/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, Australia,
July 30, 2020 /CNW/ - OceanaGold
Corporation (TSX: OGC) (ASX: OGC) (the "Company") reported its
financial and operational results for the quarter ended
June 30, 2020. Details of the
consolidated financial statements and the Management Discussion and
Analysis ("MD&A") are available on the Company's website at
www.oceanagold.com.
Highlights
- Total Recordable Injury Frequency Rate ("TRIFR") of 2.7 per
million hours worked compared to 3.0 per million hours worked at
the end of the first quarter of 2020.
- First half of 2020 consolidated production of 139,385 ounces of
gold at All-In Sustaining Costs ("AISC") of $1,237 per ounce on sales of 153,343 ounces of
gold.
- Consolidated second quarter gold production of 58,678 ounces at
AISC of $1,265 per ounce on sales of
61,955 ounces of gold.
- First half revenue of $234.0
million with Earnings before Interest, Depreciation and
Amortisation ("EBITDA") of $54.8
million.
- Second quarter revenue of $95.8
million with EBITDA of $12.4
million.
- Cash balance and total immediately available liquidity of
$147.7 million; net debt of
$169.6 million.
- Subsequent to quarter-end, the Company delivered the Waihi
District Study Preliminary Economic Assessment ("PEA") with
after-tax IRR of 51%, net present value ("NPV") of $665 million and 2.2 million gold ounces produced
over 16 years.1
- Advanced Martha Underground development with 1,342 metres
completed in the second quarter and 2,855 metres year-to-date
("YTD").
- Revised 2020 production guidance from 360,000 to 380,000 to
340,000 to 360,000 ounces. On a gold sold basis AISC is reduced
from $1,075 to $1,125 to $1,050 to
$1,100 per ounce sold.
- Guidance reduction due to lower Macraes production primarily
related to the impact of the 5-week New Zealand COVID-19
restrictions which were lifted on April
27.
_______________
|
1
|
The PEA is a
preliminary technical and economic study of the potential viability
for the Waihi District project. The production target and financial
forecast referred to in the PEA are comprised of 51% Indicated
Mineral Resources and 49% Inferred Mineral Resources. Inferred
Mineral Resources are considered too geologically speculative to
have economic considerations applied to them in order to be
categorized as Mineral Reserves. There is no certainty that further
drilling will convert Inferred Resources to Indicated Mineral
Resources or that the PEA will be realised. Further drilling,
evaluation and studies are required to provide any assurance of an
economic development case. Mineral resources that are not
mineral reserves do not have a demonstrated economic
viability.
|
Michael Holmes, President and CEO
of OceanaGold said, "We look forward to the second half where we
continue to expect a material increase in production at both Haile
and Macraes at lower AISC plus continued advancement of our key
organic growth projects including those recently outlined in the
Waihi District Study.
The second quarter was expected to be our weakest in terms of
production, but the results also demonstrate the impact the global
COVID-19 pandemic has had on our business. We have worked hard to
safeguard the health and safety of our employees through the
implementation of rigorous protocols including health screening,
physical distancing and disinfecting throughout our operations.
These protocols include the mandatory self-isolation of those
exhibiting COVID-like symptoms, plus anyone with exposure to those
exhibiting symptoms. This resulted in approximately 170 workers at
Haile having to self-isolate at some point since the beginning of
March. Despite this, Haile continues to increase mining rates at
reduced unit costs."
"In New Zealand, the Government
mandated lock-down extended to five weeks during which time
operations at Macraes included only limited processing with all
mining suspended. This resulted in weaker than expected production
for the quarter. Although the operation has recovered well,
delivering near record mining rates in the month of May, the
resulting shortfall in mining progress will impact the planned
access to higher grades later in the year. As a result of this
timing change, combined with the impact of the second quarter
restrictions, the full-year guidance for the operation will be
impacted and we are now expecting Macraes to produce between
140,000 and 150,000 ounces of gold at correspondingly higher cash
cost and AISC."
"Progressing our organic growth projects is a key deliverable
this year. We completed 2,855 metres of development at Martha
Underground in the first half, and first gold production remains
on-track for the second quarter of 2021. We were pleased to release
the strong results from the Preliminary Economic Assessment[i] of
the Waihi District subsequent to quarter end. The study highlighted
the district's potential, including production of 2.2 million gold
ounces over 16 years of additional mine life at sub-$650 AISC per ounce sold. At Macraes, we expect
to release results of the Golden Point Underground in the second
half of the year."
