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OceanaGold New Zealand COVID-19 Update

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MELBOURNE, Australia , March 23, 2020 /CNW/ - OceanaGold Corporation (OGC.TO) (OGC.AX) (the "Company") wishes to update the market on the response to COVID-19 measures being put in place by the New Zealand Government.

On Monday 23 March 2020 New Zealand Prime Minister, Jacinda Ardern , announced a COVID-19 alert level three, with the Government's highest response, alert level four, to be implemented from 11.59pm on Wednesday 25 March 2020 . Alert level four requires businesses not exempt as essential services or lifeline utilities to close for an initial period of four weeks.

From 11.59pm Wednesday 25 March 2020 , The Waihi Operation in the North Island of New Zealand will temporarily suspend the ongoing development of the Martha Underground Mine and go into care and maintenance for the duration of the four-week mandated closure.

The Company is working with the New Zealand Government to determine what exemptions may be available for the Macraes Operation in the South Island of New Zealand .

OceanaGold Corporation's Acting President and CEO, Michael Holmes , said the Company was supportive of the government's aim to protect the health and safety of all New Zealanders.  

"We recognise strong decisions will be made to slow down the spread of COVID-19", Mr Holmes said. "We will work with the Government to support the health and safety of the communities where we work and live."

The Company will provide the market with another update when we have more information.

More information about New Zealand's alert levels and measure is available at https://covid19.govt.nz/government-actions/covid-19-alert-system/

Authorised for release to market by OceanaGold Corporate Company Secretary, Liang Tang .

www.oceanagold.com  |   Twitter: @OceanaGold

About OceanaGold

OceanaGold Corporation is a mid-tier, high-margin, multinational gold producer with assets located in the Philippines , New Zealand and the United States . The Company's assets encompass the Didipio Gold-Copper Mine located on the island of Luzon in the Philippines . On the North Island of New Zealand , the Company operates the high-grade Waihi Gold Mine while on the South Island of New Zealand , the Company operates the largest gold mine in the country at the Macraes Goldfield which is made up of a series of open pit mines and the Frasers underground mine. In the United States , the Company operates the Haile Gold Mine, a top-tier, long-life, high-margin asset located in South Carolina . OceanaGold also has a significant pipeline of organic growth and exploration opportunities in the Americas and Asia-Pacific regions.

OceanaGold has operated sustainably since 1990 with a proven track-record for environmental management and community and social engagement. The Company has a strong social license to operate and works collaboratively with its valued stakeholders to identify and invest in social programs that are designed to build capacity and not dependency.

For 2020, the Company expects to produce between 360,000 and 380,000 ounces of gold from Haile, Waihi and Macraes combined at a consolidated All-In Sustaining Costs ranging from $1,075 to $1,125 per ounce sold.

Cautionary Statement for Public Release

Certain information contained in this public release may be deemed "forward-looking" within the meaning of applicable securities laws. Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of free cash flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold Corporation and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements and information. They include, among others, the accuracy of mineral reserve and resource estimates and related assumptions, inherent operating risks and those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR at www.sedar.com under the Company's name. There are no assurances the Company can fulfil forward-looking statements and information. Such forward-looking statements and information are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control.  Although the Company believes that any forward-looking statements and information contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws. The information contained in this release is not investment or financial product advice.

OceanaGold Corporation (CNW Group/OceanaGold Corporation)

SOURCE OceanaGold Corporation


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