Oceana hopeful on ore deposit

Oceana Gold says it will be some time before it knows the full extent of the ore-bearing deposit it has discovered at its Frasers underground mine at Macraes Goldfield in Otago.

The company, which is listed in New Zealand, Australia and Canada, said it had found the "zone of high-grade mineralisation, located structurally below the base of current reserves".

"The higher-grade tenor of this new zone looks quite promising and we expect that it will add to the underground reserves later this year," said chief executive Steve Orr.

Meanwhile, vice-president Darren Klinck says Oceana has yet to receive an update from New Zealand sharemarket operator NZX regarding erroneous information stating Oceana was to pay a significant one-off dividend, which was published on the NZX website in February.

Last week the Business Herald reported a local investor had bought Oceana shares on the strength of that information which was also supplied to his broker.

The broker subsequently reimbursed the investor for losses he sustained on the investment.

Oceana Gold shares closed steady at 93c yesterday.