Oceanagold Provides Annual Resource and Reserve Statement Update; Commences Permitting of the Martha Project at Waihi
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MEDIA RELEASE
29 March 2018
OCEANAGOLD PROVIDES ANNUAL RESOURCE AND RESERVE STATEMENT
UPDATE; COMMENCES PERMITTING OF THE MARTHA PROJECT AT WAIHI
(MELBOURNE) OceanaGold Corporation (TSX/ASX: OGC ) (the “Company”) is pleased to provide its
updated annual Resource and Reserve (“R&R”) statement for the year ended December 31, 2017 and wishes
to announce the commencement of the permitting process for the Martha Project at Waihi.
Key Highlights
Total Proven and Probable Reserves of 5.88 Moz of gold, 3.57 Moz of silver and 0.15 Mt of copper.
Total Measured and Indicated Resources, including Reserves, of 8.68 Moz of gold, 4.23 Moz of silver
and 0.17 Mt of copper and Inferred Resources of 2.6 Moz of gold, 0.6 Moz of silver and 0.03 Mt of
copper.
At Waihi, a maiden open pit Indicated Resource at the Gladstone prospect of approximately 98,000
ounces of gold and 235,000 ounces of silver and Inferred Resources of approximately 12,000 ounces
of gold and 19,000 ounces of silver.
Commencement of the permitting process for the Martha Project.
Mick Wilkes, President and CEO said “Our high-quality assets are located within jurisdictions that are known
for its considerable mineral endowment. Through exploration, we are working to unlock the additional value
that exists within each operation , as exemplified by the addition of the Gladstone Resource , to drive value
for our shareholders.” He added “In 2018, we will continue to invest in our business and, with an exploration
budget of approximately $30 million our exploration activities will focus on opportunities that are expected to
create the greatest shareholder value. Brownfield exploration activities will focus on the Martha Project at
Waihi, where we expect to incrementally increase Reserves and Resources to produce a 10-year mine life,
while our greenfield exploration program will continue to test the WKP prospect, to the north of Waihi, as well
as regional targets within the Carolinas in the United States and exploration targets in Argentina.”
He went on to say, “At Waihi, I am very pleased to announce the start of the permitting process for the Martha
Project. The Martha Project exploration target is the first stage of an anticipated 10-year mine life extension
for the operation, that will create increased shareholder value and continue to deliver significant socio -
economic benefits to the town of Waihi and the many other stakeholders for many years to come.”
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Table 1 – Updated Reserve Table (as at 31 December 2017)
PROJECT
Cut-off
PROVEN PROBABLE PROVEN & PROBABLE
AREA Mt Au g/t Ag g/t Cu % Mt Au g/t Ag g/t Cu % Mt Au g/t Ag g/t Cu % Au Moz Ag Moz Cu Mt
MACRAES Open Pit 0.4g/t Au 9.08 1.06 - - 22.2 1.08 - - 31.3 1.08 - - 1.08 - -
MACRAES Underground 1.9g/t Au 0.74 2.34 - - 1.07 1.97 - - 1.81 2.12 - - 0.12 - -
WAIHI Open Pit 0.5g/t Au 0.16 3.05 30.5 - 0.66 2.91 29.1 - 0.81 2.94 29.4 - 0.08 0.77 -
WAIHI Underground 2.9g/t Au 0.18 6.74 13.5 - 0.75 5.31 10.5 - 0.93 5.58 11.1 - 0.17 0.33 -
NEW ZEALAND 10.2 1.28 - - 24.7 1.30 - - 34.9 1.29 - - 1.45 1.10 -
DIDIPIO Open Pit 0.52g/t AuEq 21.9 0.42 2.08 0.35 - - - - 21.9 0.42 2.08 0.35 0.30 1.46 0.08
DIDIPIO Underground 1.3g/t AuEq 3.60 2.55 1.84 0.49 13.5 1.54 1.84 0.42 17.1 1.75 1.84 0.43 0.96 1.01 0.07
PHILIPPINES 25.5 0.72 - - 13.5 1.54 - - 39.0 1.00 - - 1.26 2.47 0.15
HAILE Open Pit 0.45g/t Au 11.5 1.99 - - 41.4 1.51 - - 52.8 1.61 - - 2.74 - -
HAILE Underground 1.5g/t Au - - - - 3.1 4.38 - - 3.12 4.38 - - 0.44 - -
USA 11.5 1.99 - - 44.5 1.71 - - 56.0 1.76 - - 3.18 - -
TOTAL 47.1 1.15 - - 82.7 1.56 - - 130 1.41 - - 5.88 3.57 0.15
Notes:
