Miner's reserves match operations

Oceana Gold has, for the third consecutive year, identified estimated gold resources to match what it has taken out of the ground.

Oceana chief executive Mick Wilkes said the estimated ''proven and probable'' reserves ''virtually'' offset mining operations of 2012 and depletion and stood at an estimated 3.64 million ounces of gold and 240,000 tonnes of copper, the latter at its northern Philippines gold-copper mine which is still being commissioned.

''Oceana Gold achieved replacement of resources net of mine depletion resulting in stable gold and copper inventories,'' he said.

For calendar 2012, Oceana produced 232,909 ounces and had forecast for calendar 2013 it would deliver between 285,000 ounces and 325,000 ounces.

Oceana's New Zealand estimated reserves stood at 1.95 million ounces of gold, with 1.65 million ounces of it accredited to the Macraes open pits and Frasers underground in East Otago, and a further 300,000 ounces at Reefton, on the West Coast.

At Didipio in the Philippines, estimated gold reserves stood at 1.69 million ounces.

''Reserves at Frasers underground were relatively unchanged year-on-year at 180,000 ounces, as a result of successful resource definition drilling,'' Mr Wilkes said.

simon.hartley@odt.co.nz

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