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OceanaGold Production and Sales Up in 3rd Quarter

MEDIA RELEASE

26 October 2006

OceanaGold Production and Sales Up in Third Quarter

HIGHLIGHTS

• Hedge book restructure delivers significant gold price received growth.

• Quarterly gold production increased to 43,577 ounces, a 3% improvement and sales increased 10% to 45,578 ounces.

• Development of the Globe Progress Project at Reefton is progressing with dry commissioning expected in December.

• The merger with Climax Mining to be finalised by 3 November 2006.


OceanaGold today released the company’s third quarter report on activities for 2006. During the period, the company experienced significant growth in the average gold price received, up 41% on the corresponding 2005 quarter. The increase came as a result of the company’s hedge book restructure which allowed 55% of gold sales to be made at spot prices.

“Finalisation of the hedge book restructure has produced an excellent result and allowed OceanaGold to better realise the full value of its assets”, said Chief Executive Officer, Stephen Orr.

Gold production and sales also improved during the quarter, up 3% and 10% respectively on the corresponding 2005 period.

The company’s two primary development projects, Globe Progress at Reefton and Frasers Underground also continued to make progress on schedule with dry commissioning of Globe Progress expected in December 2006. Mining of the Frasers Underground in conjunction with the development will start in the fourth quarter 2006. Frasers is on schedule to commission by the end of 2007.

During the quarter, OceanaGold also progressed its merger with Climax Mining, which is on track to be finalised by 3 November 2006. The merged entity, to be called OceanaGold, will be listed on the ASX and NZX, with 4.8 million gold equivalent ounces and have an expected market capitalisation of A$409 million (based on a 62 cent share price).

“The merger with Climax Mining is evidence of OceanaGold’s strategy to maximise shareholder value while building a leading Pacific Rim gold company with a diverse portfolio of outstanding projects in New Zealand and the Philippines,” said Mr Orr.

ENDS

© Scoop Media

 
 
 
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