/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR
DISTRIBUTION TO US NEWSWIRE SERVICES/
MELBOURNE, Australia, June 24 /CNW/ - OceanaGold today announced that the
Company has undertaken initiatives to control project expenditures until
supplemental financing is completed for the Didipio project in the
Philippines. A number of contracts will be delayed or temporarily suspended in
order to affect this strategy. As a result, the project completion date is
expected to extend beyond mid-year 2009.
OceanaGold continues to receive strong support from its partner, the
national government of the Philippines and the Company will continue to have
in excess of 200 employees dedicated to other project related activities,
community relations, health and safety, and environmental programs.
Statements in this release may be viewed as forward-looking statements.
Any statements regarding the impact of future exploration on reserve
estimates; expectations as to the timing and extent of production, estimates
as to the future costs relating to the development of Didipio; or 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 are subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those reflected in
the forward-looking statements. There are no assurances the Company can fulfil
such forward-looking statements and the Company undertakes no obligation to
update such statements. Such forward-looking statements are only predictions;
actual events or results may differ materially as a result of risks facing the
Company, some of which are beyond the Company's control.
OceanaGold currently operates in the South Island of New Zealand and in
the Philippines. The Company's assets encompass New Zealand's largest gold
mine at Macraes which includes the recently commissioned Frasers Underground
operation, Reefton Gold Mine also in New Zealand and the Didipio Gold-Copper
Project in northern Luzon, Philippines currently under construction.
OceanaGold is listed on the Toronto, Australian and New Zealand stock
exchanges under the symbol "OGC".
For further information:
For further information: Mr Darren Klinck, Vice President, Corporate &
Investor Relations, OceanaGold Corporation, Tel: 61 3 9656 5300