Austock report:There�s no negative news that we�re aware of on...

Austock report:

There�s no negative news that we�re aware of on OGC, noting we recently factored in the guided NZ cash cost increase. However, we do see some upcoming positive catalysts:

1) 1Q�CY11:

* Reefton�s, Souvenir open pit Ore Reserve to potentially be pre-released January 2011.
* We expect +20% Ore Reserve growth at its NZ operations (primarily from Reefton Goldfield and optimisation for other NZ operations from higher gold price assumption (moving from US$800/oz to US$950/oz)). We would expect this to be released early February
* New CEO Mick Wilkes is on board (officially starts in February).
* We see CY10 Result could beat consensus, and expect release late February/early March.



2) Late 1Q/Early 2Q CY11:

* If Resource growth is material, and we expect this is more than likely, OGC will release a revised Reefton 43-101 Technical Report, including mine plan and cost profile
o This will be important as it will hopefully reinforce our view that a mine life extension from Reefton production is indeed possible.
o We expect this to add 3 years mine life out to CY17, and see this as a positive catalyst for de-risking Reefton Goldfield operations.



3) 2Q�CY11:

o Infill drilling of Round Hill open pit complete in preparation for studies (no Ore Reserve, but 1.44Moz Mineral Resource at present)

o Globe Deeps studies completed by end quarter in preparation for mining, noting that Globe is currently being mined.



4) Mid year Didipio site visit, we expect this to:

o help reinforce untapped value in Didipio exploration � potential for further porphyry discoveries from 12 targeted anomalies that are currently being mapped and surveyed in preparation for drilling during 2011.

o Provide an update on construction progress, we would expect progress details are released to market well ahead of the visit



We maintain our buy recommendation and $4.60/share PT, it�s now our #3 pick of gold and coppers under coverage. We see the price weakness as a very good buying opportunity.