OceanaGold commences permitting of the Martha Project
OceanaGold provides annual resource and reserve statement update; commences permitting of the Martha Project at Waihi
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MELBOURNE, March 29, 2018 /CNW/ - OceanaGold Corporation (TSX/ASX: OGC) (the "Company") is pleased to provide its updated annual Resource and Reserve ("R&R") statement for the year ended December 31, 2017 and wishes to announce the commencement of the permitting process for the Martha Project at Waihi.
Total Proven and Probable Reserves of 5.88 Moz of gold, 3.57 Moz of silver and 0.15 Mt of copper.
Total Measured and Indicated Resources, including Reserves, of 8.68 Moz of gold, 4.23 Moz of silver and 0.17 Mt of copper and Inferred Resources of 2.6 Moz of gold, 0.6 Moz of silver and 0.03 Mt of copper.
At Waihi, a maiden open pit
Indicated Resource at the Gladstone prospect of
approximately 98,000 ounces of gold and 235,000 ounces of
silver and Inferred Resources of approximately 12,000 ounces
of gold and 19,000 ounces of silver.
Commencement of the permitting process for the Martha Project.
Mick Wilkes, President and CEO said "Our high-quality assets are located within jurisdictions that are known for its considerable mineral endowment. Through exploration, we are working to unlock the additional value that exists within each operation, as exemplified by the addition of the Gladstone Resource, to drive value for our shareholders." He added "In 2018, we will continue to invest in our business and, with an exploration budget of approximately $30 million our exploration activities will focus on opportunities that are expected to create the greatest shareholder value. Brownfield exploration activities will focus on the Martha Project at Waihi, where we expect to incrementally increase Reserves and Resources to produce a 10-year mine life, while our greenfield exploration program will continue to test the WKP prospect, to the north of Waihi, as well as regional targets within the Carolinas in the United States and exploration targets in Argentina."
He went on to say, "At Waihi, I am very pleased to announce the start of the permitting process for the Martha Project. The Martha Project exploration target is the first stage of an anticipated 10-year mine life extension for the operation, that will create increased shareholder value and continue to deliver significant socio-economic benefits to the town of Waihi and the many other stakeholders for many years to come."