1. Reserves are reported within current mine designs based upon US$1,300/oz gold, US$3.00/lb copper and US$19/oz silver.
2. Reported estimates of contained metal do not make allowances for processing losses.
Table 2 – Updated Resource Statement (as at 31 December 2017)
PROJECT
Cut-off
MEASURED INDICATED MEASURED & INDICATED
AREA Mt Au g/t Ag g/t Cu % Mt Au g/t Ag g/t Cu % Mt Au g/t Ag g/t Cu % Au Moz Ag Moz Cu Mt
MACRAES Open Pit 0.4g/t Au 17.4 1.18 - - 65.6 1.00 - - 83.1 1.04 - - 2.76 - -
MACRAES Underground 1.20g/t Au 4.87 2.96 - - 5.00 2.34 - - 9.9 2.65 - - 0.84 - -
WAIHI Open Pit 0.5g/t Au 0.16 3.05 30.5 - 2.07 2.38 12.5 - 2.23 2.43 13.7 - 0.17 0.98 -
WAIHI Underground 2.5g/t Au 0.18 6.74 13.4 - 0.85 5.41 10.8 - 1.03 5.64 11.3 - 0.19 0.37 -
NEW ZEALAND 22.6 1.62 - - 73.6 1.18 - - 96.2 1.28 - - 3.97 1.36 -
DIDIPIO Open Pit 0.4g/t AuEq 27.2 0.37 2.01 0.31 - - - - 27.2 0.37 2.01 0.31 0.33 1.75 0.09
DIDIPIO Underground 1.17g/t AuEq 3.80 2.43 2.10 0.47 13.7 1.75 1.96 0.46 17.5 1.90 1.99 0.46 1.07 1.12 0.08
PHILIPPINES 31.0 0.63 - - 13.7 1.75 - - 44.7 0.97 - - 1.39 2.88 0.17
HAILE Open Pit 0.45g/t Au 11.6 1.97 - - 43.9 1.48 - - 55.5 1.58 - - 2.82 - -
HAILE Underground 1.17g/t Au - - - - 2.71 5.68 - - 2.71 5.68 - - 0.49 - -
USA 11.6 1.97 - - 46.6 1.72 - - 58.2 1.77 - - 3.32 - -
TOTAL 65.3 1.21 - - 134 1.43 - - 199 1.36 - - 8.68 4.23 0.17
PROJECT
Cut-off
INFERRED
AREA Mt Au g/t Ag g/t Cu % Au Moz Ag Moz Cu Mt
MACRAES Open Pit 0.4g/t Au 27 0.9 - - 0.7 - -
MACRAES Underground 1.20g/t Au 1.4 2.0 - - 0.1 - -
BLACKWATER 0.9 23 - - 0.7 - -
WAIHI Open Pit 0.5g/t Au 0.3 1.3 2.0 - 0.0 0.0 -
WAIHI Underground 2.5g/t Au 0.7 6.9 14 - 0.1 0.3 -
NEW ZEALAND 30 1.7 - - 1.7 0.3 -
DIDIPIO Open Pit 0.4g/t AuEq - - - - - - -
DIDIPIO Underground 1.17g/t AuEq 6.4 1.4 1.5 0.4 0.3 0.3 0.03
PHILIPPINES 6.4 1.4 - - 0.3 0.3 0.03
HAILE Open Pit 0.45g/t Au 12 1.0 - - 0.4 - -
HAILE Underground 1.17g/t Au 1.2 5.0 - - 0.2 - -
USA 13 1.4 - - 0.6 - -
TOTAL 50 1.6 - - 2.6 0.6 0.03
Notes:
1. Mineral Resources include Mineral Reserves.
2. Macraes open pit resources constrained by a NZ$2,083/oz gold price pit shell.
3. The Waihi open pit resources are reported within a pit design to the 890mRL.
4. 92% of Waihi Inferred Resources are from Martha underground which are reported at a 3.5 g/t Au-cut-off
5. For Didipio, all in-situ open pit resources have been depleted. Only stockpiles remain. Underground resources reported between the 2,460mRL and 2,080mRL with gold
equivalence (AuEq) cut-off based on US$1,500/oz gold and US$3.50/lb copper.
