Gold miner CGA Mining Limited (ASX:CGX) has agreed to buy 100 per cent of the Pajo MPSA property north of its Colorado pit in the Philippines.
While the terms for the transaction have not been disclosed CGA has advised that exploration at the highly prospective property has already started.
Pajo forms part of CGA’s Masbate Gold Project. The company plans to drill 172,000 meters on the Masbate tenements in the 2012 financial year.
CGA’s exploration program costs total $US20 million, including exploration costs for Pajo.
Last month CGA reported a 300 per cent increase in its 2011 net profit, coming in at $60.6 million.
