OceanaGold Fourth Quarter 2012 Production Report

MELBOURNE, Australia, Jan. 21, 2013 /CNW/ - OceanaGold Corporation (ASX: OGC, 
TSX: OGC, NZX: OGC) (the "Company") is pleased to release its fourth quarter 
report for the quarter ended 31 December 2012, in accordance with the 
Australian Securities Exchange ("ASX") Listing Rule 5.1. Please note that the 
numbers contained in this document are unaudited and subject to finalisation. 
As a Toronto Stock Exchange ("TSX") listed company, the Company will release 
its complete 2012 audited financial and operational results on 14 February 
2013 (Australian Eastern Daylight Time). A conference call to discuss the 
results will take place on 15 February 2013. 
Key Highlights 

    --  Fourth quarter 2012 gold production of 76,844 ounces resulting
        in gold production of 232,909 ounces for 2012
    --  Fourth quarter 2012 gold sales of 69,761 ounces sold at
        unaudited cash costs of US$638 per ounce
    --  FY2012 gold sales of 230,119 ounces at unaudited cash costs of
        $940 per ounce
    --  First marketable grade copper-gold concentrate produced at
        Didipio in December 2012

Mick Wilkes, Managing Director and CEO commented, "I am pleased to report that 
OceanaGold finished 2012 with strong production from the New Zealand 
operations resulting in production and cash cost guidance for the year being 
met. As expected both Macraes and Reefton delivered higher grades to the mill 
during the fourth quarter and thus production was up 55% on the previous 

He went on to say, "Throughout the year, the Didipio Project team has 
consistently met each Project milestone and in December, construction was 
completed on schedule and first saleable copper-gold concentrate produced. 
Another major milestone was also met last week when the first truckloads of 
concentrate were delivered to the port. Daily plant throughput rates have 
reached annualized rates of 2.4Mtpa and are well ahead of our ramp-up schedule 
for this point in the commissioning program. However, following a minor 
incident during commissioning we have identified some deficiencies in the 
tailings delivery system that require modifications. We will be making these 
improvements over the next few weeks to ensure long-term reliability as the 
plant ramps up to 3.5 Mtpa. During this time the plant will be temporarily 

Mr. Wilkes continued, "2013 is a transformational year for the Company as we 
transition Didipio to operations and become a multi-national gold producer 
consolidating on the great gains we have made in 2012."


Fourth quarter gold production of 76,844 ounces was up 55% on the previous 
quarter bringing the total for 2012 to 232,909 ounces. Macraes Goldfield 
fourth quarter production was 58,872 ounces representing an increase of 60% 
compared to the third quarter due primarily to higher grades and improved gold 
recoveries. Reefton Goldfield fourth quarter production was 17,972 ounces 
representing an increase of 42% compared to the previous quarter, which was 
mainly attributable to the higher grades through the mill from the Souvenir 
Pit, and improved gold recoveries.

Subsequent to the year end, the Macraes Open Pit experienced a major movement 
of the footwall, an area of the mine that has been subject to frequent 
movement over the past 16 years. In this case, a heavy rainfall event has 
triggered the ground movement resulting in restricted access to high grade ore 
at the base of the pit for a period of 16 days. The monitoring system in place 
gave ample warning of the higher movement allowing all personnel and equipment 
to be evacuated from the pit and underground without harm. Access to the 
underground was re-established and normal operations recommenced there after 
four days. Access to the base of the open pit has now been re-established and 
further rehabilitation of the haul roads in this area is ongoing. Mining 
activities have continued unaffected in other areas of the open pit. The 
Company expects that this will have some effect on production for the first 
quarter as high grade ore stockpiles on the ROM are consumed. Production over 
the year is expected to be variable by quarter as grade profiles vary, 
combined with the timing of planned plant maintenance etc. An update on the 
effect of this event on full year production will be provided in due course 
however it is not expected to affect the 2013 production guidance range 
provided last month.

Revenue for the fourth quarter was US$119 million with the average gold price 
received during the period being US$1,705 per ounce on 69,761 ounces sold. 
Unaudited cash costs were US$638 per ounce for the fourth quarter and US$940 
for the full year 2012, which was below the Company's revised cost guidance of 
US$1,000 to US$1,050 per ounce. The decrease in cash costs from the third 
quarter 2012 was mainly attributable to higher ounces of gold sold.
                                                       - Table 1 -
                                              Combined Operating Statistics

Combined             Q4           Q3           Q4          Year         Year         Year
Operating          Dec 31       Sep 30       Dec 31        2012         2011         2010
Statistics          2012         2012         2011

Gold Produced      76,844       49,514       65,750      232,909      252,499      268,602

Total Ore       2,219,617    1,674,062    2,310,815    6,872,686    8,103,693    7,905,464

Ore Mined           1.60         1.08         1.26         1.34         1.21         1.43

Total Waste     14,059,837   12,904,895   14,369,845   54,580,473   59,176,017   57,643,657
(tonnes) incl

Mill Feed       1,826,880    1,889,121    1,902,368    7,432,375    7,588,354    7,081,488
(dry milled

Mill Feed           1.59         1.01         1.31         1.20         1.25         1.45

Recovery (%)       82.8%        80.7%        82.2%        81.0%        82.9%        81.6%
                                                      - Table 2 -
                                             Macraes Operating Statistics

Macraes             Q4          Q3           Q4          Year         Year         Year
Goldfield         Dec 31      Sep 30       Dec 31        2012         2011         2010
Operating          2012        2012         2011