6. Haile open pit resources are reported within a US$1,500/oz gold price pit shell
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Table 3 – Updated Resource Statement for Minority Interest in Assets (as at December 31, 2017)
ASSET
PROVEN PROBABLE PROVEN & PROBABLE
Mt Au g/t Au Moz Mt Au g/t Au Moz Mt Au g/t Au Moz
SAMS CREEK - - - 2.0 1.77 0.11 2.0 1.3 0.1
TOTAL - - - 2.0 1.77 0.11 2.0 1.3 0.1
Notes:
1. OceanaGold has a 20% interest in the Sams Creek Project. Reported at a 0.7 g/t Au cut-off and factored by the percentage ownership.
Consolidated Measured and Indicated (“M&I”) Resources (inclusive of Reserves) totalled 8.68 Moz of gold,
4.23 Moz of silver and 0.17 Mt of copper, a year -on-year decrease due to a combination of mine depletion
and the removal of Reefton Resources.
Total consolidated Inferred Resources stood at 2.6 Moz of gold, 0.6 Moz of silver and 0.03 Mt of copper.
On a consolidated basis, the Company’s Proven and Probable (“P&P”) Reserves stood at 5.88 Moz of gold,
3.57 Moz of silver and 0.15 Mt of copper. Year-on-year, gold reserves increased by 17%, or 0.84 Moz, net
of mining depletion and are inclusive of the results of the Haile Optimisation Study, which was publicly
announced on 26 June 2017. Silver and copper reserves decreased by 1.4 6 Moz and 0.03 Mt respectivel y
due to mine depletion, improved geological understanding through drilling and a revised Resource estimate.
New Zealand
Waihi
M&I Resources, including Reserves, totalled 0.3 6 Moz of gold, consisting of 0.19 Moz of gold in the
underground and 0.17 Moz in the open pit.
Waihi open pit M&I Resources increased to 0.17 Moz following the announcement of a maiden Resource at
the Gladstone prospect.
P&P Reserves totalled 0.24 Moz of gold, with 0.17 Moz of gold and 0.33 Moz of silver in the underground, reflecting
underground mine depletion, and 0.08 Moz of gold and 0.77 Moz of silver in the open pit.
On March 28, 2018, the Company commenced the permitting process for the Martha Project.
The Martha Project comprises two mining areas below the current Martha Pit, including Phase 4 of the Martha
Open Pit and the Martha Underground Mine. Phase 4 of the Martha Open Pit contains approximately 77,000
ounces of gold in P&P Reserves located beneath the current open pit.
In 2016, a maiden Resource associated with the Martha Project of approximately 158,000 ounces was declared.
Further work has been undertaken on this project in 2017, and currently, the expectation is an exploration target
of between 500,000 ounces and 700,000 ounces of gold from the Martha Underground, with tonnages ranging
between 2.5 million tonnes and 5.0 million tonnes and grades ranging between 5.00 g/t and 7.00 g/t of gold. This
exploration target is conceptual in nature and exploration completed on this target to date is not sufficient to define
an additional Mineral Resource above that previously publicly reported. The Martha Project is a significant
component of the targeted 10-year mine life extension for the operation. Drilling of the Resource associated with
the historic Martha Underground Mine has been underway since August 2017 with many significant and
encouraging drill results received. To date, approximately 45 drill holes for a total of 13,600 meters have been
completed. Over the course of the next 2 years the Company will continue to drill from two exploration drives
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beneath the Martha Open Pit for Resource conversion. The Company expects to drill more than 100 kilometres
of additional drilling to test the full extent of the mineralised system.
