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CGA Mining Limited - Announcement to the Australian Securities Exchange and Toronto Stock Exchange - SAG Mill arrives at site - Masbate Gold Project

Attention Business Editors:

CGA Mining Limited - Announcement to the Australian Securities Exchange and Toronto Stock Exchange - SAG Mill arrives at site - Masbate Gold Project

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

   PERTH, Western Australia, Aug. 18 /CNW/ - Further to our SAG Mill update
announcement dated 25 July 2008, the SAG Mill has now successfully arrived at
the Masbate project site. Following an extensive refurbishment program the SAG
Mill was transported overland from Weir's workshop in Edmonton, Canada to
Seattle, and from there by ocean going vessel to Manila, and finally to the
Masbate Project site by barge.
   The SAG Mill (32' diameter x 14' long with twin 4,000 HP drives) has now
been handed over to Leighton, and the assembly and installation of the SAG and
Ball Mills which also have been completely refurbished and arrived on site
during the last month, will commence this week. To view images from the
Masbate Gold Project please visit http://files.newswire.ca/578/CGAmill.doc.

   ABOUT CGA MINING LIMITED

   CGA is listed on the Toronto Stock Exchange and Australian Securities
Exchange. The Masbate Gold Project in the Philippines is currently under
construction. First gold is forecast to be produced in the first quarter of
2009. The project has a total indicated resource base of 4.55M ounces, total
inferred resource base of 3.22M ounces and is currently forecast to produce
over 200,000 ounces per annum. The 4Mt pa plant is under construction by
Leighton Contractors Asia Limited ("Leighton"). CGA is completing a scoping
study for the expansion of the plant throughput at Masbate. The mining
contract for the Masbate Gold Project has been awarded to Leighton, the
largest mining contractor in the world. A 30,000m drilling program (10,000m of
which has already been completed) is currently underway at Masbate. CGA is
completing a Feasibility Study into the Mkushi Copper Project in Zambia, which
is due for completion in December 2008. The Company is also currently
undertaking a 10,000m drilling program at Segilola, regarded as Nigeria's most
advanced gold property. 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

   Mr Geoff.G.Jones, F.Aus.I.M.M.CP Mng, CGA's general manager, technical,
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
www.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.

   CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

   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,
statements regarding anticipated dates for construction and production, and
other milestones related to the Masbate Gold Project and other projects;
estimates of capital and operating costs, recovery rates, production estimates
and estimated economic return; and CGA's future operating or financial
performance, are forward-looking statements. Information concerning mineral
reserve and resource estimates including statements regarding the conversion
of inferred resources to reserves also may be deemed to be forward-looking
statements in that it reflects a prediction of the mineralization that would
be encountered if a mineral deposit were developed and mined. 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 the Masbate Gold Project; the
need to obtain additional financing to develop the Masbate Gold Project; the
possibility of delay in development programs or in construction projects and
uncertainty of meeting anticipated program milestones for the Masbate Gold
Project; and other risks and uncertainties disclosed under the heading
"Caution Regarding Forward-Looking Statements" in CGA's Annual Information
Form for the year ended 30 June 2007 filed with the Canadian securities
regulatory authorities on the SEDAR website at www.sedar.com.

UPDATE 1-Fairborne Energy shares rise on Alberta gas find

Mon Aug 18, 2008 9:12pm BST

(Adds closing share price.)

CALGARY, Alberta, Aug 18 (Reuters) - Fairborne Energy Ltd (FEL.TO: Quote, Profile, Research) shares rose 14 percent on Monday after the company detailed a prolific natural gas discovery in Alberta.

Shares of the junior oil and gas producer climbed C$1.42 to C$11.61 on the Toronto Stock Exchange. Volume was 1.87 million shares, more almost four times the 90-day average.

The shares have risen 62 percent over the past 12 months, against an 11 percent gain for the exchange's main energy index for the same period.

Fairborne said a horizontal well drilled at its Harlech property in Alberta produced up to 13 million cubic feet of gas per day while being tested and would be tied into infrastructure by the end of September.

