/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO
US NEWSWIRE SERVICES/
BRISBANE, Australia,
Nov. 4, 2021 /CNW/ - OceanaGold
Corporation (TSX: OGC) (ASX: OGC) (the "Company") is pleased to
announce the commencement of processing at the Didipio Gold-Copper
Mine in the Philippines.
Scott Sullivan, Chief Operating
Officer & Acting CEO of OceanaGold said, "This is a major
milestone for OceanaGold, the Didipio Mine and host communities.
Following the confirmation of the Didipio Mine Financial or
Technical Assistance Agreement renewal, Didipio is producing gold
and copper again, which will be an important source of free cash
flow generation for the Company and a significant contributor of
socio-economic benefits for the region and country."
"The start of milling is two weeks ahead of schedule, following
the completion of plant upgrades and maintenance activities and the
start of mining activities was one month ahead of schedule. It
marks a new beginning for the operation and the predominately
Filipino workforce who are leading and operating a first quartile
gold and copper producer."
"As the underground mining operations continue to ramp up over
the course of the next eight to nine months, the primary ore feed
will be sourced from low-grade stockpiles, of which the Company has
approximately 23 million tonnes of ore on surface. With underground
ore progressively being delivered to the ROM pad, the operation
will increase the proportion of higher-grade ore feed to supplement
the mill."
The Didipio process plant is expected to ramp up to its
throughput rate of 3.5 million tonnes per annum over the course of
the next few weeks. For the remainder of the year, the Company
expects to produce between 7,000 and 12,000 ounces of gold and
1,000 tonnes of copper at an All-In Sustaining Costs between
US$100 and US$150 per ounce sold on a by-product basis. The
Company will continue to manage the risks associated with COVID-19
as it continues to ramp up operations to full production rates of
10,000 ounces of gold and 1,000 tonnes of copper a month.
Mr Sullivan went on to add, "We are grateful for the support and
cooperation from our workforce, government and regulators who are
working with us as we ramp up Didipio to full production. In
parallel with the ramp-up, Didipio has recommenced social and
development projects and continues to support COVID-19 vaccination
and community health programs in partnership with local
authorities."
Authorised for release to market by OceanaGold Corporate Company
Secretary, Liang Tang.
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 a significant 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. 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