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MELBOURNE, Aug. 10, 2017 /CNW/ - OceanaGold Corporation (TSX/ASX: OGC) (the "Company") is pleased to announce the completion of an updated National Instrument 43-101 compliant technical report ("Technical Report") for the Haile Gold Mine located in South Carolina, United States. The release of the Technical Report follows the Company's news release dated 26 June 2017 that announced the results of the recently completed Haile Optimisation Study.
The results of the study reflected robust economics of an expanded Haile operation with a 70% increase in mineral reserves, near 50% increase in annual gold production over life of mine, increased mine life and a maiden reserve for the underground operation at the Horseshoe deposit.
The Technical Report has been prepared by qualified persons from, and on behalf of, the Company, and is an update to the previous report for the Haile Gold Mine released on 25 October 2016.
The Technical Report has been filed with the relevant stock exchanges and is also available on SEDAR and the Company's website www.oceanagold.com
OceanaGold Corporation is a mid-tier, high-margin, multinational gold producer with assets located in the Philippines, New Zealand and the United States. The Company's assets encompass its flagship operation, the Didipio Gold-Copper Mine located on the island of Luzon in the Philippines. On the North Island of New Zealand, the Company operates the high-grade Waihi Gold Mine while on the South Island of New Zealand, the Company operates the largest gold mine in the country at the Macraes Goldfield which is made up of a series of open pit mines and the Frasers underground mine. In the United States, the Company is currently commissioning the Haile Gold Mine, a top-tier asset located in South Carolina. OceanaGold also has a significant pipeline of organic growth and exploration opportunities in the Americas and Asia-Pacific regions.
OceanaGold has operated sustainably over the past 27 years with a proven track-record for environmental management and community and social engagement. The Company has a strong social license to operate and works collaboratively with its valued stakeholders to identify and invest in social programs that are designed to build capacity and not dependency.
In 2017, the Company expects to produce 550,000 to 600,000 ounces of gold and 18,000 to 19,000 tonnes of copper with sector leading All-In Sustaining Costs that range from $600 to $650 per ounce sold.
SOURCE OceanaGold Corporation