The company said the well's production rate was more than 10 times greater than the norm for vertical wells drilled into the same geological formation.

A horizontal well runs laterally through a formation, while a vertical well taps just one small area.

Fairborne produced 59.5 million cubic feet of gas a day during the second quarter, as well as 3,116 barrels of oil and natural gas liquids a day.

($1=$1.06 Canadian) (Reporting by Scott Haggett; editing by Rob Wilson)

Musharraf’s resignation celebrated by Karachi Stock Exchange - Value of Rupee up

2008-08-18 17:38:30 (GMT) (Caymanmama.com - Pakistan News News)

Karachi, Pakistan (CaymanMama.com) — The Karachi Stock Exchange reacted with a surge in trading activity upon the news of the resignation of President Pervaiz Musharraf which pushed the KSE-100 index to 10, 700 points registering a gain of 450 points. The rupee value also appreciated by Rs.1.40 against the US dollar.

Investors and member of the Karachi Stock Exchange welcomed the resignation by the President and said that Musharraf’s move will end the hostile political atmosphere bringing some stability to the business and political air of the country.

The members of the Karachi Stock Exchange expressed their views by saying that now the democratic institutions will get a chance to thrive and function properly.

The immediate response from the Karachi Stock Exchange and the business community is heartening, but it is yet to be seen what direction this political turmoil will take. The ruling coalition’s task now, after the President’s resignation will be to reinstate the judiciary, whether the co-chairman of the ruling Pakistan Peoples Party will stand by its commitment and reinstate the deposed judges or take a U turn as per the past precedents.

If the deposed judiciary is not reinstated within 3 days as per the last contract between the coalition partners, Pakistan will be set to face yet another political crises.

Musharraf’s resignation celebrated by Karachi Stock Exchange - Value of Rupee up

2008-08-18 17:38:30 (GMT) (Caymanmama.com - Pakistan News News)

Karachi, Pakistan (CaymanMama.com) — The Karachi Stock Exchange reacted with a surge in trading activity upon the news of the resignation of President Pervaiz Musharraf which pushed the KSE-100 index to 10, 700 points registering a gain of 450 points. The rupee value also appreciated by Rs.1.40 against the US dollar.

Investors and member of the Karachi Stock Exchange welcomed the resignation by the President and said that Musharraf’s move will end the hostile political atmosphere bringing some stability to the business and political air of the country.

The members of the Karachi Stock Exchange expressed their views by saying that now the democratic institutions will get a chance to thrive and function properly.

The immediate response from the Karachi Stock Exchange and the business community is heartening, but it is yet to be seen what direction this political turmoil will take. The ruling coalition’s task now, after the President’s resignation will be to reinstate the judiciary, whether the co-chairman of the ruling Pakistan Peoples Party will stand by its commitment and reinstate the deposed judges or take a U turn as per the past precedents.

If the deposed judiciary is not reinstated within 3 days as per the last contract between the coalition partners, Pakistan will be set to face yet another political crises.

BATS receives SEC exchange approval

BATS receives SEC exchange approval

By Anuj Gangahar in New York

Published: August 18 2008 19:33 | Last updated: August 18 2008 19:33

BATS Trading, the upstart Kansas-based equity trading platform, received approval from the US Securities and Exchange Commission on Monday to operate as a registered national securities exchange, adding to mounting competition in the stock exchange sector.

BATS has been taking market share from the New York Stock Exchange and Nasdaq Stock Market, the two largest US exchanges, since its inception two and a half years ago, although critics said this is because the prices it charges customers to trade on it are unsustainably low.

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The transition into an exchange, from the firm’s current status as an electronic communications network, is expected to take about 60 days. It filed for exchange status in November last year.

Joe Ratterman, chief executive of BATS, said: “As we have stressed repeatedly, our motivation to become an exchange has come from our desire to participate directly in the national market system and compete on a level playing field with our primary competitors, Nasdaq and the NYSE.”

