OceanaGold Reports High-Grade Intercepts at Haile

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MELBOURNE, Feb. 27, 2019 /CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the "Company") is pleased to announce an update on exploration activities at the Company's Haile Gold Mine ("Haile") in South Carolina, United States. This exploration update follows the update provided to the market on August 16, 2018 ("August 2018 update") and results herein reflect activity completed after this date.

Selection of significant drill results:

• 68.3 metres @ 3.57 g/t Au at Snake expansion
• 24.4 metres @ 8.19 g/t Au at Snake
• 33.4 metres @ 4.33 g/t Au at Ledbetter
• 15.1 metres @ 9.26 g/t Au at Ledbetter
• 24.5 metres @ 3.21 g/t Au at Ledbetter
• 20.1 metres @ 7.23 g/t Au at Red Hill

Mick Wilkes, President and CEO of OceanaGold said, "The Haile exploration program has focused on drilling in and around the footprint of the existing deposits. Drilling continues to demonstrate the opportunity to add further resources in these areas and replenish reserves."

"With the permitting process of the larger open pits and the Horseshoe Underground advancing well, we expect to commence construction upon receipt of these permits. After the Horseshoe Underground has been developed, we also expect to resume drilling deeper targets from underground using a similar approach to that taken at Waihi, particularly the mineralised corridor between Horseshoe and Palomino."

Since the August 2018 update, the Company has drilled 67 drill holes for a combined 12,772 metres using four surface diamond drill rigs. This includes 55 brownfield holes at Haile and 12 holes at the nearby Locust greenfields target. Resource infill and extensional drilling has targeted low-cost reserve growth areas in and around the Ledbetter, Snake, Red Hill, and Haile deposits (Figure 1).

Favourable extensional drill results are expected to add ore-grade mineralisation between pit designs at low strip ratios (Table 1). Infill and delineation drilling continue to support our models including the Ledbetter area (Figures 1 & 2). An 18-hole diamond drill program was completed outside the $1,300/oz reserve pit design and within the resource shell at the Snake West extension and returned positive results. Phase two drilling of 11 holes has recently been completed (Figures 1 & 2) with assay results pending.

Resource drilling is planned in 2019 at Ledbetter, Snake, Red Hill, and Haile in addition to testing other priority targets.

Table 1 – Significant Drill Hole Intercepts from August 2018 to February 2019

All drill data in relation to the Haile exploration results can be found on the Company's website at http://www.oceanagold.com/investor-centre/filings/. In line with ASX listing requirements, OceanaGold has appended the information required by JORC Table 1 for Haile exploration results to its ASX announcement. JORC Table 1 is not required under National Instrument 43-101. Readers are referred to the ASX website at www.asx.com.au or the OceanaGold website at www.oceanagold.com to view JORC Table 1.

About OceanaGold

OceanaGold Corporation is a mid-tier, high-margin, multinational gold producer with assets located in the Philippines, New Zealand and the United States. The Company's assets encompass 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 operates the Haile Gold Mine, a top-tier, long-life, high-margin asset located in South Carolina. OceanaGold also has a significant pipeline of organic growth and exploration opportunities in the Americas and Asia-Pacific regions.

OceanaGold has operated sustainably since 1990 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 2019, the Company expects to produce between 500,000 to 550,000 ounces of gold and 14,000 to 15,000 tonnes of copper at All-In Sustaining Costs ranging between $850 and $900 per ounce sold.

Competent/Qualified Person's Statement 

The exploration results were prepared in accordance with the standards set out in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' ("JORC Code") and in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects of 7 the Canadian Securities Administrators ("NI 43-101"). The JORC Code is the accepted reporting standard for the Australian Stock Exchange Limited ("ASX").

Information relating to Haile exploration results in this document has been verified by, is based on and fairly represents information compiled by or prepared under the supervision of John Jory, a Certified Professional Geologist and Member of the American Institute of Professional Geologists and an employee of OceanaGold. Mr Jory has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code and is Qualified Persons for the purposes of the NI 43 101. Mr Jory consents to the inclusion in this public report of the matters based on their information in the form and context in which it appears.

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.

SOURCE OceanaGold Corporation

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