"Given the year-to-date impact at Macraes we are revising our
consolidated full year 2020 production guidance to 340,000 and
360,000 ounces of gold (excluding Didipio). Lower operating costs
and sustaining capital are expected to offset the production
revision with consolidated AISC revised downward slightly
to $1,050 to $1,100 per ounce sold. Consolidated
cash costs remain unchanged at $675 to $725 per
ounce sold. Haile's gold production remains unchanged and we
continue to expect increased production at lower AISC in the
second half from both Haile and Macraes with the fourth quarter
expected to be the strongest quarter of the year."
Table 1 – Production and Cost Results Summary
Quarter ended 30 Jun
2020
|
Haile
|
Didipio
|
Waihi
|
Macraes
|
Consolidated
|
Q2 2020
|
Q1 2020
|
Gold
Produced
|
koz
|
30.7
|
-
|
-
|
27.9
|
58.7
|
80.7
|
Gold Sales
|
koz
|
31.7
|
-
|
-
|
30.2
|
61.9
|
91.4
|
Average Gold
Price
|
US$/oz
|
1,712
|
-
|
-
|
1,729
|
1,523 (1)
|
1,509(1)
|
Copper
Produced
|
kt
|
-
|
-
|
-
|
-
|
-
|
-
|
Copper
Sales
|
kt
|
-
|
-
|
-
|
-
|
-
|
-
|
Average Copper
Price
|
US$/lb
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Material
Mined
|
kt
|
10,155
|
-
|
3.8
|
10,495
|
20,654
|
21,185
|
Waste
Mined
|
Kt
|
9,416
|
-
|
0.7
|
9,218
|
18,635
|
18,839
|
Ore Mined
|
Kt
|
738
|
-
|
3.1
|
1,277
|
2,019
|
2,346
|
Mill Feed
|
Kt
|
934
|
-
|
-
|
1,247
|
2,181
|
2,264
|
Mill Feed
Grade
|
g/t
|
1.33
|
-
|
-
|
0.88
|
1.07
|
1.37
|
Gold
Recovery
|
%
|
77.1
|
-
|
-
|
79.2
|
78.3
|
80.9
|
|
|
|
|
|
|
|
|
Cash Costs
|
US$/oz
|
994
|
-
|
-
|
896
|
946
|
802
|
Site
AISC(2)
|
US$/oz
|
1,410
|
-
|
-
|
965
|
1,265
|
1,218
|
Year to date 30 Jun
2020
|
Haile
|
Didipio
|
Waihi
|
Macraes
|
Consolidated
|
YTD 2020
|
YTD 2019
|
Gold
Produced
|
koz
|
60.1
|
-
|
12.2
|
67.1
|
139.4
|
255.0
|
Gold Sales
|
koz
|
65.0
|
6.8
|
13.5
|
68.0
|
153.3
|
246.8
|
Average Gold
Price
|
US$/oz
|
1,645
|
1,652
|
1,572
|
1,654
|
1,515 (1)
|
1,320
|
Copper
Produced
|
kt
|
-
|
-
|
-
|
-
|
-
|
7.9
|
Copper
Sales
|
kt
|
-
|
-
|
-
|
-
|
-
|
6.9
|
Average Copper
Price
|
US$/lb
|
-
|
-
|
-
|
-
|
-
|
2.85
|
|
|
|
|
|
|
|
|
Material
Mined
|
kt
|
18,757
|
-
|
57
|
23,028
|
41,842
|
37,618
|
Waste
Mined
|
kt
|
17,357
|
-
|
1
|
20,117
|
37,475
|
31,701
|
Ore Mined
|
kt
|
1,399
|
-
|
56
|
2,911
|
4,366
|
5,917
|
Mill Feed
|
kt
|
1,803
|
-
|
57
|
2,585
|
4,446
|
6,738
|
Mill Feed
Grade
|
g/t
|
1.34
|
-
|
7.21
|
1.00
|
1.22
|
1.40
|
Gold
Recovery
|
%
|
77.2
|
-
|
87.9
|
80.4
|
79.2
|
83.6
|
|
|
|
|
|
|
|
|
Cash Costs
|
US$/oz
|
1,073
|
443
|
432
|
784
|
860
|
686
|
Site
AISC(2)
|
US$/oz
|
1,482
|
444
|
376
|
1,106
|
1,237
|
1,073
|
(1)
|
Realised gains and
losses on gold hedging are included in the consolidated average
gold price.
|
(2)
|
Site AISC are
exclusive of corporate general and administrative expenses and have
been restated in prior periods accordingly; Consolidated AISC is
inclusive of corporate general and administrative
expenses.