Macraes
Macraes M&I Resource, including Reserves, stood at 3.60 Moz of gold, consisting of 2.76 Moz in the open
pit and 0.84 Moz in Frasers Underground. Additions to M&I Resources were primarily related to Coronation
North, Deepdell and Golden Point. Inferred Resources stood at 0.8 Moz of gold, reflecting the conversion of
Inferred Resources to M&I Resources and an updated Resource estimate.
Macraes P&P Reserves totalled 1.08 Moz of gold in the open pit and 0.12 Moz of gold in the underground.
Total Reserves are effectively unchanged at 1.2 Moz, however there is a greater proportion of Probable
Reserves than reported in December 2016. Mine depletion has been offset during the year through resource
drilling and resource estimate updates for both open pit and underground mines.
Reefton
In December 2016, the Company announced the closure of the Reefton Mine and, as a result, associated
Resources have been removed from the Company’s inventory.
Resources for the nearby Blackwater project remain on the Company’s inventory.
United States
Haile M&I Resources, including Reserves, stood at 3.32 Moz of gold, with an Inferred Resource of 0.6 Moz
gold, inclusive of t he Horseshoe Underground M&I Resource containing 0.49 Moz of gold and an Inferred
Resource of 0.2 Moz of gold.
Open pit Reserves have increased 36% from the previous 2016 estimate of 2.02 Moz and include a maiden
Reserve of 0.44 Moz for the Horseshoe Underground which was announced 26 June 2017.
P&P Reserves totalled 3.18 Moz of gold, including 2.74 Moz of gold in the optimised open pit and 0.44 Moz
of gold in the Horseshoe Underground. Since the Optimisation Study, Reserves have bee n adjusted down
slightly by approximately 140,000 ounces of gold, reflecting revised geological interpretation and modelling,
following further resource drilling and production in the Mill Zone Open Pit. This improved geological
understanding has also refined targeting concepts that are being applied to the discovery of additional
mineralisation in and around the enlarged open pit and underground mine plans.
Philippines
At Didipio, M&I Resources, including Reserves, were 1. 39 Moz of gold, 2.88 Moz of silver and 0.17 Mt of
copper. Inferred Resources were 0.3 Moz of gold, 0.3 Moz of silver and 0.03 Mt of copper.
Didipio P&P Reserves stood at 1.26 Moz of gold , 2.47 Moz of silver and 0.15 Mt of copper . Of this total
inventory, the P&P Reserves associated with the underground mine comprise 0.96 Moz gold, 1.01 Moz of
silver and 0.07 Mt of copper. During 2017, all in-situ open pit Reserves were depleted, and as such, the
currently reported open pit Reserve relates to stockpiled material.
Other
OceanaGold’s interest in the Sam’s Creek project in New Zealand remains unchanged at 20%.
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As part of the requirements under the listing rules of the Australian Stock Exchange, the Company has filed
a separate document containing the material summaries and JORC table 1 information related to the
resource and reserve s for the Waihi Gold operation . The Waihi Material Summary and JORC table 1
documents can also be found on the Company’s website at http://www.oceanagold.com/investor-
centre/filings/.
- ENDS -
For further information please contact:
Investor Relations
Sam Pazuki
Tel: +1 416 915 3123
Jeffrey Sansom
Tel: +61 3 9656 5300
Media Relations
Melissa Bowerman
Tel: +61 3 9656 5300
[email protected] | www.oceanagold.com | Twitter: @OceanaGold
About OceanaGold
OceanaGold Corporation is a mid-tier, high-margin, multinational gold producer with assets located in the
Philippines, New Zealand and the United States. The Company’s assets encompass the Didipio Gold-Copper
Mine located on the island of Luzon in the Philippines. On the North Isla nd of New Zealand, the Company
operates the high-grade Waihi Gold Mine while on the South Island of New Zealand, the Company operates
the largest gold mine in the country at the Macraes Goldfield which is made up of a series of open pit mines
and the Frasers underground mine. In the United States, the Company operates the Haile Gold Mine, a top-
tier, long-life, high-margin asset located in South Carolina. OceanaGold also has a significant pipeline of
organic growth and exploration opportunities in the Americas and Asia-Pacific regions.
OceanaGold has operated sustainably over the past 27 years with a proven track -record for environmental
management and community and social engagement. The Company has a strong social license to operate
and works collaborativ ely with its valued stakeholders to identify and invest in social programs that are
designed to build capacity and not dependency.