“We realise there is a lot of hard work ahead of us as we take on added regulatory responsibility,” he said.

BATS averaged matched market share of 10.1 per cent of US equities per day in July.

Earlier this year, the trading network crossed the 1bn volume mark for one day of trading for the first time.

Last year, BATS unveiled a lower tariff for trading shares in which it, in effect, gave money to customers in exchange for their business. The move saw trading volumes more than double to over 200m shares a day.

BATS is backed by an ownership group including affiliates of Citigroup, Credit Suisse, Deutsche Bank, GETCO, JPMorgan, Lehman Brothers, Lime Brokerage, Morgan Stanley, Merrill Lynch, Tradebot, a software developer, and Wedbush, an investment bank.

BATS is preparing for the November launch of a European offering, which will compete head-on with the London Stock Exchange, initially trading in UK stocks, with continental European stocks coming later.

BATS’s European launch will come after the launch of two rival platforms - Turquoise and a “pan-European market” backed by Nasdaq OMX, the US exchange operator.

All three will provide added competition for incumbent exchanges in Europe, which have already seen the emergence of Chi-X, another investment bank-backed equities platform.

Tokyo stocks close 1% higher

Tokyo stocks close 1% higher

TOKYO, Aug. 18 (Xinhua) -- Tokyo stocks closed higher Monday. The 225-issue Nikkei Stock Average gained 146.04 points, or 1.12 percent, to 13,165.45 from Friday. The broader Topix index of all First Section issues on the Tokyo Stock Exchange expanded 16.44 points, or 1.32 percent, to 1,263.75. Value leader Mizuho Financial Group jumped 11,000 yen, or more than 2 percent, to 477,000 yen while volume leader Sumitomo Metal Industries went up 33 yen, or more than 7 percent, to 481 yen. On the First Section, advancing issues outnumbered declining ones 1,308 to 343, with 66 others remaining unchanged. Trading volume on the main section dropped to 1,687.36 million shares from 1,785.04 million Friday. The TSE's Second Section index rose 2.81 points, or 0.11 percent, to 2,594.90 on a volume of 28.65 million shares. On the Osaka Securities Exchange, the near-term September Nikkei 225 index futures contract increased 140 points to 13,170.

Nymex Investors Approve CME's $8.3 Billion Takeover (Update1)

Nymex Investors Approve CME's $8.3 Billion Takeover (Update1)

By Edgar Ortega and Elizabeth Hester

Aug. 18 (Bloomberg) -- Nymex Holdings Inc. shareholders voted to approve CME Group Inc.'s $8.3 billion takeover offer, completing a transaction that may stem CME Group's 51 percent slide on the New York Stock Exchange this year.

A majority of CME and Nymex investors voted for the deal today in New York and Chicago, the companies said in a news release. The transaction cements CME Group's status as the world's largest derivatives market. About 650 of 816 Nymex members voted to approve the deal, Nymex Chairman Richard Schaeffer said on a conference call.

CME Group Chief Executive Officer Craig Donohue and Chairman Terry Duffy met with shareholders in the past two weeks to shore up support after some Nymex members said they would reject the offer. Donohue, 42, sweetened the offer twice, and last week two chief opponents dropped their complaints.

``In the exchange landscape of the future, there will be three to four big companies, global with different types of products,'' said Michael Henry, senior executive in the capital markets group at consulting firm Accenture. ``CME wants to be one of those companies. It's defending it's home turf by acquiring U.S.-based derivatives exchanges, but it still needs to make that move and show that it can act globally.''

The deal is expected to close Aug. 22.

Largest Transaction

CME Group, which tops No. 2 Eurex AG among derivatives exchanges, trades everything from futures on corn and U.S. Treasury debt to benchmark contracts for oil and natural gas. The transaction is the largest this year among exchanges, which are racing to meet investor demand for lower-cost electronic trading. More than $62 billion in acquisitions have been announced or completed since the start of 2007, according to Bloomberg data.

