/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR
DISTRIBUTION TO US NEWSWIRE SERVICES/
MELBOURNE, March 26, 2014 /CNW/ - OceanaGold Corporation (ASX: OGC)(TSX: OGC) (NZX: OGC) (the "Company") is pleased to announce the updated Resource & Reserve
statement as at 31 December 2013.
Highlights
-
Total Proven and Probable gold reserves for the company stand at 3.14
Moz of gold and 0.21 Mt of copper.
-
Total Measured and Indicated resources for the Company stand at 202.1 Mt
@ 1.28 g/t Au for 8.34 Moz of gold. The Measured and Indicated
resources include 9.48 Moz of silver and 0.26 Mt of copper.
-
Didipio Measured and Indicated resources stand at 2.06 Moz of gold and
0.26 Mt of copper (61.0 Mt @ 1.05 g/t Au and 0.42% Cu).
-
Macraes Goldfield Measured and Indicated resources are stable at 4.01
Moz of gold (117.3 Mt @ 1.06 g/t Au, net of mine depletion) for the
fourth consecutive year.
-
Reefton Goldfield Measured and Indicated resources are stable at 0.74
Moz of gold (15.5 Mt @ 1.50 g/t Au, net of mine depletion).
In the Philippines, the Didipio Proven and Probable reserves have
decreased slightly since last year and stand at 45.6 Mt @ 1.09 g/t Au
and 0.46% Cu for 1.59 Moz of gold and 0.21 Mt of copper. The decrease
is mainly due to the depletion from open pit mining as a result of
commencement of commercial production during 2013 and the lifting of
the open pit cut-off grade from 0.50 g/t AuEq to 0.55g/t AuEq (where
AuEq is gold equivalence of gold and copper).
Proven and Probable reserves in New Zealand have decreased since last
year and stand at 46.2 Mt @ 1.04 g/t Au for 1.54 Moz of gold. The
decrease in reserves is due to mining depletion and a lower assumed New
Zealand Dollar gold price compared to 2012. An increase in gold
resources as a result of resource drilling success at Coronation Pit
and Frasers Underground, as well as lowered cut-offs for Macraes Open
Pit has partly offset the effect of mining depletion on reserves in New
Zealand.
Using US$1,250/oz Au and US$3.25/lb Cu, total Company Proven and
Probable reserves are 3.14 Moz of gold and 0.21 Mt of copper.
Measured and Indicated resources (inclusive of reserves) for the Company
now total 202.1 Mt @ 1.28 g/t Au for 8.34 Moz of gold, 9.48 Moz of
silver and 0.26 Mt of copper. This represents a 1.61 Moz increase in
the Measured and Indicated gold resources and 9.48 Moz increase in the
silver resource compared to the prior year which is largely due to:
-
Lower reporting cut-offs (from 0.5 g/t Au in 2012 to 0.4 g/t Au in 2013
due to the lower cost structure) and resource estimate updates at
Macraes have added 0.11 Moz of gold net of mining depletion.
-
Drilling and resource estimate updates at Reefton have added 0.04 Moz
gold net of mining depletion.
-
Open pit mining depletion at Didipio has reduced Measured and Indicated
resources (including stockpiles) by 0.08 Moz gold and 27 kt copper
respectively. Deep drilling during 2013 however, has increased the
underground Measured and Indicated resources by 0.03 Moz of gold.
-
Drilling success at the Sams Creek Project added 0.23 Moz of gold to the
Measured and Indicated resource, representing OceanaGold's share. Sam's
Creek is a joint venture which is now 60% owned by MOD Resources Ltd1.
-
The acquisition of the El Dorado Project in November 2013 has added 1.30
Moz of gold and 9.48 Moz of silver to the Measured and Indicated
resource inventory2.
Total Company Inferred resources stand at 92.4 Mt @ 1.3 g/t Au for 3.7
Moz of gold, 1.9 Moz of silver and 0.03 Mt of copper.
