January 20, 2017
OceanaGold’s Haile Operation Pours Its Inaugural Gold
(Kershaw, S.C.) OceanaGold Corporation’s Haile Gold Mine is pleased to announce that the inaugural gold pour took place late in the early morning hours of January 20, 2017. This is a significant achievement for this historic Lancaster County gold mine as it is now officially a gold producer – again.
The 445 ounces of gold are the first gold produced by the new Haile Gold Mine.
David Thomas, Vice President and General Manager of the Haile operation said, “This is an enormous milestone for the Haile Gold Mine, as this first gold production represents the culmination of many years of planning, preparation and hard work from a world class and dedicated team.” He added, “We wouldn’t be celebrating the rebirth of this 200-year-old Haile mine as a modern, state-of-the-art operation without the tremendous and valued support of the community, our employees, Lancaster County, the State of South Carolina. Equally important is the productive collaboration with numerous organizations, including state and federal regulators and members of the conservation community. This truly has been a remarkable journey to date and we remain committed to operating this project at the highest level of environmental and technical integrity, with safety at the forefront of the operation, without exception. We look forward to a bright future for all of us.”
Michael Deal, Haile’s Lab Manager and Metallurgical Superintendent proudly holds the first gold doré bar.
Mick Wilkes, President and CEO of OceanaGold Corporation, said, “This achievement marks the first gold production from the Haile site in 25 years and nearly 190 years from when gold was first produced here. The Haile Gold Mine is a world-class asset with leading margins, a growing resource and significant expansion potential.”
As previously announced, OceanaGold expects to produce 150,000 to 170,000 ounces of gold at Haile in 2017 at sector leading All-In Sustaining Costs between $500 to $550 per ounce.
The Haile Gold Mine already has had a significant economic impact in Lancaster County, the surrounding communities and the state. The operation currently employs more than 700 people, with 89% of employees living in the surrounding communities, and spends more than $3 million each month locally through labor and the purchase of local goods and services. Haile also generates roughly $70 million annually in direct and indirect revenue in local counties, which has led to new opportunities to improve support for schools, police departments, fire departments, and other key civic initiatives.
Members of OceanaGold’s Haile metallurgical team overseeing the pouring of the molten gold.
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OceanaGold Corporation is a mid-tier, low-cost, multinational gold producer with assets located in the Philippines, New Zealand and the United States. The Company’s assets encompass its flagship operation, the Didipio Gold-Copper Mine located on the island of Luzon in the Philippines. On the North Island of New Zealand, the Company operates the high-grade Waihi Gold Mine while on the South Island of New Zealand, the Company operates the largest gold mine in the country at the Macraes Goldfield which is made up of a series of open pit mines and the Frasers underground mine. In the United States, the Company is currently constructing the Haile Gold Mine, a top-ier asset located in South Carolina along the Carolina Terrane. The Company expects the Haile Gold Mine to commence commercial production in early 2017. OceanaGold also has a significant pipeline of organic growth and exploration opportunities in the Asia-Pacific and Americas regions.
OceanaGold has operated sustainably over the past 26 years with a proven track record for environmental management and community and social engagement. The Company has a strong social license to operate, and works collaboratively with its valued stakeholders to identify and invest in social programs that are designed to build capacity and not dependency.
In 2017, the Company expects to produce 550,000 to 610,000 ounces of gold and 15,000 to 17,000 tons of copper at All-In Sustaining Costs of US$600 to US$650 per ounce.
Cautionary Statement for Public Release
Certain information contained in this public release may be deemed “forward-looking” within the meaning of applicable securities laws. Forward-looking statements and information relate to future performance and reflect the Company’s expectations regarding the generation of free cash flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold Corporation and its related subsidiaries. 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. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements and information. They include, 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 most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR at www.sedar.com under the Company’s name. There are no assurances the Company can fulfil forward-looking statements and information. Such forward-looking statements and information 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. Although the Company believes that any forward-looking statements and information contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws. The information contained in this release is not investment or financial product advice.Back to All Updates