Oceanagold’s Philippines Didipio Development

14 December 2006

Oceanagold’s Philippines Didipio Development Project
Recognised By President Arroyo

OceanaGold’s merger with Climax Mining was recently recognised at a dinner celebrating the 25th anniversary of the Australia-New Zealand Chamber of Commerce on the Philippines attended by President Gloria Macapagal-Arroyo.

The dinner was also attended by Australian Ambassador Tony Hely and David Pine New Zealand’s Ambassador to the Philippines where the formal Merger Transaction Agreement was signed with Angelo Reyes, Minister for the Environment and Natural Resources, Barry Wells, Chief Financial Officer of Climax Mining and Stephen Orr, Chief Executive Officer of OceanaGold. The Agreement was then presented to the President.

The recent merger of OceanaGold and Climax sees OceanaGold now assume responsibility for developing the Didipio Gold Copper project in the Didipio province 275 kms north of Manila.

“OceanaGold is honoured that our support for the emerging Philippines mining industry has been recognised by President Arroyo and that the government is committed to developing a sustainable mining industry based on international corporate social responsibility best practice,” Stephen Orr said.

In her remarks, President Arroya noted that the merger highlighted the strong links between the Philippines, Australia and New Zealand and she congratulated the companies on their commitment to supporting local communities and protecting the fragile environment.

“OceanaGold is dedicated to the highest environmental standards. We will continue to work directly with local communities and the relevant government and regulatory authorities to ensure the Didipio project delivers social, economic and development opportunities.” Mr Orr added.

ENDS

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