PHILIPPINES RAISES $1 BILLION IN FIRST EVER PESO DENOMINATED GLOBAL BOND
ISSUE

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO US NEWS WIRE SERVICES/

ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE AND TORONTO STOCK EXCHANGE

PERTH, Western Australia, Sept. 13 /CNW/ - The Philippine government has raised $1 billion through the sale of its first ever peso-denominated global bond.

The sale is also the latest sign that the Philippines' new government is attracting more foreign investment. President Benigno "Noynoy" Aquino III, who took power two months ago with the largest margin of victory in two decades and an 85% approval rating, has made boosting investor confidence in the country a priority. The Philippine Stock Exchange Index also hit its highest level late last week since October 2007.

It was reported that the bond attracted nearly US$13.5 billion worth of orders, enabling the country to sell it with a 5% yield, the lower end of the marketing range.

Demand for the securities was spread geographically, with nearly 37% to Asia, 32% from U.S. investors and 31% coming from Europe.

It is expected that the maiden peso global bond will be included in J.P. Morgan's Government Bond Index-Emerging Markets, the benchmark measure for local-currency bonds of emerging markets.

The deal was managed by Citigroup, Deutsche Bank AG, Credit Suisse Group, Goldman Sachs Group Inc., HSBC Holdings PLC and J.P. Morgan Chase & Co.

Philippine sovereign bonds are rated Ba3 by Moody's Investors Service, BB- by Standard & Poor's, and BB by Fitch Ratings, all with a stable outlook.

    
    ABOUT CGA MINING LIMITED
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CGA is listed on both the Toronto Stock Exchange and the Australian Securities Exchange. The Masbate Gold Project is the largest gold project in the Philippines and was successfully developed with first gold poured on 12 May 2009. The project has a total indicated resource base of 4.55M ounces, total inferred resource base of 3.22M ounces and a probable reserve of 3.03M ounces of gold. At steady state operations the project is forecast to produce over 200,000 ounces per annum.

The 4Mtpa plant was constructed by Leighton Contractors Asia Limited ("Leighton") without one lost time injury. The mining contract for the Masbate Gold Project has been awarded to Leighton, the largest mining contractor in the world. CGA is completing a scoping study for the expansion of the plant throughput at Masbate.

CGA has a disciplined acquisition program focused on acquiring new gold projects with a substantial initial resource with the capacity to grow materially and where the development and operational experience of CGA can be applied to enhance shareholder value.

    
    NATIONAL INSTRUMENT 43-101 AND JORC COMPLIANCE
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Mr Geoff.G.Jones, F.Aus.I.M.M.CP Mng, CGA's Consulting Engineer, is acting as the Qualified Person in compliance with NI 43-101 and JORC reporting requirements with respect to this announcement. He has prepared and or supervised the preparation of the scientific or technical information in this announcement and confirms compliance with NI43-101 and JORC requirements.

Further information relating to the Masbate Project is included in the technical report entitled Technical Report on the Mineral Resources of the Masbate Deposit, Masbate Province, Republic of the Philippines for CGA Mining Limited prepared by Mining Associates Pty Ltd and available on SEDAR at sedar.com, lodged 8 July 2008.

Andrew James Vigar of Mining Associates Pty Ltd, a qualified person, has verified the resource statement for the Masbate Project as disclosed in this announcement, including sampling, analytical and test data underlying the estimate. Verification of the data included numerous site visits, database validation of historical drill results and review of sampling and assaying protocols. The qualified person was satisfied with the verification process.

A NI 43-101 compliant report has been lodged on www.sedar.com verifying and supporting the new reserve statement made for the Masbate Project. Mr Daniel Tuffin, previously of Lower Quartile Solution Pty Ltd, a qualified person, has verified the reserve statement for the Masbate Project as disclosed in this announcement, including sampling, analytical and test data underlying the estimate. Verification of the data included database validation of historical drill results and review of sampling and assaying protocols. The qualified person was satisfied with the verification process.

    
    CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
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This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, milestones related to the Masbate Gold Project, production estimates and CGA's future operating or financial performance, are forward-looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from CGA's expectations include uncertainties related to fluctuations in gold and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the development of CGA's mineral projects; the need to obtain additional financing to develop CGA's mineral projects; the possibility of delay in development programs or in construction projects and uncertainty of meeting anticipated program milestones for CGA's mineral projects; and other risks and uncertainties disclosed under the heading "Risk Factors" in CGA's Annual Information Form for the year ended 30 June 2009 filed with the Canadian securities regulatory authorities on the SEDAR website at sedar.com

For further information: ENQUIRIES: Australian Contact: President & CEO - Michael Carrick, Tel: [phone], Fax: [phone], Email: [email protected]; US Contact: Independent Chairman - Mark Savage, Tel: [phone], Fax: [phone], Email: [email protected]