Welcome To The OceanaGold Corp HUB On AGORACOM

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MELBOURNE, Australia, Feb. 17 /CNW/ - OceanaGold Corporation (ASX: OGC)
(TSX: OGC) (NZX: OGC) ("The Company" or "OceanaGold") has cemented its
position as one of Australasia's premier gold companies.

In its 2010 Full Year Results announced today, the Company reported
record gold sales of $305.6 million, a 29% increase on the 2009 result.
The Company produced 268,602 oz of gold at an average cash cost of $570
per ounce.

Earnings before hedging and income tax for FY2010 was $55.4 million
compared to $25.6 million in FY2009.

The Company's cash operating margins also achieved record highs in 2010,
reaching $783 per ounce in the fourth quarter and an average $570 per
ounce for the year, despite being constrained by an 'out of the money'
hedge book during the first quarter.

Other strong gains included EBITDA (earnings before interest, tax,
depreciation, amortisation and before gains/losses on hedges) of $139.5
million, a 31% increase on 2009.

The year also saw the Company secure C$115 million in equity financing
to recommence its development of the world class Didipio gold copper
project in the Philippines and invested $10 million in exploration
activities at its New Zealand operations, resulting in the second
straight year of increased mineral reserves net of mine depletion.

OceanaGold CEO, Mick Wilkes said the Company's 2010 Full Year Results
were a reflection on the leverage to the rising gold price that the New
Zealand assets offered.

"With a solid production platform in New Zealand, as one of
Australasia's largest gold producers, OceanaGold is well positioned to
drive further growth in the business through the development of our
Didipio gold and copper project. In addition, we will also begin to
examine other external opportunities that would be complementary and
accretive to our current asset base." he said.

Other highlights of the 2010 Full Year Result include:

Sold 268,087 ounces of gold for FY 2010

Posted another solid improvement in gold recoveries across the
operations with a 2% gain on FY2009 to 81.6%

Recruited key members of the project management and construction team
and commenced detailed engineering design and procurement for the
Didipio Project in the Philippines

Announced in the fourth quarter that the 'Globe Deeps' drill program at
Reefton had successfully intersected mineralisation 250m down plunge
from the current pit design

Increased gold reserves in New Zealand to 2.15 million ounces net of
mine depletion

All figures stated in United States Dollars (US$)

About OceanaGold

OceanaGold Corporation is a significant Pacific Rim gold producer with
projects located on the South Island of New Zealand and in the
Philippines. The Company's assets encompass New Zealand's largest gold
mining operation at the Macraes goldfield in Otago which is made up of
the Macraes open pit and the Frasers Underground mines. Additionally on
the west coast of the South Island, the Company operates the Reefton
open-pit mine. OceanaGold produces between 260,000 - 280,000 ounces of
gold per annum from the New Zealand operations. The Company also owns
the Didipio Project in northern Luzon, Philippines.

OceanaGold is listed on the Toronto, Australian and New Zealand stock
exchanges under the symbol OGC.

Cautionary Statement

Statements in this release may be forward-looking statements or
forward-looking information within the meaning of applicable securities
laws. Any statements that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always,
using words or phrases such as "expects" or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans", "estimates"
or "intends", or stating that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved) are
not statements of historical fact and may be forward-looking
statements. Such forward-looking statements include, without
limitation, statements with respect to any future reserves attributable
to the Macraes and Frasers Underground projects and estimated
production from the Company's existing properties. Forward-looking
statements are subject to a variety of risks and uncertainties which
could cause actual events or results to differ from those reflected in
the forward-looking statements including, among others, the accuracy of
mineral reserve and resource estimates and related assumptions,
inherent operating risks and those risk factors identified in the
Company's Annual Information Form prepared and filed with securities
regulators. There are no assurances the Company can fulfil such
forward-looking statements and, subject to applicable securities laws,
the Company undertakes no obligation to update such statements. Such
forward-looking statements are only predictions based on current
information available to management as of the date that such
predictions are made; actual events or results may differ materially as
a result of risks facing the Company, some of which are beyond the
Company's control. Accordingly, readers should not place undue
reliance on forward-looking statements. It is also noted that mineral
resources that are not mineral reserves do not have demonstrated
economic viability.

For further information:

Mr Darren Klinck Vice President, Corporate and Investor Relations Tel: +61(3) 9656 5300

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