OceanaGold Corporation is pleased to announce completion of an internal economic and technical re-optimisation study for its Didipio Gold-Copper Project located in Luzon, Philippines. The 2010 Study addresses a review of mining method, schedule, process plant layout and infrastructure requirements and associated capital to recommence construction and complete the Project.The 2010 Study has been undertaken by a variety of specialist consultants familiar with all aspects of project development in the Philippines. In accordance with Canadian regulatory requirements set out in National Instrument 43-101, the Company will file with Canadian securities regulators an updated NI 43-101 compliant feasibility study relating to the Didipio Project within 45 days.
Some highligts include 20 years minelife, remaining capex US$140 million, reserves containing 1.41 million ounces of gold & 374 million pounds of copper.
Jim Askew, Chairman, commented, “The updated technical and economic study for the Didipio Gold- Copper project demonstrates, in our view, a robust project with a long mine life, decreased capital costs and strong economics. The potential to move to sub-level open-stoping for the underground mining method also further de-risks the project once the operation transitions to an underground operation, though it reduces feed to 1.2 Mtpa. The adjacent near surface porphyry prospects already identified within the Didipio caldera, are expected to be a source of additional feed to supplement underground production, provided they can be proven through additional exploration that further enhances the project economics and metal output in later years.”
He went on to say, “With steady operations in New Zealand, a strengthened balance sheet and increasing mine life at the operations in New Zealand, the Company has a variety of options to unlock the embedded value at Didipio. We have also advanced the recruitment of key project management personnel to oversee the Project once development is re-commenced.”
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