The Inside Trader gave OGD a buy rating on 3/2/2005, if that means anything!
copied from the email;
This weeks stock pick is Oceana Gold (OGD)
OceanaGold’s asset portfolio consists of three projects, all wholly owned and located in the South Island of New Zealand.
Macraes Goldfield, New Zealand’s largest gold producer has been in operation since 1990 and has produced over 1.7Mozs of gold to date. Production for the year ending 31 December 2004 is forecast to increase to 183,000ozs, while current reserves of over 2Mozs supports a minimum ten year mine life. When the development of Frasers Underground is completed, production at Macraes Goldfield will initially increase to approximately 215,000ozs pa.Reefton Goldfield, which comprises two developments: an open cut development at the Globe Progress Mine, and an underground re-development at the Blackwater Mine, both major historical underground producers. OceanaGold is planning for development of both these mines to start in the second half of 2004.Sams Creek, which is a unique near surface mineralised porphyry dyke in the relatively unexplored northwest region of the South Island. Exploration results to date have been very encouraging, with the resource remaining open at depth and along strike. Resource estimates at the Sams Creek Project were increased by over 500,000ozs in 2003 to 729,000ozs
IMPORTANT POINTS:
Recent buying by Director on the 5th Jan Appears to be finding support after 40% price fall in the last 2 months OGD achieved record gold production in 2004 due in part to efficiency increases in production.