OceanaGold Managing Director and CEO, Mick Wilkes, said "OceanaGold has
transformed itself into a multinational gold producer with a solid
mineral endowment. We will continue to develop new reserves and
resources at our existing mines from in-pit and near mine exploration.
We will focus on satellite projects located within the current
tenements and pursue selective resource development opportunities that
are complementary and add low cost gold reserves to the business."
Table A: OceanaGold Reserve statement as at December 31, 2013
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RESERVE
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PROVEN
|
PROBABLE
|
TOTAL RESERVE
|
AREA
|
Mt
|
Au g/t
|
Au Moz
|
Cu %
|
Cu Mt
|
Mt
|
Au g/t
|
Au Moz
|
Cu %
|
Cu Mt
|
Mt
|
Au g/t
|
Au Moz
|
Cu %
|
Cu Mt
|
MACRAES
|
21.2
|
1.00
|
0.68
|
|
|
20.8
|
1.01
|
0.68
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|
|
42.0
|
1.00
|
1.35
|
|
|
REEFTON
|
0.9
|
1.53
|
0.04
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|
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3.3
|
1.40
|
0.15
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4.2
|
1.43
|
0.19
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|
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DIDIPIO
|
16.7
|
1.23
|
0.66
|
0.52
|
0.09
|
29.0
|
1.00
|
0.93
|
0.42
|
0.12
|
45.6
|
1.09
|
1.59
|
0.46
|
0.21
|
TOTAL
|
38.8
|
1.11
|
1.38
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|
0.09
|
53.2
|
1.03
|
1.76
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0.12
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91.9
|
1.06
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3.14
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0.21
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Figures are in-situ delivered to ROM. Macraes and Reefton cut-offs are
based on US$1,250/oz gold (0.4 g/t Au for Macraes Open Pit, 0.5 g/t Au
for Reefton and 2.1 g/t Au cut-off for Frasers Underground). Didipio
cut-offs are Net Metal Value based, using US$1,250/oz gold and
US$3.25/lb copper (0.55 g/t AuEq for open pit and 1.9 g/t AuEq for
underground).
________________________
1 Given the Company's 40% ownership and the exploration stage of the
project, Sams Creek is not considered material to OceanaGold at this
time.
2 The reported resources are based on 2008 price assumptions (US$980/oz
gold and US$20/oz silver). The 2008 gold price is substantially lower
than OceanaGold's current assumed gold price (and so viewed as
conservative) and will be reviewed in 2014.
The project was previously owned by Pacific Rim Mining Corp. ("Pacific
Rim") and the resources were reported in accordance with National
Instrument 43-101 of the Canadian Securities Administrators ("NI
43-101"). Pacific Rim filed an arbitration claim against the Government
of El Salvador seeking monetary compensation following the Government's
passive refusal to issue a decision on permit applications. Given the
permitting situation and the carrying value of the asset, the project
is not considered material to OceanaGold at this time and has been
reported under JORC 2012 accordingly.
