Oceana Gold

Oceana Gold's chief operating officer Mark Cadzow has been elected chairman of lobby group Straterra, replacing inaugural chairman John Dow.

The gloss has dulled on Oceana Gold shares which have shed 33% in value following a stellar run to their high of $5.41 last September.

East Otago-based Oceana Gold has rejected allegations that it has fallen foul of the Commission on Human Rights in the Philippines at its development gold and copper mine in the northern part of the island group.

Oceana Gold has released "positive" results from its most recent drilling programme at its open-pit mine near Reefton on the West Coast, with one of its prospects tentatively tagged to add to estimated reserves by the end of the month.

Oceana Gold has completed a long-awaited study into its mothballed gold and copper development mine at Didipio, in the northern Philippines, which has been mothballed for almost two years after a massive cost blowout.

Triple-listed Oceana Gold - with its share price attaining a record high - has lost its second chief executive in 16 months with the surprise resignation of Paul Bibby.

Oceana Gold's 100% selling on the global spot gold market has proved successful, with massive gains in its profit margin cushioning the escalating costs of producing gold from Macraes in East Otago and Reefton on the West Coast.

Listed gold miner Oceana Gold has identified new gold resources at its Macraes gold mine which could add another one and a-half years to the life of the mine.

Otago-based Oceana Gold became a $1 billion-plus company yesterday, hitting a record share price high following announcement of its inclusion on two international rating indexes on the Toronto stock exchange.

Oceana Gold shares hit a record yesterday of $4.40 after gaining 15% in value.

Record global spot gold prices have seen shares in East Otago-based Oceana Gold spike about 18% during the past two days as investors worldwide flock to the historical safe haven of bullion and gold-producer stock.

Oceana Gold is taking over the Frasers underground mining contract, which was costing it about $25 million per year, and is offering the contractor's 100 staff employment with Oceana.

Test drilling by Oceana Gold, next to its underground operation at Macraes in East Otago, has delivered "promising results" of "significant" gold grades from its latest drilling programme.