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In 2018, the Company expects to produce 480,000 to 530,000 ounces of gold and 15,000 to 16,000 tonnes
of copper with All-In Sustaining Costs that range from $725 to $775 per ounce sold.
Technical Disclosure
All Mineral Reserves and Mineral Resources were calculated as at December 31, 2017 and have been
calculated and prepared in accordance with the standards set out in the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves dated December 2012 (the “JORC Code”) and in
accordance with National Instrument 43 -101 of the Canadian Securities Administrators (“NI 43 -101”). The
JORC Code is the accepted reporting standard for the Australian Stock Exchange Limited (“ASX”).
The updates of Mineral Resources for Macraes and Blackwater have been verified and approved by, or are
based upon prepared by or under the supervision of S. Doyle. The updates of the Mineral Resources for
Waihi have been verified and approved by, are based upon information prepared by or under the supervision
of P. Church. The updates of Mineral Resources for Didipio have been verified and approved by, or are based
upon information prepared by or under the supervision of J. G. Moore. The updates of Mineral Reserves for
Macraes have been verified and approved by, or are based upon information prepared by, or under the
supervision of, P. Doelman for open pit and T. Maton for the underground. The Mineral Reserves for Waihi
have been verified and approved by, or are based upon information prepared by or under the supervision of
T. Maton for open pit and D. Townsend for underground. The Mineral Reserves for Didipio have been verified
and approved by, or are based upon information prepared by or under the supervision of C. Fawcett. The
Mineral Reserves and Resources for the Haile Gold Mine have been verified and approved by, or are based
upon information prepared by or under the supervision of B. van Brunt.
Messrs Church, Doyle, Doelman, Maton, Moore and Townsend are full -time employees of the Company’s
subsidiary, Oceana Gold (New Zealand) Limited. Mr Fawcett is also a full-time employee of the Company’s
subsidiary, OceanaGold (Philippines) Inc. Mr van Brunt is a full -time employee of Haile Gold Mine Inc , the
Company’s subsidiary.
Messrs Church, Doelman, Doyle, Fawcett, Maton, Moore and Townsend are Members and Chartered
Professionals with the Australasian Institute of Mining. Mr Van Brunt is a Fellow of the AusIMM.
All such persons are “qualified persons” for the purposes of NI 43-101 and have sufficient experience relevant
to the style of mineralisation and type of deposit under consideration and to the activity which they are
undertaking to qualify as a “competent person” as defined in the JORC Code.
Messrs Church, Doelman, Doyle, Fawcett, Maton, Moore, van Brunt and Townsend consent to inclusion in
this public release of the matters based on their information in the form and context in which it appears. The
estimates of Mineral Resources and Reserves contained in this public release are based on, and fairly
represent, information and supporting documentation prepared by the named qualified and competent
persons in the form and context in which it appears.
For further scientific and technical information supporting the disclosure in this media release (including
disclosure regarding Mineral Resources and Mineral Reserves , data verification, key assumptions,
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parameters, and methods used to estimate the Mineral Resources and Mineral Reserves, and risk and other
factors) relating to the Didipio Gold -Copper Mine, the Macraes Mine, the Haile Gold Mine the Waihi Gold
Mine and the Blackwater project, please refer to the following NI 43-101 compliant technical reports and the
Blackwater Preliminary Economic Assessment released on 21 October 2014 available at www.sedar.com
under the Company’s name:
(a) “Technical Report for the Macraes Project located in the Province of Ot ago, New Zealand” dated
February 12, 2010, prepared by R. Redden, Development and Technical Services Manager, and
J.G. Moore, Group Mine Geology Manager, both of Oceana Gold (New Zealand) Limited;
(b) “Technical Report for the Reefton Project located in the Province of Westland, New Zealand” dated
May 24, 2013, prepared by K. Madambi, Technical Services Manager of Oceana Gold (New
Zealand) Limited up until January 2018 and J. G. Moore, Chief Geologist, of Oceana Gold (New
Zealand) Limited;
(c) “Technical Report fo r the Didipio Gold / Copper Operation Luzon Island ” dated October 29, 2014,
prepared by Simon Griffiths, General Manager of Studies, of Oceana Gold (New Zealand) Limited
up until March 2017, J. G. Moore, Chief Geologist, of Oceana Gold (New Zealand) Limite d, and
Michael Holmes, Chief Operating Officer of OceanaGold Corporation;
(d) “Technical Report for the Waihi Gold Mine, New Zealand” dated November 23, 2015, prepared by
T. Maton, Study Manager, D. Bertoldi, Processing Manager and P. Church, Principal Resource
Development Geologist, all of Oceana Gold (New Zealand) Limited; and
(e) “Technical Report Haile Gold Mine Lancaster County, South Carolina” dated August 9, 2017,
prepared by, David Carr, Bruce Van Brunt, John Jory, Paul Howe, Joanna Poeck, Jeff Osbor n, Jay
Newton Janney-Moore, John Tinucci, Bret C. Swanson, Derek Kinakin, Grant Malensek, David Bird,
Bart A. Stryhas, Brian S. Prosser.
