OceanaGold Says Construction of Haile Gold Mine on Schedule

OceanaGold Corp. (TSX:OGC,ASX:OGC) released an update on the construction of its US-based Haile gold mine, also commenting on exploration results from Haile and from its New Zealand-based Waihi mine.
Highlights include:

• Enhanced the design of the Haile Project to deliver a more robust operation.
• Haile Project capital cost estimated at $380 million with $160 million spent to date.
• Construction activities at Haile on schedule for first ore through the mill by the end of 2016.
• Drill results from the Horseshoe deposit at Haile confirm high-grade mineralisation and include; (DDH-519) 21.3 metres @ 21.66 g/t and 23.5 meters @ 6.55 g/t; (DDH-518) 13.3 meters @ 10.57 g/t and 13.0 meters @ 5.47 g/t; (DDH-517) 40.9 meters @ 4.71 g/t; (DDH-516) 3.6 meters @ 5.95 g/t and (DDH-514) 9.3 meters @ 5.22 g/t.
• Drill results at Waihi continue to demonstrate significant resource expansion opportunities from highgrade underground targets including Correnso Deeps, Empire and Daybreak.
• Recent significant intersections at Waihi include 3.5 metres @ 9.83 g/t and 7.8 metres @ 6.25 g/t from Correnso Deeps, 7.1 metres @ 9.44 g/t and 3.5 metres @ 12.65 g/t from Daybreak, 2.5 metres @ 41.63 g/t and 4.3 metres @ 11.76 g/t from Empire and 6.0 metres @ 6.17 g/t including 1.2 metres @ 25.42 g/t from unmined extensions to the Royal vein.

Mick Wilkes, president and CEO of OceanaGold, commented:

We are very pleased with the progress we have made on our growth initiatives across the Company. Our team’s extensive development and operations experience has resulted in design enhancements for the Haile Project which, based on our past experience, will ensure a robust and efficient project that is on track for first ore through the mill by the end of 2016. We are also pleased to see the early success from our exploration programs which continue to ramp up across the business. We expect to invest $30 million on exploration this year which demonstrates the quality of the assets in the portfolio and the financial strength of the Company as we continue to position ourselves as a leading, low-cost, mid-tier gold producer.

Click here to read the full OceanaGold Corp. (TSX:OGC,ASX:OGC) press release.