/NOT FOR DISSEMINATION OR DISTRIBUTION IN
THE UNITED STATES AND NOT FOR
DISTRIBUTION TO US NEWSWIRE SERVICES./
(All financial figures in US Dollars unless
otherwise stated)
MELBOURNE, Dec. 29, 2016 /CNW/ - OceanaGold Corporation
(TSX/ASX/NZX: OGC) (the "Company") is pleased to announce
the commencement of milling at the Haile Gold Mine. Mick Wilkes, President and CEO said, "We are
very pleased with the start of milling ore at Haile. This milestone
represents a special moment in the history of the Haile Gold Mine
as this historic goldfield is re-established with a world-class
modern mining operation in Lancaster
county, South Carolina.
From the start of the year, we established a firm timeline of key
milestones that we have achieved throughout the year, culminating
in the start of milling ore at year-end as planned." He went on to
say, "We have established a strong team in South Carolina that include technical experts
from across our business to carryout commissioning activities and
transition to operations. Achieving this important benchmark in
just 15 months since taking ownership of Haile is a true testament
to the leadership and dedication of our team."
In early October, the Company commenced dry commissioning by
focusing initially on the crushing circuit and emergency stockpile
system. Since then, the grinding, carbon-in-leach (CIL) and
tailings circuits have been commissioned to treat oxide and
transition ores. Construction of the flotation and fine grinding
circuits are now complete and commissioning of these circuits to
treat sulphide ore is planned to occur over the next couple of
weeks.
The Company currently has approximately 675,000 tonnes of ore
stockpiled on surface including 275,000 tonnes grading 2.3 g/t of
sulphide ore, 245,000 tonnes grading 0.6 g/t of oxide ore and
155,000 tonnes grading 1.1 g/t of transitional material.
As previously announced, the Company expects to produce 150,000
to 170,000 ounces of gold at Haile in 2017 at sector leading All-In
Sustaining Costs between $500 to $550
per ounce. The Company will continue to advance the Haile Expansion
study ("optimisation study") with results expected in the middle of
2017.
About OceanaGold
OceanaGold Corporation is a mid-tier, low-cost, multinational
gold producer with assets located in the
Philippines, New Zealand
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 North Island of
New Zealand, the Company operates
the high-grade Waihi Gold Mine while 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 a series of open pit mines and the Frasers
underground mine. In the United
States, the Company is currently constructing the Haile Gold
Mine, a top-tier asset located in South
Carolina along the Carolina Terrane. The Company expects the
Haile Gold Mine to commence commercial production in early 2017.
OceanaGold also has a significant pipeline of organic growth and
exploration opportunities in the Asia-Pacific and Americas regions.
OceanaGold has operated sustainably over the past 26 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 2016, the Company expects to produce 385,000 to 425,000
ounces of gold from the combined New
Zealand and Didipio operations and 19,000 to 21,000 tonnes
of copper from the Didipio operation at All-In Sustaining Costs of
US$700 to US$750 per ounce. In 2017,
the Company expects to produce 550,000 to 610,000 ounces of gold
and 15,000 to 17,000 tonnes of copper at All-In Sustaining Costs of
US$600 to US$650 per ounce.
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.
info@oceanagold.com | www.oceanagold.com | Twitter:
@OceanaGold
SOURCE OceanaGold Corporation