OceanaGold Announces Receipt Of WKP Mining Permit

MELBOURNE, Australia, Aug. 6, 2020 /CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the "Company") is pleased to announce it has received the mining permit for Wharekirauponga ("WKP") on the North Island of New Zealand. The mining permit grants OceanaGold the exclusive right to the WKP mineral resource, allowing the Company to continue exploration activities and technical and environmental studies over the permitted area.

Michael Holmes, President and Chief Executive Officer, said, "Receipt of the mining permit is an important step in the permitting phase for WKP. As part of the greater Waihi District Study, the WKP deposit is expected to deliver significant value for shareholders. WKP currently has reported Indicated resources of 421,000 gold ounces at 13.4 g/t and Inferred resources of 717,000 gold ounces at 12.0 g/t, and we expect to continue drilling there for several years to come as we advance the project through its life cycle."

"We are assessing the option of WKP as a state-of-the-art underground mining operation. The Waihi District has the potential to extend Waihi's mine life to 2036 and beyond while providing meaningful socio-economic benefits for stakeholders. WKP is part of an exciting development plan underway in New Zealand and we look forward to working in partnership with government and local communities to advance our projects in the Waihi District and contribute to the post-COVID economic recovery."

WKP is located on Department of Conservation land, 10-kilometres north of the existing Waihi processing plant. Based on the recently completed Preliminary Economic Assessment ("PEA") for the Waihi District, the Company envisages underground mining at WKP and first production in 2026 with processing taking place at the existing Waihi plant. Over the currently estimated life of mine, WKP is expected to produce 190,000 to 230,000 ounces of gold annually.

Over the course of the next few years, the Company will continue to drill the WKP prospect while advancing the project through the permitting phase to obtain remaining consents prior to commencing development.

For more information about our development approach at WKP, visit https://oceanagold.com/operation/waihi/wharekirauponga-wkp/

www.oceanagold.com | Twitter: @OceanaGold

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