OceanaGold files NI43-101 Technical Report and JORC Table 1 for Haile Gold Mine

/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES./

MELBOURNE, Oct. 19, 2015 /CNW/ - Following the completion of the Romarco acquisition, OceanaGold Corporation (TSX/ASX/NZX: OGC) ("OceanaGold" or the "Company") has released the Haile Gold Mine National Instrument 43-101 Technical Report ("Technical Report") under OceanaGold ownership.  The Technical Report restates the resources and reserves of Haile as previously reported by Romarco Minerals in November 2014.

The Haile combined open pit and underground Measured and Indicated Resources (inclusive of reserves) as at 21 November 2014 were estimated as 71.2 Mt at 1.77 g/t Au, containing 4,039 koz of gold. Inferred Resources total 20.1 Mt at 1.24 g/t Au, containing 801 koz of gold.

The open pit Proved and Probable Reserves, as at 21 November 2014, were estimated as 30.5 Mt at 2.06 g/t Au containing 2,018 koz of gold.

Haile Combined Open Pit and Underground Mineral Resources





Category

Tonnes

(kt)

Grade g/t

Au

Contained Gold

(koz)

Measured

36,894

1.79

2,125

Indicated

34,277

1.74

1,914

Measured + Indicated

71,171

1.77

4,039

Inferred Resource

20,125

1.24

801

A gold price of $1,200 per troy ounce was applied

Mineral Resources are inclusive of Mineral Reserves

 

Haile Mineral Reserves as of 21 November 2014








Category

Cut-Off

Tonnes

(kt)

Grade g/t

Au

Contained Gold

(koz)

Recovered

Grade g/t Au

Recovered Gold

(koz)

Proven

0.48

19,592

2.19

1,382

1.85

1,166

Probable

0.48

10,917

1.81

636

1.47

515

Proven + Probable

0.48

30,509

2.06

2,018

1.71

1,682

Ore Reserve based on gold price of $950 per troy ounce

There are currently no underground reserves.

Note that the resources and reserves have been converted to metric tonnes and grades.

 

In line with ASX listing requirements, OceanaGold has provided the information required by JORC Code Table 1 for the Haile Project in its ASX announcement. JORC Code Table 1 is not required under National Instrument 43-101. Readers are referred to the ASX website at www.asx.com.au or the OceanaGold website at www.oceanagold.com to view JORC Code Table 1. The Technical Report has been filed with the stock exchanges and is also available on SEDAR and the Company's website www.oceanagold.com.

Mick Wilkes, Managing Director and CEO for OceanaGold stated, "Over the course of the next several months, OceanaGold will undertake a comprehensive exploration program that will feed into an optimisation study which will further demonstrate the robustness of the Haile asset." He added, " There are currently two drills operating on regional targets and we are now assembling an exploration plan and budget for the next 15 months for the Haile deposit particularly testing and infilling depth extensions in addition to other regional targets within the Carolina Slate belt."  

He went on to say, "Earthworks at Haile are advancing well and the team at site continues to ramp up activities. The Company expects to pour the concrete foundations for the Ball and SAG mills prior to the end of the year."  

Technical Disclosure

The estimates of Mineral Resources and Reserves were prepared in accordance with the standards set out in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' ("JORC Code") and in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects 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").

Information relating to Mineral Resources and Ore Reserves in this document is based on information compiled by or prepared under the supervision of John Marek, a Competent Person who is a Registered Member of the Society for Mining Metallurgy & Exploration. John Marek is an employee (and President) of Independent Mining Consultants, Inc. (IMC). John Marek and IMC are independent of OceanaGold Corporation, Romarco Minerals Inc. and/or the Haile Gold Mine Project. John Marek has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' ("JORC Code"). John Marek consents to the inclusion in the report of the matter based on his information in the form and context in which it is reported.

The Technical Report was also prepared under the supervision of Josh Snider, Erin L. Patterson, Lee "Pat" Gochnour, John Marek and Carl Burkhalter. Each is a Qualified Person for the purposes of the NI 43-101. Messrs Snider and Patterson are registered professional engineers and full time employees of M3 Engineering & Technology Corporation. Lee "Pat" Gochnour is a member of Mining and Metallurgical Society of America and a full time employee of Gochnour & Associates, Inc. Carl Burkhalter is a registered member of SME and a full time employee of NewFields Mining Design & Technical Services LLC.  Carl is also a Registered Professional Civil Engineer.

The Qualified Persons have reviewed the information contained in this press release and consent to the inclusion in the report of the matter based in the form and context in which they are reported.

About OceanaGold

OceanaGold Corporation is a significant multinational gold producer with assets located in New Zealand, the Philippines and the United States. The Company's assets encompass its flagship operation, the Didipio Gold-Copper Mine located on the island of Luzon in the Philippines. On the south island of New Zealand, the Company operates the largest gold mine in the country at the Macraes Goldfield which is made up of the Coronation open pit and the Frasers underground mine. On the west coast of the South Island, the Company operates the Reefton Gold Mine. On the north island of New Zealand, the Company acquired the Waihi Gold Mine; the transaction has now received regulatory approval and is expected to close on 30 October 2015. In South Carolina, United States, the Company acquired the Haile Gold Mine through its acquisition of Romarco Minerals Inc. in September 2015. The Haile Gold Mine is a top-tier asset currently in construction and is expected to operate commercially early in 2017. OceanaGold has a pipeline of organic growth and exploration opportunities in the Australasia and Americas regions.

OceanaGold has operated sustainably over the past 25 years with a proven track record for environmental management and community and social engagement. The Company has a strong social license to operate and works collaboratively with its valued stakeholders to identify and invest in social programs that are designed to build capacity and not dependency.

In 2015, the Company expects to produce and attribute 380,000 to 410,000 ounces of gold from the combined New Zealand and Didipio operations and produce 22,000 to 23,500 tonnes of copper from the Didipio operation.

Cautionary Statement for Public Release

Certain information contained in this public release may be deemed "forward-looking" within the meaning of applicable securities laws. Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of free cash flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold Corporation and its related subsidiaries. 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 are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements and information. 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 forward-looking statements and information. Such forward-looking statements and information 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.  Although the Company believes that any forward-looking statements and information contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws. The information contained in this release is not investment or financial product advice.

SOURCE OceanaGold Corporation

For further information: Investor Relations - Toronto: Sam Pazuki, Tel: +1 416 915 3123; Media Relations - Melbourne: Andrea Atell, Tel: +61 3 9656 5300, info@oceanagold.com | www.oceanagold.com | Twitter: @OceanaGold

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