Table B: OceanaGold Resource statement as at December 31, 2013
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RESOURCE | RESOURCE | MEASURED | INDICATED | MEASURED & INDICATED | INFERRED RESOURCE |
CUT OFF GRADE | AREA | Mt | Au g/t | Au
Moz | Ag
g/t | Ag
Moz | Cu
% | Cu
Mt | Mt | Au
g/t | Au
Moz | Ag
g/t | Ag
Moz | Cu
% | Cu
Mt | Mt | Au
g/t | Au
Moz | Ag
g/t | Ag
Moz | Cu
% | Cu
Mt | Mt | Au
g/t | Au
Moz | Ag
g/t | Ag
Moz | Cu
% | Cu
Mt |
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0.4g/t
|
Coronation
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6.35
|
1.01
|
0.21
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6.35
|
1.01
|
0.21
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2.3
|
0.8
|
0.1
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0.4g/t
|
Deepdell
|
0.55
|
1.34
|
0.02
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|
|
0.02
|
1.05
|
0.00
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|
0.57
|
1.33
|
0.02
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0.6
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0.6
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0.0
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Geologically
Constrained
|
Golden Point
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1.5
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2.6
|
0.1
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0.4g/t
|
Round Hill /
Southern pit
|
3.97
|
1.45
|
0.19
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33.73
|
0.99
|
1.07
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37.70
|
1.04
|
1.26
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13.5
|
0.9
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0.4
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0.4g/t
|
Innes Mills
|
0.85
|
1.53
|
0.04
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16.94
|
0.89
|
0.48
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17.79
|
0.92
|
0.52
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11.3
|
0.6
|
0.2
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0.4g/t
|
Frasers Pit
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9.74
|
1.24
|
0.39
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20.53
|
0.71
|
0.47
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30.27
|
0.88
|
0.86
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10.9
|
0.6
|
0.2
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Geologically
Constrained
|
Frasers
Underground
|
5.56
|
2.28
|
0.41
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6.55
|
2.14
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0.45
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12.11
|
2.20
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0.86
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10.8
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1.7
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0.6
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0.4g/t
|
Ounce
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3.4
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0.8
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0.1
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0.4g/t
|
Golden Bar
|
0.09
|
1.54
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0.00
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1.24
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1.35
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0.05
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1.33
|
1.36
|
0.06
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3.3
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1.3
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0.1
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Geologically
Constrained
|
Stoneburn
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7.1
|
1.2
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0.3
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0.5g/t |
Taylors
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0.28
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1.50
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0.01
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0.28
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1.50
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0.01
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0.4
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1.1
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0.0
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0.4g/t
|
Stockpiles
|
10.90
|
0.60
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0.21
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10.90
|
0.60
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0.21
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| MACRAES TOTAL | 31.7 | 1.24 | 1.26 | | | | | 85.6 | 1.00 | 2.75 | | | |
| 117.3 | 1.06 | 4.01 | | |
|
| 65.0 | 1.0 | 2.1 | | |
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0.5g/t
|
Globe Progress
|
1.82
|
1.79
|
0.10
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12.62
|
1.45
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0.59
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14.44
|
1.50
|
0.69
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6.2
|
1.2
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0.2
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0.5g/t
|
Supreme
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0.85
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1.63
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0.04
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0.85
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1.63
|
0.04
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0.7
|
1.3
|
0.0
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Geologically
Constrained
|
Blackwater
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0.00
|
0.00
|
