OceanaGold

OceanaGold

OceanaGold Corporation (OceanaGold) is a significant Pacific Rim gold producer, listed on the Toronto, Australian and New Zealand stock exchanges under the symbol “OGC”.

Its distinct advantage is having both producing and developing mines, with operations on the South Island of New Zealand and development and exploration activities in New Zealand and the Philippines.

A proven low cash-cost operator, the company is recognised as a leader in recovering gold from low-grade metallurgically complex ore bodies in environmentally sensitive areas. To date, it’s achieved some of the lowest mining and processing costs in the world.

The company has embarked on a growth strategy that will see production increase from 182,000 gold ounces in 2006 (achieved from a single mine in New Zealand), to ~500,000 ounces of gold equivalent in 2009 (from four operations across New Zealand and the Philippines). Additionally, the Company has embarked on an aggressive exploration program for 2007 across the extensive land tenement package in the Philippines as well as two regional goldfields the Company controls in New Zealand.

Philippine mining operations

The Philippine Court of Appeals on June 11, 2008 issued a 60 days temporary restraining order preventing Nueva Vizcaya “from acting on a cease and desist order issued by Governor Luisa Cuaresma against Oceanagold (after it refused to pay P 30 million ($ 680,000) quarry permit).” OceanaGold invested $ 200 million to develop its Didipio Gold-Copper Mining Project in Didipio, Nueva Vizcaya. The mine would produce 120,000 ounces of gold and 15,000 tonnes of copper concentrate a year in the first 10 years of production with a minimum life of 15 years. Environmental groups led by Kalikasan-PNE (People’s Network for the Environment) however, criticized the appeals court Order: “the entry of OceanaGold is the root cause of tension and violence among Ifugao communities in Dipidio.”

For further information on the company, visit www.oceanagold.com.

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