Cautionary Note Regarding Mineral Resources and Mineral Reserves
The Company’s disclosure of Mineral Reserve and Miner al Resource information is governed by NI 43 -101
under the guidelines set out in the Canadian Institute of Mining, Metal lurgy and Petroleum (the “CIM”)
Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended
from time to time by the CIM (“CIM Standards”). The disclosure of Miner al Reserve and Mineral Resource
information for properties held by the Company is based on the reporting requirements of the JORC Code.
CIM definitions of the terms “Mineral Reserve”, “Prove n Mine ral Reserve”, “Probable Mineral Reserve”,
“Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral
Resource”, are substantially similar to the JORC Code correspondin g definitions of the terms “ore reserve”,
“proved ore reserve”, “probable ore reserve”, “Mineral Resource”, “Measured Mineral Resource”, “Indicated
Mineral Resource” and “Inferred Mineral Resource”, res pectively. Estimates of Mineral Resources and
Mineral Reserves prepared in accordance with the JORC Code would not be materially different if prepared
in accordance with the CIM definitions applicable under NI 43-101.
There can be no assurance that those portions of such Mineral Resources that are not Mineral Reserves will
ultimately be converted into Mineral Reserves. Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability. All Mineral Reserves are within the Mineral Resource.
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Forward Looking Statement
This media release contains forw ard-looking statements. All statements, other than of historical fact, that
address activities, events or developments that the Company believes, expects or anticipates will or may
occur in the future (including, without limitation, statements regarding ex pected, estimated or planned gold
production, all -in sustaining costs and other cost estimates, capital expenditures and exploration
expenditures and statements regarding the estimation of mineral resources and mineral reserves, exploration
results, life -of-mine estimates and potential mineral resources and mineral reserves) are forward -looking
statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”,
“continue”, “expect”, “anticipate”, “estimate”, “believe”, “highly prospective”, “intend”, “plan” or “project” or the
negative of these words or other variations on these words or comparable terminology. Forward -looking
statements are subject to a number of risks and uncertainties, many of which are beyond th e Company’s
ability to control or predict, that may cause the actual results of the Company to differ materially from those
discussed in the forward -looking statements. Factors that could cause actual results or events to differ
materially from current expectations include, among other things, without limitation, failure to meet expected,
estimated or planned gold production, unexpected increases in all -in sustaining costs or other costs,
unexpected increases in capital expenditures and exploration expendit ures, variation in the mineral content
within the material identified as mineral resources and mineral reserves from that predicted, changes in
development or mining plans due to changes in logistical, technical or other factors, the possibility that future
exploration results will not be consistent with the Company's expectations, changes in world gold markets
and other risks disclosed in the Company’s most recent Annual Information Form on file with the Canadian
and Australian securities regulatory author ities. There are no assurances the Company can fulfil forward -
looking statements. Such forward -looking statements are only predictions based on current information
available to management as of the date that such predictions are made; actual events or resu lts may differ
materially as a result of risks facing the Company, some of which are beyond the Company's control.
Although the Company believes that any forward-looking statements and information contained in this press
release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will
be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking
statements and information. Any forward -looking statement speaks only as of the date on which it is made
and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation
to update any forward-looking statement.
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