0.00
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0.9
|
23
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0.7
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0.5g/t
|
Stockpiles
|
0.19
|
0.90
|
0.01
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0.19
|
0.90
|
0.01
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| REEFTON TOTAL | 2.01 | 1.70 | 0.11 | | | | | 13.5 | 1.46 | 0.63 | | | | | 15.5 | 1.50 | 0.74 | | | | | 7.8 | 3.7 | 0.9 | | | | |
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*0.7 g/t Au
| SAMS CREEK1 | | | | | | | | 4.03 | 1.77 | 0.23 | | | | | 4.03 | 1.77 | 0.23 | | | | | 4.2 | 1.3 | 0.18 | | | | |
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**0.47 AuEq g/t
|
Didipio Open Pit
|
10.58
|
1.85
|
0.63
|
|
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0.55
|
0.06
|
35.36
|
0.66
|
0.75
|
|
|
0.36
|
0.13
|
45.94
|
0.93
|
1.38
|
|
|
0.41
|
0.19
|
12.9
|
0.4
|
0.2
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0.2
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0.03
|
1.5 AuEq g/t
|
Didipio Underground
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7.67
|
2.36
|
0.58
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0.51
|
0.04
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7.67
|
2.36
|
0.58
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0.51
|
0.04
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1.8
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1.6
|
0.1
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|
|
0.4
|
0.01
|
0.5 AuEq g/t
|
Didipio Stockpiles
|
7.42
|
0.43
|
0.10
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0.46
|
0.03
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7.42
|
0.43
|
0.10
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0.46
|
0.03
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| DIDIPIO TOTAL2 | 18.0 | 1.26 | 0.73 | | | 0.51 | 0.09 | 43.0 | 0.96 | 1.33 | | | 0.39 | 0.17 | 61.0 | 1.05 | 2.06 | | | 0.42 | 0.26 | 14.7 | 0.6 | 0.3 | | | 0.2 | 0.03 |
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***4 g/t AuEq
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Balsamo
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|
0.57
|
9.86
|
0.18
|
113.0
|
2.06
|
|
|
0.57
|
9.86
|
0.18
|
113.0
|
2.06
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|
0.28
|
7.7
|
0.1
|
76
|
0.7
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4 g/t AuEq
|
Minita
|
0.61
|
12.23
|
0.24
|
80.6
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1.59
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1.18
|
9.65
|
0.36
|
58.2
|
2.20
|
|
|
1.79
|
10.54
|
0.61
|
65.9
|
3.79
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|
0.08
|
10.4
|
0.0
|
67
|
0.2
|
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4 g/t AuEq
|
South Minita
|
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|
1.07
|
9.25
|
0.32
|
64.0
|
2.20
|
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|
1.07
|
9.25
|
0.32
|
64.0
|
2.20
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|
|
0.30
|
7.2
|
0.1
|
48
|
0.5
|
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4 g/t AuEq
|
Nance Dulce
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0.13
|
19.6
|
0.1
|
122
|
0.5
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4 g/t AuEq
|
Coyotera
|
0.17
|
7.86
|
0.04
|
57.8
|
0.31
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|
0.50
|
7.15
|
0.12
|
58.7
|
0.95
|
|
|
0.67
|
7.33
|
0.16
|
58.5
|
1.25
|
|
|
0.02
|
5.8
|
0.0
|
72
|
0.0
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4 g/t AuEq
|
Nueva
|
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|
0.18
|
5.77
|
0.03
|
30.5
|
0.18
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0.18
|
5.77
|
0.03
|
30.5
|
0.18
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0.03
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4.7
|
0.0
|
35
|
0.0
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| El DORADO TOTAL3 | 0.78 | 11.30 | 0.28 | 75.7 | 1.90 | | | 3.50 | 9.00 | 1.01 | 67.5 | 7.58 | | | 4.28 | 9.42 | 1.30 | 69.0 | 9.48 | | | 0.8 | 9.4 | 0.3 | 71 | 1.9 | | |
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| TOTAL RESOURCE | 52.4 | 1.41 | 2.38 | | 1.90 | | 0.09 | 149.7 | 1.24 | 5.96 | | 7.58 | | 0.17 | 202.1 | 1.28 | 8.34 | | 9.48 | | 0.26 | 92.4 | 1.3 | 3.7 | | 1.9 | | 0.03 |
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Note: all resources are inclusive of reserves.
1 OceanaGold retains a 40% interest in the Sams Creek project in the
South Island of New Zealand. The project contains a total of 10.1 Mt @
1.77 g/t Au for 575 koz Indicated resource, as well as 10 Mt @ 1.3 g/t
Au for 440 koz of Inferred resource. 40% of the total Sams Creek
inventory has been included in OceanaGold's resource table. The project
is not considered material to OceanaGold.
2 0.47 g/t EqAu cut-off above the 2,390mRL and 1.5 g/t cut-off below the
2,390mRL. No resource reported below 2,180mRL. EqAucut-off is gold
equivalent based on US$1,450/oz gold and US$3.0/lb copper
3 The El Dorado Project is not considered material. Please refer to www.oceanagold.com for the press release dated October 8, 2013 for more details on the
status of the permit applications and arbitration for the El Dorado
Project as at the end of 2013. El Dorado resource cut-offs are based on
gold 2008 assumptions of US$980/oz and US$20/oz silver.
For Macraes and Reefton (which have shorter projected mine lives than
Didipio) resource cut-offs are based on US$1,250/oz gold.
Technical Disclosure
The estimates of Mineral Resources and Reserves were prepared in
accordance with the standards set out in the Australasian Code for the
Reporting of Mineral Resources and Ore Reserves of December 2012 (the
"JORC Code") and in accordance with National Instrument 43-101 of the
Canadian Securities Administrators ("NI 43-101"). The JORC Code is the
accepted reporting standard for the Australian Stock Exchange Limited
("ASX") and the New Zealand Stock Exchange Limited ("NZX").
