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Oceanagold Exceeds 2014 Production Guidance Range


19 January 2015

Oceanagold Exceeds 2014 Production Guidance Range

(All figures in US Dollars unless otherwise stated)

(MELBOURNE) OceanaGold Corporation (TSX/ASX/NZX: OGC) (the “Company”) is pleased to release its fourth quarter report for the quarter ended 31 December 2014, in accordance with the Australian Securities Exchange (“ASX”) Listing Rule 5.1. Please note that the numbers contained in this document are unaudited and subject to finalisation. As a Toronto Stock Exchange (“TSX”) issuer, the Company will release its complete 2014 audited financial and operational results on Thursday 19 February 2015. A conference call to discuss the results will take place on Friday 20 February 2015 at 8:30am (Australian Daylight Savings Time).

Key Highlights

• Exceeded 2014 consolidated production guidance range with 307,463 ounces of gold and 25,010 tonnes of copper produced.

• Achieved record quarterly gold production at Didipio with 34,783 ounces produced in the fourth quarter.

• Increased consolidated quarterly gold production by 38% with 92,712 ounces produced in the fourth quarter.

• Further strengthened the balance sheet in the fourth quarter through core debt repayment of $30 million and increased cash balance to $51 million.

• Delivered sector leading All-In Sustaining Costs (“AISC”) of $785 per ounce for the full year.

• Revised 2015 cost guidance range for Didipio and New Zealand operations to reflect lower commodity prices. The consolidated cost guidance range remains unchanged.

• Didipio named the “Safest Mining Operation” at the annual National Mine Safety and Environment Conference in the Philippines.

• Received the ISO14001 Environment Management System certification for the Didipio Mine.

Mick Wilkes, Managing Director and CEO commented, “I am very pleased to report another strong year of operational and financial performance at OceanaGold where we have exceeded our production guidance for the year on the back of record gold production from Didipio and a strong performance in New Zealand. The Company continued to deliver on its commitments by further strengthening the balance sheet using strong free cash flow to reduce our core debt by $30 million in the fourth quarter and by $60 million for the year despite a 9% decrease in the average gold price received year on year.”


Full announcement: 150119OGCQ4ProductionReportPressRelease.pdf

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