GRD sells out of Oceana Gold

GRD Ltd has sold its remaining 6.9 per cent stake in mining concern Oceana Gold Ltd.

The sale of 25 million shares follows GRD's initial selldown in May when it sold half of Oceana Gold to Australian and international investors.

GRD, which originally held just over 56 per cent , sold its holding today at A77c per share, raising A$19.25 ($22.87) million.

Oceana operates mainly on New Zealand's South Island, and its assets include New Zealand's biggest gold mine at the Macraes Goldfield, two mines under development in the Reefton and Macraes goldfields, and an exploration project at Sams Creek.

- NZPA