OceanaGold: Extraordinary General Meeting Results
Results of Extraordinary General Meeting
OceanaGold is pleased to announce that all resolutions put to shareholders at today’s Extraordinary General Meeting were passed.
In particular, the approval of Resolution 2 paves the way for OceanaGold to receive a further A$10m in funding, by way of Barclays Bank PLC exercising their option prior to 19 February, 2006, to purchase additional Convertible Notes. This would lift the total proceeds to the company from Convertible Notes to A$55m.
The terms of the Convertible Note have been previously released to the ASX and are available on our website: www.oceanagold.com.
The proceeds from the Convertible Note Issue will be used to fund the development of the Globe Progress surface mine and plant at the Reefton Goldfield and the Frasers Underground mine at the Macraes Goldfield.
The infrastructure required for the development of the Globe Progress project is virtually complete and the mine is scheduled to commission in Q4 2006 and ramp up to a production rate of around 70,000 ounces per annum.
The Frasers Underground development will be started in April 2006, through a decline from the Frasers Open Pit. This is to facilitate initial trial mining in order to optimise ground control and dilution control techniques prior to full-scale production. Trial mining at Frasers Underground is scheduled to commence Q4 2006, with full scale production commissioning Q4 2007.