OceanaGold Corp Announces an Increase in Mineral Resources at Frasers Underground Mine
OceanaGold Corporation (OGC.TO) announced an updated mineral resource estimate for the Frasers Underground mine in Otago, New Zealand.
Highlights included: Measured and Indicated Resources for the main Hangingwall Shear mineralisation at Panel 2 has increased to 7.9Mt @ 2.36g/t Au for 602Koz. Net of mining depletion in 2011, this represents an addition of 118Koz since 31 December 2010, a 25% increase; Infill drilling of the Lower Zone has expanded the Meaured and Indicated Resources to 1.0Mt @ 2.51 g/t Au for 77Koz. This expansion has replaced mining depletion in this zone for 2011; Frasers Underground mine life expected to extend to at least 2017; Both the Hangingwall Shear and Lower Zone Inferred Resource areas are extended down-dip and remain open to the northeast; Total Measured and Indicated Resources for Frasers Underground, including Panel 1, now stands at 10.2Mt @ 2.26g/t Au for 745Koz.
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