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OceanaGold says annual gold sales below expectation

Tuesday 1st February 2011

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OceanaGold, which operates the Macraes and Reefton goldfields in the South Island, said its gold sales for 2010 were slightly below expectation.

The company sold 68,027 ounces of gold in the fourth quarter, taking sales for 2010 to 268,087 ounces.

This was 10.6% lower than 2009 and was slightly below expectations for the year.

The company releases its annual result on February 17.

It said today that revenue for the fourth quarter was US$93.8 million ($NZ121 million) based on an average gold price of US$1379 per ounce.

Operational expenditures for the fourth quarter were US$39.9m, excluding depreciation, amortisation and general and administrative expenses. Unaudited cash costs were US$596 per ounce for the fourth quarter and US$570 per ounce for the full year, which is within previous full-year guidance.

Exploration costs in the fourth quarter were US$3.3 million. This included both surface and underground resource drilling at the Macraes mine, within the current Frasers and historic Innes Mills pits, and testing the down-dip extension of mineralisation at Round Hill adjacent to the processing plant.

An infill drilling programme was completed at the historic Ounce mine, located five kilometres south of the current mining area.

OceanaGold shares rose 25 cents to $NZ3.50 on NZX yesterday.



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