|
Table 2 – Financial Summary
Quarter ended 30 Jun
2020
(US$m)
|
Q2
30 Jun
2020
|
Q1
31 Mar
2020
|
Q2
30 Jun
2019
|
YTD
30 Jun
2020
|
YTD
30 Jun
2019
|
Revenue
|
95.8
|
138.2
|
186.0
|
234.0
|
365.5
|
Cost of sales,
excluding depreciation and amortization
|
(61.8)
|
(74.0)
|
(99.7)
|
(135.8)
|
(200.7)
|
General and
administration – other(1)
|
(20.6)
|
(19.4)
|
(11.9)
|
(40.0)
|
(23.5)
|
General and
administration – indirect
taxes (2)
|
(0.9)
|
(1.2)
|
(4.5)
|
(2.1)
|
(7.3)
|
Foreign currency
exchange gain/(loss)
|
(4.3)
|
(1.3)
|
0.2
|
(5.5)
|
0.0
|
Other
income/(expense)
|
4.1
|
0.1
|
0.6
|
4.2
|
1.1
|
EBITDA (excluding
gain/(loss) on undesignated hedges
and impairment charge)
|
12.4
|
42.4
|
70.7
|
54.8
|
135.1
|
Depreciation and
amortization
|
(39.4)
|
(50.1)
|
(41.7)
|
(89.5)
|
(82.1)
|
Net interest expense
and finance costs
|
(3.1)
|
(2.8)
|
(3.5)
|
(5.9)
|
(7.1)
|
Earnings/(loss)
before income tax (excluding gain/(loss)
on undesignated hedges and impairment charge)
|
(30.1)
|
(10.5)
|
25.5
|
(40.6)
|
45.9
|
Income tax (expense)/
benefit on earnings
|
(1.5)
|
(0.2)
|
(3.4)
|
(1.7)
|
(7.8)
|
Earnings/(loss)
after income tax and before gain/(loss) on
undesignated hedges and impairment charge
|
(31.5)
|
(10.7)
|
22.1
|
(42.3)
|
38.1
|
Write off
exploration/property expenditure / investment
(3)
|
(6.8)
|
-
|
-
|
(6.8)
|
(4.6)
|
Gain/(loss) on fair
value of undesignated hedges
|
9.6
|
(21.2)
|
(9.5)
|
(11.6)
|
(8.1)
|
Tax (expense) /
benefit on gain/loss on undesignated hedges
|
(2.7)
|
5.9
|
2.7
|
3.3
|
2.3
|
Net
Profit/(loss)
|
(31.4)
|
(26.0)
|
15.3
|
(57.4)
|
27.7
|
Basic earnings/(loss)
per share
|
$(0.05)
|
$(0.04)
|
$0.02
|
$(0.09)
|
$0.04
|
Diluted
earnings/(loss) per share
|
$(0.05)
|
$(0.04)
|
$0.02
|
$(0.09)
|
$0.04
|
(1)
|
The Company did not
record any revenue or cost of sales from the Didipio mine during
the second half of 2019. In addition, General and Administration -
other, includes non-production costs related to maintaining
Didipio's operational readiness of $7.9 million in the second
quarter of 2020 compared to $8.4 million in the first quarter of
2020.
|
(2)
|
Represents production
based taxes in the Philippines specifically excise tax, local
business and property taxes.
|
(3)
|
Impairment expense in
relation to land at Haile of $4.1 million and write-off of deferred
exploration related costs/investment in Locrian Resources
Inc.
|
Table 3 – Cash Flow Summary
Quarter ended 30 Jun
2020
(US$m)
|
Q2
30 Jun
2020
|
Q1
31 Mar
2020
|
Q2
30 Jun
2019
|
YTD
30 Jun
2020
|
YTD
30 Jun
2019
|
Cash flows from
Operating Activities
|
16.7
|
120.6
|
86.2
|
137.3
|
125.2
|
Cash flows used in
Investing Activities
|
(50.9)
|
(33.8)
|
(71.6)
|
(84.7)
|
(134.0)
|
Cash flows from /
(used) in Financing Activities
|
3.5
|
44.8
|
(10.1)
|
48.3
|
(12.7)
|
Operations
In the first half of the year, the Company produced 139,385
ounces of gold, including 58,678 ounces of gold in the second
quarter. Gold production in the first half of 2020 was 45% lower
than the same period in 2019 primarily due to the temporary
suspension of operations at Didipio. Quarter-on-quarter gold
production decreased 27% with the completion of mining at the
Correnso orebody at Waihi in the first quarter and lower than
planned production at Macraes due mainly to COVID-19 restrictions
in place during the second quarter.
