OceanaGold Didipio Mine update
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MELBOURNE, Australia, Feb. 25, 2013 /CNW/ - OceanaGold Corporation (ASX: OGC, TSX: OGC, NZX: OGC) (the "Company") wishes to provide an update on its Didipio Mine located in Luzon, Philippines which is currently undergoing commissioning activities.
Ramp up of the process plant continues to track well. To date, approximately 2,500 tonnes of copper-gold concentrate has been delivered to port and in excess of an additional 2,500 tonnes has been produced and is awaiting transport from the minesite.
The Company wishes to advise that it is currently in discussions with various government departments over interpretations of tax exemptions pertaining to OceanaGold's Financial and Technical Assistance Agreement (FTAA). Didipio is the first project to be built and commence operations in the Philippines under the FTAA structure. Due to these clarifications on tax exemptions being sought, some of the trucks used for transporting concentrate are being held by local government agencies and thus transportation of copper-gold concentrate has been temporarily suspended. While these discussions take place, mining and processing operations continue.
OceanaGold Corporation is a significant Asia Pacific gold producer with projects 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. The Company's Didipio Mine in northern Luzon, Philippines is in commissioning and is expected to produce 100,000 ounces of gold and 14,000 tonnes of copper per year on average over an estimated 16 year mine life. OceanaGold expects to produce 285,000 to 325,000 ounces of gold in FY2013 from the New Zealand and Philippine operations combined.
OceanaGold is listed on the Toronto, Australian and New Zealand stock exchanges under the symbol OGC.
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 CorporationFor further information:
Investor Relations - Melbourne
Nova Young or Darren Klinck
Tel: +61(3) 9656 5300
Investor Relations - Toronto
Tel: +1 647 237 1910