/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)
BRISBANE, Australia,
Dec. 1, 2020 /CNW/ - OceanaGold
Corporation (TSX: OGC) (ASX: OGC) (the "Company") is
pleased to announce the receipt of permits (consents) for the
Golden Point Underground Mine ("GPUG"), Deepdell North Stage III
("Deepdell") open pit extension, and the Frasers West expansion.
These permits allow the Company to proceed with the development of
new and extended open pit and underground mining opportunities at
Macraes, including the new GPUG mine. These projects are expected
to extend the mine life of the Macraes operation to 2028.
Michael Holmes, President and CEO
of OceanaGold said, "We are pleased to announce that we have
consents in hand to develop three deposits that are critical
opportunities to achieve the mine life extensions at Macraes,
currently to 2028. The receipt of consents for the three projects
are a testament to our 30-year history of responsible mining and
outstanding environmental stewardship in one of the greenest
countries in the world. We continue to seek out additional
opportunities through organic growth and exploration in
New Zealand and work closely with
government officials and other stakeholders to contribute to the
national and local economy in a responsible manner."
"Collectively, these projects are forecasted to produce 1.1
million ounces of gold over an eight-year mine life. Open pit and
underground operations are expected to produce on average 150,000
to 170,000 ounces of gold per year at All-in Sustaining Costs of
around $1,000 per ounce as outlined
in the recent technical report. With no New Zealand dollar gold hedges in place beyond
2020, we expect the operation to generate significant free cash
flow in 2021 and beyond."
"Development of the Golden Point Underground and expansion of
the existing open pit at Macraes are among several organic growth
projects in OceanaGold's pipeline. We believe progressing our
organic growth is key to delivering shareholder value over the
long-term, and the receipt of consents at Macraes is another step
along a critical path to achieving this goal."
"The consents facilitate the development of Golden Point
Underground, Deepdell North Stage III, and the expansion of the
Frasers West pit beginning this quarter. Services and earthworks
around the GPUG portal are underway, and the first cut of the
portal is expected before year-end. The Company expects first
production from GPUG in the fourth quarter of next year, which will
supplement and eventually replace existing underground production
at Frasers when mining there is completed. Pre-stripping of the
Deepdell open pit and expansion of the Fraser open pit is also
underway."
Authorised for release to market by Acting OceanaGold Corporate
Company Secretary, Chris Hansen.
www.oceanagold.com | Twitter:
@OceanaGold
About OceanaGold
OceanaGold is a multinational gold
producer committed to the highest standards of technical,
environmental and social performance. For 30 years, we have
been contributing to excellence in our industry by delivering
sustainable environmental and social outcomes for our communities,
and strong returns for our shareholders. Our global exploration,
development, and operating experience has created an
industry-leading pipeline of organic growth opportunities and a
portfolio of established operating assets including Didipio Mine in
the Philippines; Macraes and Waihi
operations in New Zealand; and
Haile Gold Mine in the United States of America.
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.
This press release also contains references to estimates of
Mineral Resources and Mineral Reserves. The estimation of Mineral
Resources and Mineral Reserves is inherently uncertain and involves
subjective judgments about many relevant factors. Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability. The accuracy of any such estimates is a function of the
quantity and quality of available data, and of the assumptions made
and judgments used in engineering and geological interpretation
which may prove to be unreliable and depend, to a certain extent,
upon the analysis of drilling results and statistical inferences
that may ultimately prove to be inaccurate. Mineral Resource or
Mineral Reserve estimates may have to be re-estimated based on: (i)
fluctuations in gold price; (ii) results of drilling, (iii) the
results of metallurgical testing and other studies, including their
subsequent refinement and updating; (iv) proposed mining
operations, including dilution; (v) the evaluation of mine plans
subsequent to the date of any estimates; (vi) changes in mining or
other costs, and (vii) the possible failure to receive required
permits, approvals and licenses or changes to existing mining
licences.
As well, any economic results of studies included in this press
release constitute forward-looking information or statements,
including updated life of mine extensions to 2028 and AISC of
approximately $1,025 per ounce.
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