MINING
“ The Waihi Operation represents a strong strategic fit with our existing business , and we are excited to welcome this high quality asset and its talented team into OceanaGold ,” said Wilkes . “ Our ambition is to be the gold producer of choice globally and our strategy to get there is invest in high quality assets .”
Waihi is comprised of two areas : the Martha Open Pit and associated underground mines , including the Correnso Underground mine , which is the current active operation at the site producing approximately 130,000 ounces of gold each year .
According to OceanaGold , Waihi has a combined open pit and underground Proved and Probable Reserves estimated as 1.52 Mt at 6.33 g / t Au and 24.0 g / t Ag containing 310 koz of gold and 1,173 koz of silver .
“ We purchased Waihi with a three year mine life and we fully expect to extend that through exploration and Waihi underground mine