/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR
DISTRIBUTION TO US NEWSWIRE SERVICES./
MELBOURNE, Australia, Feb. 25, 2013 /CNW/ - OceanaGold Corporation (ASX: OGC, TSX: OGC, NZX: OGC) (the "Company") wishes to provide an update on its Didipio Mine
located in Luzon, Philippines which is currently undergoing
commissioning activities.
Ramp up of the process plant continues to track well. To date,
approximately 2,500 tonnes of copper-gold concentrate has been
delivered to port and in excess of an additional 2,500 tonnes has been
produced and is awaiting transport from the minesite.
The Company wishes to advise that it is currently in discussions with
various government departments over interpretations of tax exemptions
pertaining to OceanaGold's Financial and Technical Assistance Agreement
(FTAA). Didipio is the first project to be built and commence
operations in the Philippines under the FTAA structure. Due to these
clarifications on tax exemptions being sought, some of the trucks used
for transporting concentrate are being held by local government
agencies and thus transportation of copper-gold concentrate has been
temporarily suspended. While these discussions take place, mining and
processing operations continue.
About OceanaGold
OceanaGold Corporation is a significant Asia Pacific gold producer with
projects located on the South Island of New Zealand and in the
Philippines. The Company's assets encompass New Zealand's largest gold
mining operation at the Macraes goldfield in Otago which is made up of
the Macraes Open Pit and the Frasers Underground mines. Additionally on
the west coast of the South Island, the Company operates the Reefton
Open Pit mine. The Company's Didipio Mine in northern Luzon,
Philippines is in commissioning and is expected to produce 100,000
ounces of gold and 14,000 tonnes of copper per year on average over an
estimated 16 year mine life. OceanaGold expects to produce 285,000 to
325,000 ounces of gold in FY2013 from the New Zealand and Philippine
operations combined.
OceanaGold is listed on the Toronto, Australian and New Zealand stock
exchanges under the symbol OGC.
Cautionary Statement
Statements in this release may be forward-looking statements or
forward-looking information within the meaning of applicable securities
laws. 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 such as production forecasts are
subject to a variety of risks and uncertainties which could cause
actual events or results to differ materially from those reflected in
the forward-looking statements. 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 such forward-looking statements and, subject to applicable
securities laws, the Company undertakes no obligation to update such
statements. Such forward-looking statements 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. Accordingly, readers should not place undue
reliance on forward-looking statements. The information contained in
this release is not investment or financial product advice.
SOURCE: OceanaGold Corporation
