/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. 24, 2012 /CNW/ – CGA Mining Limited and
its subsidiaries (“CGA” or “the Company”) is pleased to announce that
in an interview by Bloomberg, the Philippine Government’s Director of
Mines and Geosciences Bureau, Director Leo Jasareno, said of the
proposed merger of B2Gold & CGA:

“It’s a vote of confidence in the Philippines.”

Director Leo Jasareno went on to also confirm the recent successful
renewal of the Mineral Processing Permit for a further 5 years (the
maximum period allowed under the relevant legislation) at the Masbate
Gold Project, a further confirmation of the support for the project
from the Philippine Government. The renewal was successfully approved
by the Secretary of the Department of Environment and Natural Resources
following the issuance of Executive Order 79, which details the
Administration of President Benigno S.C. Aquino III mining policy.

President Aquino is scheduled to visit Australia next month to promote
further investment in the Philippines mining sector.

ABOUT CGA MINING LIMITED

CGA is listed on the main board of the Toronto Stock Exchange and ASX.
The Masbate Gold Project in the Philippines was successfully
constructed with first gold poured mid-2009. The project has a total
measured and indicated resource base of 5.13M ounces of gold, total
inferred resource base of 2.83M ounces of gold and a proven and
probable reserve of 3.097M ounces of gold.

The 4Mtpa designed 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 has completed a US$12M investment
program designed to upsize throughput to 6.5Mtpa at Masbate. The
project is forecast to produce at a rate of over 200,000 ounces per
annum (Year ended 30 June 2011: 190,033 ounces).

CGA has an aggressive exploration strategy. It is planned to undertake
100,000m of drilling as part of US$20M expenditure over the next twelve
months.

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 Mark Turner, BE Min(Hons), M.Aus.I.M.M.CP Man, CGA’s Chief Operating
Officer, 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.

The information in this news release that relates to the 2011 mineral
resource estimate is based on information compiled by Mr. Andrew Vigar,
who is a Fellow of the Australasian Institute of Mining and
Metallurgy. Mr. Vigar is a full time employee of Mining Associates
Limited. Verification of the data included site visit, database
validation of historical drill results and review of sampling and
assaying protocols. Mr. Vigar has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration to qualify as a Competent Person as defined the 2004
Edition of the ‘Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’ (“JORC Code”) and as a Qualified
Person NI 43-101. Mr. Vigar consents to the inclusion in this report of
the matters based on his information in the form and context in which
it appears.

The information in this news release that relates to the 2011 mineral
reserve estimate is based on information compiled by Mr. Stephen Jones,
who is a Fellow of the Australasian Institute of Mining and
Metallurgy. Mr. Jones is an employee of Golder Associates Pty Ltd.
Verification of the data included site visit, validation of operating
procedures and equipment and the ability of the mine site to mine the
reserves. Mr. Jones has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration to
qualify as a Competent Person as defined by the JORC Code and as a
Qualified Person under NI 43-101. Mr. Jones consents to the inclusion
in this report of the matters based on his information in the form and
context in which it appears.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This announcement includes certain “forward-looking statements” within
the meaning of Canadian securities legislation. Accuracy of mineral
resource and mineral reserve estimates and related assumptions and
inherent operating risks, 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 2011 filed with the Canadian securities
regulatory authorities on the SEDAR website at sedar.com.

SOURCE CGA Mining Limited