The announcement coincided with a record for New Zealand gold prices yesterday, after it reached $NZ1816 with the global spot price at $US918, underpinned by the weakness of the New Zealand dollar which has hovered just above US50c for the past three days.
Oceana shares were buoyed by the news, up 5c, or more than 8%, at 62c on strong trading volumes.
Its shares had languished about 20c in recent months, but have surged during the past week on the back of positive overseas reports on the company.
In a brief fourth-quarter production note released to the ASX yesterday, vice-president of corporate and investor relations, Darren Klinck, said the quarter's gold sales were 74,816oz, boosting the total production for the full calendar year 2008 to 264,124oz, an increase of 49% compared with 2007.
Oceana had been forecasting production this year about 280,000oz to 290,000oz.
It is still seeking a joint venture partner and cash injection for its mothballed northern Philippines gold-copper development mine.
The downturn in cash burn was reflected in a fall in total development expenditure for the fourth quarter at $US6.5 million ($NZ12.6 million) while exploration expenditure for the quarter was just $US1 million.
"Activities have been reduced for the short term," Mr Klinck said.
The crucial cash costs per ounce of the mining operations were not included in the production report yesterday.
"In New Zealand, drilling at Macraes targeted further potential for a down-dip extension of Frasers [underground mine]", Mr Klinck said.
•Triple-listed Oceana is scheduled to deliver complete full-year 2008 audited financial and operational results to the Toronto stock exchange on February 19, the TSX being its principal listing.