Prospects for the deal improved Aug. 14, when two Nymex members, Robert Sahn and Gary Glass, reversed their opposition and urged members to vote in favor. They campaigned to negotiate better terms. A majority of shareholders and at least 75 percent of Nymex's 816 members needed to approve the deal. Nymex said about 80 percent of members voted in favor.

The slump in CME Group shares this year cut $3.35 billion from the acquisition value since it was announced Jan. 28. The stock dropped $21.03, or 5.9 percent, to $336.64 in composite trading in New York today. Nymex fell $2.16 to $79.95.

Under the proposal, CME offered $36 in cash and 0.1323 of its shares for each Nymex share. The Nymex members, who hold Class A shares and have the right to trade at the exchange, will also get $750,000 in cash. The original proposal offered $612,000. CME said the transaction is valued at $8.3 billion.

Special Dividend

Approval paves the way for CME Group to proceed with a special dividend of about $350 million and a plan to repurchase as much as $1.1 billion of its shares.

The deal may help boost shares of the combined company as executives wring out expenses and use their dominance of exchange-listed derivatives to enter new businesses. CME may be able to eliminate as much as $100 million in costs, instead of the company's forecast of $60 million, said Justin Lumiere, a merger arbitrage analyst at brokerage ICAP in New York.

CME also gets Nymex's business clearing over-the-counter futures in the energy market. Together the companies will guarantee about 98 percent of the exchange-listed futures that change hands in the U.S., and will seek to expand to other assets such as the credit-default swap market that now trade privately among banks.

``They're going to have the strongest clearinghouse in the world and that's going to help them penetrate the over-the- counter market,'' said Diego Perfumo, who follows exchanges at Equity Research Desk in Greenwich, Connecticut. ``If you're strong, you have better chances in entering the over-the-counter market, especially now with concerns around counterparty risk.''

BATS Exchange Gains SEC's Approval

Big Board, Nasdaq
Face Competition
From Upstart Firm

By SERENA NG and AARON LUCCHETTI
August 19, 2008

BATS Trading Inc. received approval from the Securities and Exchange Commission to operate a stock exchange that will compete more directly with NYSE Euronext's New York Stock Exchange and Nasdaq OMX Group Inc.'s Nasdaq Stock Market.

Closely held BATS, of Kansas City, Mo., says the BATS Exchange will open in about two months. The company already trades about 10% of the share activity on NYSE and Nasdaq-listed stocks, combined, illustrating the ability of upstart stock markets to take business away from established exchanges that have gone public and focused more on profits.

Launched in January 2006, BATS's electronic trading network has grown quickly by offering heavy discounts on trading fees and promises of faster execution of buy and sell orders. Its owners include affiliates of large banks and Wall Street brokers, including Citigroup Inc., Credit Suisse Group, Deutsche Bank AG, Lehman Brothers Holdings Inc. and Morgan Stanley. It also counts more than 340 firms as subscribers.

BATS, an acronym for Better Alternative Trading System, filed for exchange status in November 2007 after working on the application since early last year.

Operating as an exchange will enable BATS to send out price quotes more quickly and directly to customers. As an electronic communication network, or ECN, it currently disseminates quotes via the National Stock Exchange and the ISE Stock Exchange, a method that some say led to small delays.

"Our timeliness will improve dramatically" as an exchange, said Joe Ratterman, chief executive of BATS. "Our market share is starting to rival other exchanges, and it makes sense to be on the same playing field as our competitors." ECNs traditionally were "not mentioned in the same sentences as exchanges...we were like second-class citizens," Mr. Ratterman added.

BATS executives expect becoming an exchange will help the firm increase market share by three to five percentage points by the end of this year. Its longer-term goal is to reach 25% market share, making it much more of a threat to the established exchanges. In July, BATS traded an average of 969 million shares per day, which compares with the 2.9 billion U.S. shares that Nasdaq traded daily that month and 3.7 billion at the NYSE. Those figures don't count the significant portion of trading activity that brokers conduct off exchanges.

