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OceanaGold adds to gold resource

27th March 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Dual-listed gold miner OceanaGold Corporation has reported a more than one-million ounce increase in its measured and indicated gold resources, despite mine depletion.

The ASX- and TSX-listed miner said on Thursday that measured and indicated resources now stood at 202.1-million tonnes, grading 1.28 g/t gold for 8.34-million ounces of gold, up 1.61-million ounces from the previous estimate.

The increase in the gold resource came on the back of lower cutoff grades, drilling and resource estimate updates at the Reefton asset, deep drilling at the Didipio mine, in the Philippines, and drilling success at the Sams Creek project.

The acquisition of the El Dorado project in November last year also added ounces to the resource inventory.

“OceanaGold has transformed itself into a multinational gold producer with a solid mineral endowment,” said OceanaGold MD and CEO Mick Wilkes.

“We will continue to develop new reserves and resources at our existing mines from in-pit and near-mine exploration. We will focus on satellite projects located within the current tenements and pursue selective resource development opportunities that are complementary and add low-cost gold reserves to the business.”

OceanaGold’s current proven and probable gold reserve stood at 3.14-million ounces of gold and 0.21-million tonnes of copper.

Edited by Creamer Media Reporter

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