the Feasibility Study for the Mkushi Copper Project in Zambia. The Spectra drill rig enabled the Company to complete a significant amount of diamond drilling at the Segilola Gold Project in Nigeria with some expected high grade results. MASBATE PROJECT UPDATE ---------------------- Construction of the plant is continuing with Leighton Contractors (Philippine) Incorporated ("Leighton") who are operating under a fixed price lump sum contract ("EPC"). Expenditure under the EPC is US$55.7M which represented 63% completion as at 30 June 2008. Actual progress on site was also 63% complete and engineering design by Lycopodium Engineering Pty Ltd ("Lycopodium") is 69% complete. For images please see http://files.newswire.ca/621/CGA_PICTURES_TABLES.doc EPC Contract ------------ The following summarises the activities during the quarter.

As the Company is planning to adopt a bulk mining approach to the exploitation of these resources, following an initial period of high grading, a revised geotechnical algorithm was used as compared to the 2006 estimate. The result is therefore considered conservative in grade and it is expected that the grade will be elevated when the mineral reserve estimate is completed. Lower Quartile Solutions Pty Ltd ("LQS") has been commissioned to optimise the resource estimate by the application of updated economic parameters and to produce a revised mineable reserves statement including a final mine plan. The mine production schedule will be further optimised to mine only those resources that report grades above 0.7 g/t. Initial indications (prior to final starter pit design) show that the average run of mine grade for the first two years will exceed 2.0 g/t with a strip ratio of less than 1 to 2 (ore t: waste t). The mobile equipment fleet has been ordered and will be delivered in November so as to conform to the three (3) month pre production mining schedule. Exploration ----------- During the quarter the Company continued with its exploration program in areas of known mineralisation refer Figure 1 which is outside the recently compiled resources area (Panique). The more significant results included those in Table 1 below. Table 1 - Assay Results of the Month for the Masbate Project

CGA_PICTURES_TABLES.doc Safety ------ The Masbate Gold Project has now operated a total of 281 days from commencement of construction on September 24, 2007. As of June 30, the project has accumulated site wide, a total of 2,491,744 man hours worked. Safety statistics are compiled and benchmarked from September 24, 2007 which was the date of actual work commencing. As of June 30, the project has operated 37 days since the previous lost time incident. The previous best record was 244 days worked with no lost time incident. FRC continues to build the capability of its safety department and improve coordination with that of Leighton and other contractors operating on the site. FRC remained in compliance with all regulatory authorities. During the quarter, several safety training exercises were conducted in compliance with the safety training program of the Company. Environment ----------- The Masbate Gold Project remains in compliance with all environmental laws and regulations. During the quarter water, air and sound have all been monitored such to ensure these elements are within the allowable regulated limits. It has been identified that silt fences and settling ponds should be installed to further improve the quality of the water entering the Panique Creek. This is planned to be implemented early in July. The Company has adopted a Mining Forest, Green Philippines and Tree for Life Programs as prescribed by the Government. Security -------- The project continues to operate within a secure environment with no major security breaches to report. During the quarter the staffing resources of the security department have been increased in concert with the increased activity related to the development of the Panique Tailings Storage Facility. The focus during the quarter has been on the prioritization, development and implementation of required policies and procedures. Further development of the emergency response team through training has been planned for the coming months. Community Relations ------------------- Ongoing efforts by way of community projects, employment, training and information dissemination is further enhancing the community relationships. During the quarter FRC continued its thrust to provide more labor opportunities for the locals of Masbate in line with its efforts to bring the Masbate Gold Project closer to the community. The target of 70/30 (number of locals from Masbate to others) hiring ratio of people hired by FRC, Leighton, the Mining Department and Security is being exceeded. http://files.newswire.ca/621/CGA_PICTURES_TABLES.doc

The mineral resource estimate based on a cut-off grade of 0.3 % copper is 18.5 Mt at a grade of 0.83 % copper, at a copper price of US$3.00/lb. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The study work to date does not show any indication that the mineral resource would be materially affected by an known environmental, permitting, legal, title, taxation, socio-political, marketing. Mining licence applications are in order and the Environmental Impact Assessment has been completed and submitted. There are no indications from a pre review of any environmental issues. Relocation of some Zambian locals, who were given permission to reside within the farm lease, is covered within the environmental issues previously raised by the government department. Liaison with the local communities has been ongoing and the general response from the community is that they welcome this project into an area which has no large industry, only limited commercial farming and subsistence farming. Permission to draw water form the local river has been applied for and has been given the full support of the ministry and the Lunsemfwa Hydro Power Corporation Ltd who have water right boundaries covering the area in question. The site is easily accessed by the main northern highway (a sealed road) from Lusaka to Kapiri Mposhi, where the main sealed highway to the northeast and Tanzania is followed for 15 kilometers, at which point an existing gravel road (30 km) leads to the project site. The site is at an altitude of 1100 m ASL. Plentiful water and electrical power is available nearby. It is approximately 123 km SSE of Ndola, the Copperbelt provincial centre, and some 45 km SW from the town of Mkushi. (Refer to Figure 2).

CGA_PICTURES_TABLES.doc There are two forms of power supply easily accessible in the area: Zesco and the Lunsemfwa Hydro Power supply. The new taxation system announced earlier this year in Zambia has been reviewed and at this stage does not negate the potential viability of the project. This will however, be the subject of detail financial analysis later on. Research into the marketing of the copper concentrate has strongly indicated that off-take sales agreements would be negotiable within Zambia itself. This has been supported following direct discussions with off-take companies. Several significant assay results received since the current resource estimate was made in March 2008 and these were not included in the estimate. Some of these results relate to the close spaced vertical RC programme ("VRC") drilled on a 10m x 10m grid at G Zone. These, along with other significant recent diamond drill ("DD") and RC results can be seen in Table 3

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