Tuesday, 31st July 2007 (2159 views)

Gold exploration company OceanaGold has provided an update for its mining and financial activities for the second quarter of the year.

According to OceanaGold, it completed a restructure of the Oceana Group to a Canadian entity in the second quarter of the year and completed a TSX initial public offering raising Can $90,002,500 on July 5th.

Funds from this will be used for the development of the Didipio gold project in the Philippines as well as for general corporate purposes.

Additionally, production from all of OceanaGold's mining operations reached 40,255 ounces of gold in the second quarter.

"Gold production guidance for 2007 remains unchanged at 190,000 - 205,000 ounces. As planned, mining activities at the Macraes open cut mine during the second quarter concentrated on overburden stripping to access the Frasers Stage four ore zone," OceanaGold added in a statement.

Meanwhile, mining activities at the Globe mine progressed in this period with full commissioning and plant optimisation work completed.

OceanaGold expects to commence commercial production in this region at the beginning of 2008.

 

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