Increasing consolidated AISC of $1,237 per ounce sold YTD and $1,265 per ounce sold in the second quarter
reflected the lower sales. Cash costs for the first half of the
year were $860 per ounce while second
quarter cash costs were $946 per
ounce, higher than the previous quarter and prior year due to mine
sequencing and corresponding lower grades, partially offset by
lower total operating costs.
During the second quarter, restrictions related to the COVID-19
pandemic impacted operations in New
Zealand and Haile. In New
Zealand, the government imposed a mandatory five-week
shutdown at the end of March that restricted non-essential business
operations, including gold mining. As a result, development of the
Martha Underground at Waihi was temporarily suspended then resumed
after lifting of the restrictions on April
27. 2,855 metres of underground development have been
completed year to date, including 1,342 metres in the second
quarter despite the development hiatus. Martha Underground remains
on-track for first production in the second quarter of 2021.
At Macraes, mining was suspended and processing was restricted
to remaining broken stocks and low-grade stockpiles during the five
week COVID-19 lockdown. This, combined with an inability to
effectively assay feed stocks during the suspension, resulted in
lower than expected recoveries and production in the second
quarter. Despite mining a record 5.2 million tonnes in May and 4.5
million tonnes in June, the five-week cessation in mining has
adversely impacted our full year outlook at Macraes by delaying
access to higher-grade ore from Coronation North in the fourth
quarter. This material is now expected to be mined in the first
half of 2021 and as a result some production will be deferred.
The full year production for Macraes is now expected to be 140,000
to 150,000 gold ounces at an AISC of $1,100 to $1,150
per ounce sold.
At Haile, additional health and safety protocols were put into
place, including health screenings for workers entering and exiting
site, staggered shifts, social distancing, and where applicable
mandatory self-isolation for members of the workforce. Though these
additional measures impacted mine productivity and equipment
utilisation rates, the Haile operation doubled mining movements and
increased mill feed year-over-year while decreasing unit costs.
Production from Haile increased slightly quarter-on-quarter,
benefitting from higher mill throughputs despite record average
monthly rainfall in May that, along with COVID-19 productivity
impacts, limited access to higher grade ore zones in the open pits.
The operation will deploy a further four Komatsu 730E haul trucks
in the third quarter. The Company continues to expect Haile
production of 180,000 to 190,000 gold ounces at lower site AISC of
$1,020 and $1,070 per ounce sold with cash costs
unchanged.
The Didipio mine remained suspended during the quarter due to
ongoing restraints placed on the operations by local government
units and anti-mining blockade of the access road. The Company has
maintained Didipio in a state of operational readiness
for rapid re-start on the expectation that a resumption of normal
operations could be achieved in 2020, either through
lifting of restrictions imposed on access, or completion of a
renewal of the Financial or Technical Assistance Agreement (FTAA).
In the second quarter, a working team created by the President
completed a review of the FTAA renewal which included engagement
with the Company before re-endorsing the renewal to the Office of
the President where it remains for a decision. The Company is
unable to provide timing on when a decision will be made, however
by mid-October the Company is required to decide on the on-going
status of the Didipio workforce as temporary lay-offs commenced in
mid-April.
Financial
In the first half of the year, the Company generated
$234.0 million in revenue, a decrease
from the prior year period mainly due to limited sales from Didipio
and reduced sales from Waihi. Quarter-on-quarter revenue decreased
31% with no sales recorded at Didipio, the completion of mining at
the Correnso orebody at Waihi, and lower sales from Macraes where
production was impacted by the New Zealand Government's COVID-19
lock-down.
First half EBITDA of $54.8 million
decreased 59% year on year, primarily reflecting limited sales from
Didipio and lower production from New
Zealand partly offset by steady production from Haile at
improved cash costs. The quarter-on-quarter decrease in EBITDA
reflects reduced revenue from lower sales in New Zealand.
Net loss before unrealised losses on undesignated hedges was
$31.5 million or $(0.05) per share on a fully diluted basis in the
second quarter and $42.3 million or
$(0.07) per share on a fully diluted
basis YTD. The quarter-on-quarter and year-over-year decrease was
mainly a function of the lower revenue from reduced sales volumes.
Total net loss was also impacted by an income tax expense of
$4.1 million compared to a tax
benefit of $5.7 million in the
previous quarter. The second quarter tax expense was higher despite
a larger overall net loss primarily due to the operational profits
in New Zealand and unrealised
foreign exchange gains on non-New
Zealand currency denominated loans. Additionally, there were
no potential tax benefits recognised associated with the costs
incurred to maintain Didipio in a state of operational
readiness.