Gold Produced     58,872      36,874       44,451      169,609      174,851      182,759

Total Ore       1,815,587   1,350,939   1,894,369    5,558,056    6,589,904    6,365,855

Ore Mined          1.57        1.06         1.12         1.29         1.07         1.26

Total Waste     9,496,424   8,457,277   10,489,708   36,363,043   44,407,352   43,944,947
(tonnes) incl

Mill Feed       1,454,089   1,465,357   1,470,713    5,789,255    5,817,001    5,458,607
(dry milled

Mill Feed          1.52        0.96         1.14         1.12         1.12         1.28

Recovery (%)       83.2%       81.1%       82.5%        81.1%        83.3%        81.3%
                                                     - Table 3 -
                                             Reefton Operating Statistics

Reefton             Q4          Q3          Q4          Year         Year         Year
Goldfields        Dec 31      Sep 30      Dec 31        2012         2011         2010
Operating          2012        2012        2011

Gold Produced     17,972      12,640      21,299       63,300       77,648       85,843

Total Ore        404,030     323,123     416,446    1,314,630    1,513,789    1,539,609

Ore Mined          1.71        1.18        1.87         1.56         1.80         2.11

Total Waste     4,563,413   4,447,618   3,880,137   18,217,430   14,768,665   13,698,710
(tonnes) incl

Mill Feed        372,791     423,764     431,655    1,643,120    1,771,353    1,622,881
(dry milled

Mill Feed          1.84        1.16        1.89         1.48         1.67         2.01

Recovery (%)       81.1%       79.5%       81.3%       80.6%        81.4%        82.5%

Didipio Project Construction & Commissioning

In the fourth quarter, construction activities at the Didipio Project 
transitioned to commissioning with the crushing circuit commissioned in 
October and milling activities commencing in November. In December, the 
Company announced production of first copper-gold concentrate with the process 
plant ramp up achieving higher than expected daily throughput rates by year 
end. Throughput rates are steadily increasing and have approached 2.5Mtpa 
rates with recoveries of greater than 80% for gold and 85% for copper already 
being consistently achieved. Last week, the first truckloads of marketable 
copper-gold concentrate were delivered to the port. Some areas requiring 
modifications have been identified including the tailings delivery system that 
is being examined for long term-term reliability as the plant ramps up to 
3.5Mtpa rate. With the plant ramping up faster than expected, these works 
will be undertaken over the next few weeks resulting in the process plant 
being temporarily off-line as is necessary to facilitate these improvements.

In the fourth quarter, OceanaGold continued to invest in community projects in 
Didipio and neighbouring communities. This includes a US$1.4 million 
commitment toward the development of a municipality road project to connect 
Didipio to the municipalities of Kasibu, Solano and Bambang in Nueva Vizcaya. 
A number of other OceanaGold funded projects were completed during the quarter 
including construction of new classrooms at the local elementary and secondary 
schools as well as local community road and bridge upgrades. As part of the 
Company's commitment to President Aquino's National Greening Program, the 
Company continued to advance its agroforestry program with the reforestation 
of 22 hectares of land in Barangay Debibi.

On December 3rd, Category 5 super Typhoon Pablo hit the southern Philippine 
island of Mindanao causing mass devastation throughout the island. OceanaGold 
provided assistance to the Philippines Natural Disaster response team in 
support of the Typhoon Pablo relief efforts. This assistance included 
medicine, water and blankets as well as logistical assistance.


Exploration expenditure for the quarter was $4.1 million. The majority of the 
expenditure was in New Zealand where exploration activities at Reefton 
continued to focus on deep drilling at the historic Blackwater mine and a 
combination of helicopter assisted diamond drilling and reverse circulation 
(RC) drilling along strike to the north and south of the Blackwater mine. At 
Blackwater, the third deep drill hole (WA25) commenced to test the northern 
strike extent of the Birthday Reef. Results from this drill hole are 
expected in the first quarter of 2013.

Exploration activities at the Macraes Goldfield continued with the diamond 
drill program at the Frasers Underground mine. The program was completed in 
December and results have confirmed mineralisation to the north and north-east 
of the current workings and mineralisation remains open on both ends.

In the Philippines, exploration focused on preparation for scout drilling at 
Mogambos and D'Beau. Through surface exploration activities and geological 
modelling, the Company identified additional anomalous gold and porphyry-style 
copper-gold mineralisation prospects within its FTAA boundary. The FTAA 
exploration extension permit is expected in the near-term.

FY2012 Results Release and Conference Call

The Company will release its 2012 financial results on 14 February 2013 and 
host a conference call / webcast to discuss the results at 8:30am on Friday 15 
February 2013 (Melbourne, Australia time) / 4:30pm on Thursday 14 February 
(Toronto, Canada time).

Webcast Participants
To register, please copy and paste the link below into your browser: 

Teleconference Participants (required for those who wish to ask questions)
Local (toll free) dial in numbers are:
Australia: 1 800 148 052
New Zealand: 0 800 441 017 Canada & United States: 1 888 390 0605
All other countries (toll): + 1 416 764 8609

Playback of Webcast
If you are unable to attend the call, a recording will be available for 
viewing on the Company's website from 11:30am on Friday 15 February 
(Melbourne, Australia time) / 7.30pm on Thursday 14 February (Toronto, Canada 

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 

OceanaGold Corporation

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

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

info@oceanagold.com |www.oceanagold.com

SOURCE: OceanaGold Corporation

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