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UPDATE: OceanaGold Corporation 2.5% Higher as Reports Q2

OceanaGold Corporation (OGC.TO), which gained more than 4% Wednesday, is up another 2.5% after it reported EBITDA (earnings before interest, taxes, depreciation and amortisation) of $25.6 million, a 10% increase on the previous quarter.

In its Second Quarter 2012 Results released today, the company also reported a 10% increase in gold production over the first quarter, with 55,709 ounces produced. Revenue for the quarter was $86.7 million from an average gold price received of $1,613 per ounce, a 2% decrease over Q1 due to the lower gold price received offsetting higher ounces sold. Gold sales volumes for the second quarter remained solid reaching 53,756 ounces, versus the previous quarter's 51,852 ounces.

A second quarter improvement in the operating cash cost per ounce to $1,029 against $1,126 in the first quarter was due to favourable foreign exchange rate movements and an increase in gold ounces produced.

The company will host a conference call and webcast to discuss Q2 2012 Financial Results. The call will take place at 5.30pm on Thursday 26 July (Toronto, Canada time).

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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