Wednesday, 22nd August 2007 (1864 views)

A production update has been issued by OceanaGold in regards to its work in the Didipio project in the Philippines.

OceanaGold is set to invest $162 million in cash for the construction of the Didipio project which has a minimum mine life of 15 years and is expected to produce an average of 120,000 ounces of gold per year.

Work is currently focussed on upgrading the road at the Didipio project to all weather access, which it expects to be completed by September.

"We are pleased with the project to date and have been working closely with Ausenco over the past few weeks to progress the engineering and design. The access road to site has held up well after recent heavy rains in Luzon and we are on schedule to commence site earthworks in the fourth quarter of this year," commented vice president Patrick Goodfellow.

He added that progress had been made to increase staffing at its Manila team in accordance with works during its construction phase.

 

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