Unless stated otherwise, in respect of the mineral projects of the
Company referred to in this update, the scientific and technical
information (including disclosure regarding mineral resources and
mineral reserves) is based upon the following NI 43-101 compliant
technical reports (collectively, the "Technical Reports"):
(a) "Technical Report for the Macraes Project located in the Province of
Otago, New Zealand" dated February 12, 2010, prepared by R. Redden,
Development and Technical Services Manager, and J.G. Moore, Group Mine
Geology Manager, both of Oceana Gold (New Zealand) Limited (the
"Macraes Technical Report");
(b) "Technical Report for the Reefton Project located in the Province of
Westland, New Zealand" dated May 24, 2013, prepared by K. Madambi,
Technical Services Manager and J. Moore, Chief Geologist, both of
Oceana Gold (New Zealand) Limited (the "Reefton Technical Report"); and
(c) "Technical Report for the Didipio Project Located in Luzon,
Philippines" dated July 29, 2011, prepared by R. Redden, Development
and Technical Services Manager, and J.G. Moore, Group Mine Geology
Manager, both of Oceana Gold (New Zealand) Limited (the "Didipio
Technical Report").
R. Redden was a full-time employee of the Company's subsidiary, Oceana
Gold (New Zealand) Limited at the time of writing, and K. Madambi and
J. G. Moore were, and remain, full-time employees of Oceana Gold (New
Zealand) Limited. The Technical Reports have been filed with the
Canadian securities regulatory authorities and are available for review
at www.sedar.com under the Company's profile.
For further information regarding the El Dorado property, formerly owned
by Pacific Rim, reference should be made to the following NI 43-101
technical report which has been filed and is available at sedar.com
under Pacific Rim's name:
"Technical Report Update on the El Dorado Project Gold and Silver
Resources, Department of Cabanas, Republic of El Salvador" dated March
3, 2008, prepared by Steven Ristorcelli and Peter A. Ronning of Mine
Development Associates.
The El Dorado resource estimate referred to herein was prepared by Mr.
Steven Ristorcelli, C.P.G., of Mine Development Associates, Reno,
Nevada (who is an independent Qualified Person as defined in NI 43-101)
and conforms to current CIM Standards on Mineral Resources and
Reserves.
Where the mineral reserve and mineral resource estimates of the
Company's Reefton, Macraes and Didipio operations set out in this
update differ from those set out in the Technical Report for the
relevant property, such differences arise from updates to such mineral
reserve and mineral resource estimates as a result of depletion through
production, addition due to exploration activities or revised economic
assumptions. The latest updates of mineral reserves for each of the
Company's New Zealand projects were prepared by, or under the
supervision of, K. Madambi, while the mineral reserves for the Didipio
Project were prepared under the supervision of R. Corbett. The updates
of mineral resources for the Didipio Project were prepared by, or under
the supervision of, J. G. Moore, while the updates of mineral resources
for the Macraes and Reefton projects were updated by S. Doyle. K.
Madambi, J. G. Moore and S. Doyle are Members and Chartered
professionals with the Australasian Institute of Mining and Metallurgy
and each is a "qualified person" for the purposes of NI 43-101. S.
Doyle is also a member of the Australian Institute of Geoscientists. R.
Corbett is a registered Professional Engineer in the Province of
Ontario, Canada and is a "qualified person" for the purposes of NI
43-101.
All such persons are "qualified persons" for the purposes of NI 43-101
and have sufficient experience relevant to the style of mineralisation
and type of deposit under consideration and to the activity which they
are undertaking to qualify as a Competent Person as defined in the JORC
Code. Messrs Moore, Madambi, Doyle, Corbett and Ristorcelli consent to
this resource and reserve update based on their information in the form
and context in which it appears.
