OceanaGold Announces First Concentrate Produced at Didipio and Provides FY2013 Production Guidance

OceanaGold Announces First Concentrate Produced at Didipio and Provides FY2013 
Production Guidance 
/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR 
DISTRIBUTION TO US NEWSWIRE SERVICES./ 
MELBOURNE, Dec. 18, 2012 /CNW/ - OceanaGold Corporation (ASX: OGC, TSX: OGC, 
NZX: OGC) (the "Company") is pleased to announce that first copper-gold 
concentrate has been produced at the Didipio Project in the Philippines as 
commissioning of the process plant continues to track to expectations. 
Mick Wilkes, Managing Director & CEO stated, "Following the start of milling 
activities late in November, commissioning has advanced well. Over the past 
week we have successfully commissioned the flotation cells and filter to 
produce saleable copper-gold concentrate. The process plant is now running in 
steady-state and the remainder of commissioning activities this year will 
focus on increasing throughput and improving recoveries and concentrate grade. 
This is a great outcome for the Company, the local communities of Nueva 
Viscaya and Quirino provinces and for the Republic of the Philippines. I would 
also like to acknowledge the support for the project we have received from our 
national and local government partners and we look forward to further 
strengthening this relationship in the future." 
He went on to say "We have had a strong finish to the year as expected with 
production from New Zealand on track to meet the revised guidance. We expect 
strong production next year in New Zealand and with Didipio coming on stream 
as planned. We are in a great position heading into 2013." 
HIGHLIGHTS 


    --  Production of first copper-gold concentrate at Didipio
    --  Flotation plant including filter, commissioned and performing
        to expectations
    --  Commenced commissioning of gravity gold circuit
    --  2013 guidance 285 - 325koz Au @ US$650 - US$800/oz (net of
        copper by-product credits)

Didipio Project Construction & Commissioning Progress

The main process plant construction activities are complete with remaining 
punch list items to be completed concurrently with operations. Construction of 
the remaining infrastructure such as plant and mine maintenance workshops will 
be completed as part of next year's capital works, in conjunction with the 
ramp up of the process plant.

Commissioning has progressed well through the flotation and filtration stages 
of the plant, with the production of on-specification copper-gold concentrate 
filter cake. Commissioning of the gravity circuit is currently underway.

Milling rates currently are higher than predicted for this stage of the 
commissioning cycle, and the focus is on achieving recovery to maximise 
concentrate production.

Figure 1 - Flotation of Final Concentrate to Thickener

Figure 2 - Copper-Gold Concentrate in Hand at Didipio

Figure 3 - Concentrate Filter Press at Didipio

Figure 4 - Production of Filtered Copper-Gold Concentrate at Didipio

FY2013 Production Guidance

The Company is also pleased to provide production guidance for FY2013 of 
285,000 - 325,000 oz of gold at cash costs of US$650-$800/oz net of copper 
by-product credits. Copper production from Didipio is expected to be in the 
range of 15 kt to 18 kt of copper in concentrate. During the commissioning 
phase, costs of production, offset by any revenue received will be capitalised 
in the balance sheet. The exact timing of revenue and costs reporting to the 
income statement is currently unknown but expected to be around the end of the 
first quarter next year. The Company will provide an updated cash cost range 
at that time.
                                                           

Total Company                                   Guidance Range
                  Au Production ('000 oz)           285 - 325
                  Cash Cost (US$/oz)              $650 - $800*

New Zealand                                                
                  Au Production ('000 oz)           235 - 255
                  Cash Cost (US$/oz)                $880-$950

Didipio                                                    
                  Au Production ('000 oz)             50 - 70
                  Cu Production (kt)                  15 - 18
                  Cash Cost (US$/oz)            negative $370 -
                                                 negative $50*

* denotes net of copper by-product credits using US$3.40/lb of copper

To view recent construction progress at Didipio, please visit our website at:

http://www.oceanagold.com/investors-and-media/images-and-videos/

About OceanaGold
OceanaGold Corporation is a significant Asia Pacific 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. The Company's Didipio 
Project in northern Luzon, Philippines is in commissioning and is expected to 
produce 100,000 ounces of gold and 14,000 tonnes of copper per year on average 
over an estimated 16 year mine life. OceanaGold expects to produce 285,000 to 
325,000 ounces of gold in FY2013 from the New Zealand and Philippine 
operations combined.

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. Forward-looking 
statements such as production forecasts are subject to a variety of risks and 
uncertainties which could cause actual events or results to differ materially 
from those reflected in the forward-looking statements. 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 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. The 
information contained in this release is not investment or financial product 
advice. 





OceanaGold Corporation

Investor Relations - Melbourne Nova Young or Darren Klinck Tel: +61(3) 9656 
5300

Investor Relations - Toronto Sam Pazuki Tel: +1 416 915 3123

info@oceanagold.com |www.oceanagold.com

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SOURCE: OceanaGold Corporation

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CO: OceanaGold Corporation
NI: MNG PCS FIELD 

-0- Dec/18/2012 09:47 GMT


 
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