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MELBOURNE, Feb. 21, 2019
/CNW/ - OceanaGold Corporation (TSX: OGC / ASX: OGC) (the
"Company") announces changes to the Board of Directors (the
"Board") including the succession of the Chairman role and
appointment of a new Non-Executive Director.
After nearly twelve years, Non-Executive Chairman, Mr.
Jim Askew, will retire at the
June 2019 Annual General Meeting.
With Mr. Askew's planned retirement, the Company has appointed
Ian Reid as the new Non-Executive
Chairman of OceanaGold, effective June
2019, and Mr. Craig Nelsen as
a new Non-Executive Director.
Mr. Askew said, "This Board renewal strategy has been carefully
planned to ensure the smooth transition to a new Chairman. Ian has
been a valued member of the Board since his appointment last year
and the current Board fully endorses his promotion to Chairman.
"We are also pleased to welcome Craig, who brings extensive
exploration, management and capital markets experience. Craig will
be invaluable in championing our meaningful commitment to organic
growth and exploration.
"I am enormously proud to have been associated with OceanaGold
from my entry in 2007. From a Company with only the Macraes mine in
operation, to today where we have four high quality operations. The
Company has established a strong record of environmental
stewardship and community engagement and has delivered solid
shareholder returns along the way. I've no doubt the culture our
CEO Mick Wilkes and his team have
established will continue to deliver growth and success."
Mick Wilkes, President & CEO
said, "Jim Askew is a leader in the
mining industry having achieved a tremendous amount of success for
several mining Companies, creating a significant amount of wealth
for investors and delivering life-changing, socio-economic benefits
for dozens of communities in which he has established a mining
footprint in, including New
Zealand, the Philippines
and the United States. Jim has
been a mentor and friend and I will miss his leadership, friendship
and guidance."
"We move forward under Ian's valued leadership and direction
with optimism and the solid foundation that Jim has established. We
also welcome Craig who we believe will be an important member of
the Board particularly as we advance our organic growth
opportunities and further expand our exploration footprint
globally."
About Mr. Askew's tenure as Chairman, Mr. Reid and Mr.
Nelsen
Mr. Askew has held the role of Chairman since 2007 following the
merger between OceanaGold and Climax Mining, which brought the
Didipio Project into the OceanaGold asset portfolio. During his
tenure on the Board, Mr. Askew has seen the growth of OceanaGold
into a multinational gold producer that has generated consistent
profits and returns and created significant value for shareholders
both organically and through acquisition.
Under Mr. Askew's tenure as Chairman, the Company developed the
Reefton Gold Mine and Frasers Underground operations in
New Zealand, the Didipio
Gold-Copper Mine in the
Philippines and the Haile Gold Mine in the United States, which came into the
OceanaGold portfolio through the acquisition of Romarco Minerals in
2015. Additionally, the Company acquired the Waihi Gold Mine
located in New Zealand in 2015
through an acquisition with Newmont.
Mr. Reid, joined the OceanaGold Board as a Non-Executive
Director in 2018. He is a professional company director with a deep
background in mining services, executive management of global
companies and performance improvement. In 2008, following a highly
successful 30-year career, Mr. Reid retired from Finning
International, Caterpillar's largest dealership serving markets in
Canada, South America and the United Kingdom. Since his retirement, Mr. Reid
has served or is currently serving as a Non-Executive Director for
companies in mining, construction, tire services, engineering
consulting, financial services and energy service industries.
Mr. Nelsen has over 40 years in exploration, resource
development and mine development experience. He was Vice President
of Exploration for Lac Minerals Ltd., the founding CEO and Chairman
of Metallica Resources until its merger into New Gold where he
served as Chairman and Director. He also served as Executive Vice
President of Gold Fields Ltd and is currently a Non-Executive
Director with Golden Star Resources.
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.
In 2018, the Company produced 533,286 ounces of gold and 14,999
tonnes of copper with All-In Sustaining Costs of $767 per ounce on gold sales of 532,716 ounces
and copper sales of 14,527 tonnes. In 2019, the Company expects to
produce between 500,000 to 550,000 ounces of gold and 14,000 to
15,000 tonnes of copper at All-In Sustaining Costs ranging between
$850 and $900 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 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.
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SOURCE OceanaGold Corporation