Cautionary Note Regarding Mineral Resources and Mineral Reserves
The Company's disclosure of Mineral Reserve and Mineral Resource
information is governed by NI 43-101 under the guidelines set out in
the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM")
Standards on Mineral Resources and Mineral Reserves, adopted by the CIM
Council, as may be amended from time to time by the CIM ("CIM
Standards"). The disclosure of Mineral Reserve and Mineral Resource
information for properties held by the Company is based on the
reporting requirements of the 2012 JORC Code. CIM definitions of the
terms "Mineral Reserve", "Proven Mineral Reserve", "Probable Mineral
Reserve", "Mineral Resource", "Measured Mineral Resource", "Indicated
Mineral Resource" and "Inferred Mineral Resource", are substantially
similar to the JORC Code corresponding definitions of the terms "ore
reserve", "proved ore reserve", "probable ore reserve", "Mineral
Resource", "Measured Mineral Resource", "Indicated Mineral Resource"
and "Inferred Mineral Resource", respectively. Estimates of Mineral
Resources and Mineral Reserves prepared in accordance with the 2012
JORC Code would not be materially different if prepared in accordance
with the CIM definitions applicable under NI 43-101.
There can be no assurance that those portions of such Mineral Resources
that are not Mineral Reserves will ultimately be converted into Mineral
Reserves. Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability. All Mineral Reserves are within the
Mineral Resource.
About OceanaGold
OceanaGold Corporation is a significant multinational gold producer with
mines located on the South Island of New Zealand and in the
Philippines. The Company's assets encompass New Zealand's largest gold
mining operation at the Macraes goldfield in Otago which is made up of
the Macraes Open Pit and the Frasers Underground mines. Additionally,
on the west coast of the South Island, the Company operates the Reefton
Open Pit mine. OceanaGold's Didipio Mine in northern Luzon, Philippines
commenced commercial production on 1 April 2013 and is expected to
produce 100,000 ounces of gold and 14,000 tonnes of copper per year on
average over the next 15 years. Late in 2013, the Company added the El
Dorado gold-silver Project in El Salvador to its portfolio of assets.
In 2014, the Company expects to produce 275,000 to 305,000 ounces of
gold from the combined New Zealand and Philippine operations and 21,000
to 24,000 tonnes of copper from the Philippine operations.
OceanaGold is listed on the Toronto, Australian and New Zealand stock
exchanges under the symbol OGC.
Cautionary Statement
Statements in this release may be forward-looking statements or
forward-looking information within the meaning of applicable securities
laws. Any statements that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always,
using words or phrases such as "expects" or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans", "estimates"
or "intends", or stating that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved) are
not statements of historical fact and may be forward-looking
statements. Forward-looking statements such as production forecasts are
subject to a variety of risks and uncertainties which could cause
actual events or results to differ materially from those reflected in
the forward-looking statements. They include, among others, the
accuracy of mineral reserve and resource estimates and related
assumptions, inherent operating risks and those risk factors identified
in the Company's most recent Annual Information Form prepared and filed
with securities regulators which is available on SEDAR at www.sedar.com under the Company's name. There are no assurances the Company can
fulfil such forward-looking statements and, subject to applicable
securities laws, the Company undertakes no obligation to update such
statements. Such forward-looking statements are only predictions based
on current information available to management as of the date that such
predictions are made; actual events or results may differ materially as
a result of risks facing the Company, some of which are beyond the
Company's control. Accordingly, readers should not place undue
reliance on forward-looking statements. The information contained in
this release is not investment or financial product advice.
SOURCE OceanaGold Corporation
<p> </p> <p> <b>OceanaGold Corporation</b> </p> <p> <u>Investor Relations - Melbourne</u> <br/> Nova Young<br/> Tel: +61(3) 9656 5300<br/> <br/> <u>Investor Relations - Toronto</u><br/> Sam Pazuki<br/> Tel: +1 416 915 3123 <br/> <br/> <a href="mailto:info@oceanagold.com">info@oceanagold.com</a><br/> <a href="http://www.oceanagold.com">www.oceanagold.com</a> </p>