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OceanaGold renews exploration permit surrounding Didipio, updates resources, reserves as of end-2015

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OceanaGold renews exploration permit surrounding Didipio, updates resources, reserves as of end-2015

said March 30 that ithas received a five-year extension to the exploration period of its Financial orTechnical Assistance Agreement in the Philippines, paving the way to conduct explorationactivities in the broader region surrounding its Didipio gold project in Quirino Province.

Mick Wilkes,the company's president and CEO, said OceanaGold is now reviewing and prioritizingtargets, with the planned exploration programs to be detailed in the coming weeks.

In the samepress release, the company said it has updated its resource and reserve statementas of Dec. 31, 2015.

On a consolidatedbasis, the company's total proven and probable reserves stand at 5.46 million ouncesof gold, 4.51 million ounces of silver and 180,000 tonnes of copper, with gold reservesincreasing 80% year on year. Measured and indicated resources, meanwhile, standat 11.6 million ounces of gold, 14.8 million ounces silver and 220,000 tonnes ofcopper, with gold reserves increasing 49% year on year. Inferred resources standat 3.7 million ounces of gold, 2.5 million ounces of silver and 30,000 tonnes ofcopper.

Wilkes attributedthe material increase in resources to the acquisitions of the Haile and Waihi gold mines last year.

The companyalso noted that it has increased mine life at the Macraes open pit to beyond 2019and at the Frasers underground to beyond 2018, both located within the wider property in New Zealand.