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MELBOURNE, Australia, April 9, 2013 /CNW/ - OceanaGold Corporation (ASX: OGC, TSX: OGC, NZX: OGC) (the "Company") is pleased to announce the first shipment of the Didipio concentrate from the San Fernando port in the Philippines.
- First shipment of approximately 5,000 dry tonnes of copper-gold concentrate now en route to Hibi, Japan
- First cash receipt for Didipio concentrate due mid April
- 1,500 dry tonnes of copper-gold concentrate currently at port
- 8,800 dry tonnes of copper-gold concentrate currently at Didipio mine site
- Next 5,000 tonne shipment expected late April 2013
OceanaGold Managing Director and CEO, Mick Wilkes, said "Commissioning activities continue to progress well at the Didipio mine. To date, we have produced over 15,000 dry tonnes of copper-gold concentrate and the first shipment of the Didipio concentrate is another significant milestone for the operations team. The process plant continues to ramp up well and recoveries of copper are approaching steady-state expectations. Gold recoveries are also increasing and will be further boosted as the gold head grade increases. As we further optimise the transportation logistics combined with regular outbound shipments to smelters, we expect to be in a position to announce commercial operations during this quarter."
OceanaGold Corporation is a significant multinational 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 Corporation
For further information:
Investor Relations - Melbourne
Nova Young or Darren Klinck
Tel: +61(3) 9656 5300
Investor Relations - Toronto
Tel: +1 416 915 3123