VANCOUVER, BC, March 28,
2024 /PRNewswire/ - OceanaGold Corporation (TSX: OGC)
(OTCQX: OCANF) ("OceanaGold" or the "Company") is pleased to
announce the filing of its Annual Information Form, along with
updated technical reports prepared in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
("NI 43-101") for both Haile and Macraes, each with an effective
date of December 31, 2023. The
documents are available under the Company's profile on SEDAR+ at
www.sedarplus.com and on our website at
www.oceanagold.com.
Gerard Bond, President and Chief
Executive Officer of OceanaGold, said "The updated Haile technical
report outlines the robust growth profile we see at Haile. Reserves
now include both the Horseshoe and Palomino underground mines
which, in conjunction with the expected grade profile from the open
pits, is projected to grow gold production in 2026 to 315koz at an
All in Sustaining Cost ("AISC") of approximately $1,000 per ounce. On a Mineral Reserve-only life
of mine basis, Haile is expected to produce 2.3 Moz of gold over a
12-year mine life at average gold production of 192 koz per year
with a life of mine average AISC of $1,200 per ounce.
We also see opportunities to further improve the economics of
Haile from that shown in the technical report, including the
potential to mine Ledbetter Phase 4 as an underground rather than
an open pit as currently contemplated. This, in addition to
exploration upside at Horseshoe, Horseshoe Extensions and
regionally, are focus areas for our technical work and drill
programs in 2024.
At Macraes, the updated technical report includes the removal of
Round Hill Open Pit from Mineral Reserves, primarily due to the
technical risks of open pit mining adjacent to an existing tailings
facility. The current Mineral Reserves, which are based on a
conservative $1,500/oz gold price
assumption, are expected to generate strong Free Cash Flow over the
next four years. With today's gold prices materially higher than
the reserve price assumption in the technical report, we see the
potential to extend Macraes' mine life beyond the Mineral Reserve
only case whilst still producing strong economic returns, and our
team is focused on defining this potential in 2024".
OceanaGold has filed the updated technical reports for Haile and
Macraes in accordance with NI 43-101. Such technical reports are
available under our profile on SEDAR+ at www.sedarplus.com and on
our website at www.oceanagold.com.
About OceanaGold
OceanaGold is a growing intermediate gold and copper producer
committed to safely and responsibly maximizing the generation of
Free Cash Flow from our operations and delivering strong returns
for our shareholders. We have a portfolio of four operating mines:
the Haile Gold Mine in the United States
of America; Didipio Mine in the
Philippines; and the Macraes and Waihi operations in
New Zealand.
Qualified Persons
Mr. David Londoño, Executive Vice President, Chief Operating
Officer Americas, a qualified person under NI 43-101, has reviewed
and approved the disclosure of all scientific and technical
information related to Haile contained in this news release. Mr.
Peter Sharpe, Executive Vice
President, Chief Operating Officer Asia-Pacific, a qualified person
under NI 43-101, has reviewed and approved the disclosure of all
scientific and technical information related to Macraes contained
in this news release.
Technical Reports
For further information, please refer to the following NI 43-101
technical reports available on the SEDAR+ website at
www.sedarplus.com under the Company's profile or on our website at
www.oceanagold.com.
- "NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina" dated
March 28, 2024 with an effective date
of December 31, 2023, prepared by D.
Carr, Group Manager, Metallurgy; D, Londoño, EVP, Chief
Operating Officer, Americas; J. Moore; Group Manager Resource Development;, B.
Drury, Underground Engineering Superintendent; L. Stanbridge (Call & Nicholas Principal
Engineer, Geotechnical) R. Cook (Call & Nicholas Principal
Engineer, Geological); J.N. Janney-Moore (NewFields Senior Project
Manager); W.L. Kingston (NewFields
Senior Hydrogeologist); M. Sullivan (SRK Principal Consultant,
Mineral Economics); B.M. Miller (SRK Principal Consultant,
Geology); J. Poeck (SRK Principal Consultant, Mining Engineer);
and
- "NI 43-101 Technical Report Macraes Gold Mine Otago,
New Zealand" dated March 28, 2024 with an effective date of
December 31, 2023, prepared by M.
Grant, Senior Geologist, Resource Development; J. Moore, Group Manager, Resource Development;
Knowell Madambi, Manager – Technical Services and Projects; E.
Leslie, Group Mining Engineer; D.
Carr, Group Manager, Metallurgy each of which is an employee
of OceanaGold.
Cautionary Statements
Certain information contained in this news 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 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.sedarplus.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.
www.oceanagold.com
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SOURCE OceanaGold Corporation