An NYSE spokesman said "we welcome the competition," while a Nasdaq spokeswoman declined to comment.

BATS was founded by David Cummings, a computer programmer who was successful at developing trading strategies. BATS first began trading Nasdaq-listed stocks and later expanded to NYSE stocks.

"Anyone who can come up with 10% market share in two years is obviously a threat" to the larger exchanges, notes Michael Henry, a senior executive in the capital-markets practice at Accenture, the consulting firm. He adds that smaller trading networks, many of which are backed by banks, are claiming to be more nimble than large players at seizing market opportunities.

When it becomes an exchange, BATS may endure more regulatory requirements that slow down certain projects, however. It is adding about a dozen employees to increase its regulatory presence in order to become an exchange.

UPDATE 4-Toronto stocks creep higher as resources get boost

Mon Aug 18, 2008 5:10pm EDT

(Adds details, quotes)

*TSX index ends choppy session little changed

*Financials dragged by worries of credit crunch fallout

*Gold producers rise with bullion price

By Leah Schnurr

TORONTO, Aug 18 (Reuters) - The Toronto Stock Exchange's main index finished slightly higher on Monday as a rise in resource shares offset nagging fears of more fallout from the credit crunch.

In choppy action, the materials sector was lifted 2 percent by gold producers, which rose along with bullion prices and helped to put a floor under the benchmark index.

Gold climbed to end just under $800 an ounce while the U.S. dollar weakened. Traders said Monday's action could be the beginning of a bounce back from recent declines for gold prices. Goldcorp (G.TO: Quote, Profile, Research, Stock Buzz) was up 3.8 percent at C$32.35, while Barrick Gold (ABX.TO: Quote, Profile, Research, Stock Buzz) added 3.3 percent to C$35.06.

The S&P/TSX composite index .GSPTSE closed up 22.67 points, or 0.17 percent, at 13,119.37 after climbing by more than 1 percent earlier in the day. Of its 10 main sectors, half were higher.

The financial-services sector fell 1 percent, tripped up by sliding bank shares in the United States amid anxiety over the possibility of more losses stemming from the U.S. mortgage crisis.

"I think the States is where the biggest problem does come from," said Adrian Mastracci, portfolio manager and president at KCM Wealth Management Inc, in Vancouver.

"There's still just a lot to go and investors don't know where turn or what theory to believe because we've had so much of it - it's like having an avalanche come at you."

Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research, Stock Buzz) slid 1.6 percent to C$60.25, and National Bank of Canada (NA.TO: Quote, Profile, Research, Stock Buzz) lost 2.2 percent to C$48.87.

Worries were stoked by a Barron's report that suggested the U.S. Treasury may recapitalize mortgage finance giants Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz). The Treasury Department said it had no plans to backstop either of the companies. For details, see: [nN18494933].

Shares of Corel Corp bounced higher after falling earlier in the day after the software developer said its majority shareholder had withdrawn its offer to buy out the rest of the company. Corel rose 4.5 percent to C$10.04. See: [ID:nN18443407].

The index has fallen 3.5 percent for August so far and is down more than 13 percent from the record high it reached in June, pushing it further into correction territory as the heavyweight resource sectors have eased.

Joe Ismail, technical analyst at Maison Placements Canada, said the market has become oversold, making a bounce-back likely in the short term.

Ismail added that investors are waiting for quarterly results from the big Canadian banks, which are due next week, to provide direction.

Market volume was 291 million shares worth C$4.8 billion. Decliners outpaced advancers 786 to 672. The blue chip S&P/TSX 60 index closed up 1.90 point, or 0.24 percent, at 782.90.

In New York, stocks were dragged lower by the banks with the Dow Jones industrial average .DJI down 180.51 points, or 1.55 percent, at 11,479.39, and the Nasdaq Composite Index .IXIC down 35.54 points, or 1.45 percent, 2,416.98. ($1=$1.06 Canadian) (Editing by Peter Galloway)