Operating cash flows YTD were $137.3
million, an increase year-over-year, mainly attributable to
$78.5 million received from the gold
presale in the first quarter, partly offset by lower operating cash
flow from Waihi and Didipio. YTD fully diluted cash flow per share
before working capital was $0.09,
excluding the impact of the gold presales, and $0.02 for the second quarter.
First half investing cash flows of $84.7
million were 37% lower than the prior year period, primarily
due to lower capital expenditure at Didipio, reduced capitalised
pre-stripping activities at Haile and Macraes, lower exploration,
and proceeds from the sale of a non-core equity interest.
As at June 30, 2020, the Company's
cash balance stood at $147.7 million,
and net debt increased quarter-on-quarter to $169.6 million, reflecting the decrease in cash
and increase in equipment finance associated with the progressive
upgrade of the mining fleet at Haile and the refinance of recently
acquired mining equipment in New
Zealand. The Company has fully drawn down its $200.0 million revolving credit facility, which
currently matures on December 31,
2021.
Growth
The Company continues to advance its organic growth pipeline
including the Waihi District opportunities. On July 16, the Company announced the results of the
Waihi District Study Preliminary Economic Assessment which
demonstrated positive results with an after-tax IRR of 51% and NPV
of $665 million over a 16-year mine
life. Readers are cautioned that the PEA is preliminary in nature.
It includes Inferred Resources that are considered too geologically
speculative to have economic considerations applied to them in
order to be categorized as Mineral Reserves, and there's no
certainty that the PEA will be realised. Mineral resources
that are not mineral reserves do not have a demonstrated economic
viability.
The results were based on four distinct opportunities that
included the Martha Underground, WKP, Martha Open Pit and
Gladstone, each with different
points of entry, capital requirements, production levels, cost
structures and mine life.
The Martha Underground is fully permitted and in development
with first production expected in the second quarter of 2021. The
other opportunities are not permitted and will have permit
applications lodged in 2020. The Company continues to drill mainly
at Martha Underground and WKP with a focus on resource conversion
and expansion.
The Macraes Golden Point Underground study continues to advance
with expected completion in the second half of the year. While at
Haile, the Company is further optimising the Horseshoe Underground
mine sequence and expects to complete this work by the end of the
year.
Conference Call
The Company will host a conference call / webcast to discuss the
results at 7:30 am on Friday July 31,
2020 (Melbourne, Australian
Eastern Standard Time) / 5:30 pm on Thursday
July 30, 2020 (Toronto,
Eastern Daylight Time).
Webcast Participants
To register, please copy and paste the link below into your
browser:
https://produceredition.webcasts.com/starthere.jsp?ei=1341360&tp_key=2f24cc1848
Teleconference Participants (required for those
who wish to ask questions)
Local (toll free) dial in numbers are:
North America: 1 888 390
0546
Australia: 1 800 076 068
United Kingdom: 0 800 652
2435
Switzerland: 0 800 312 635
All other countries (toll): + 1 416 764 8688
Playback of Webcast
If you are unable to attend the call, a recording will be
available for viewing on the Company's website.
Authorised for release to market by OceanaGold Corporate Company
Secretary, Liang Tang.
www.oceanagold.com | Twitter: @OceanaGold
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 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, long-life, high-margin 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.
For 2020, and subject to the cautionary statement below, the
Company expects to produce between 340,000 and 360,000 ounces of
gold from Haile, Waihi and Macraes combined at a consolidated
All-In Sustaining Costs ranging from $1,050 to $1,100
per ounce sold.
Technical Disclosure
Mine Designs, schedules and economic analysis for Waihi District
Study have been verified and approved by, or are based upon
information prepared by or under the supervision of, T. Maton. T.
Maton is a Member and Chartered professional with the Australasian
Institute of Mining and Metallurgy. Mr Maton have sufficient
experience, which is relevant to the style of mineralisation and
type of deposits under consideration, and to the activities which
they are undertaking, to qualify as Competent Persons as defined in
the 2012 Edition of the "Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves" ("JORC
Code") and all are Qualified Persons for the purposes of the NI
43-101. Mr Maton is an employee of OceanaGold and they consent to
the inclusion in this release of the matters based on their
information in the form and context in which it appears. For
further scientific and technical information (including disclosure
regarding Mineral Resources and Mineral Reserves) relating to the
Waihi PEA and Operation, please refer to the PEA which will be
filed on SEDAR on or before 30 August
2020, and NI 43-101 compliant technical reports available at
sedar.com under the Company's name.
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, achievement of
guidance, 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
outbreak of an infectious disease, 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