/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, Oct. 4, 2017 /CNW/ - OceanaGold Corporation
(TSX/ASX: OGC) (the "Company") is pleased to announce that the
Haile Gold Mine ("Haile") commenced commercial production on
October 1, 2017.
Mick Wilkes, OceanaGold President
and CEO said, "The achievement of commercial production is a major
milestone for the Haile Gold Mine. It was through the hard work and
dedication of our workforce and unwavering support from our
shareholders, local stakeholders and partners that we are at this
pivotal point only less than two years after taking ownership of
this world-class asset located in South
Carolina, United States."
He went on to say, "The operation is back on track following the
disappointment of the second quarter. Process plant throughput has
improved and is close to design rates, while grade and recoveries
are in-line with our expectations. Over the course of the next
several months, we will continue to ramp-up operations and focus on
fine-tuning of the process plant for incremental improvements."
All aspects of the operation have been transitioned to the
operations team and the commissioning team has demobilised. Mining
operations continue to progress as planned with mining of sulphide
ore at both the Mill Zone and Snake pits while mine reconciliation
has been in-line with expectations. The Company's near-term focus
is to further improve mine productivity and operator training to
align with OceanaGold's global operations standards.
The Haile operation is cash flow positive and operating costs
have been generally in-line with expectations although mining unit
costs are slightly higher due to lower productivity during this
ramp up phase. The Company expects to disclose the final reconciled
revenue and costs associated with Haile's pre-commercial operating
period when it releases its third quarter 2017 financial and
operating results on Thursday October
26.
About OceanaGold
OceanaGold Corporation is a mid-tier, high-margin, 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 operates the Haile Gold Mine, a top-tier
asset located in South Carolina.
OceanaGold also has a significant pipeline of organic growth and
exploration opportunities in the Americas and Asia-Pacific regions.
OceanaGold has operated sustainably since 1990 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 2017, the Company expects to produce 550,000 to 600,000
ounces of gold and 18,000 to 19,000 tonnes of copper with sector
leading All-In Sustaining Costs that range from $600 to $650 per ounce sold.
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, sovereign risks,
risk of suspension 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