Rise in gold prices has led Australasian mining company OceanaGold to revise its mineral reserves at the Macraes and Reefton gold sites located in the South Island. The firm has increased reserves by about 617,000 ounces. It has also been working out plans for expanding pits at Macraes in East Otago.

Firm's Chief Executive Paul Bibby termed it as a move that would strengthen its New Zeeland operations. He added, "This update is particularly pleasing because it reflects the first reserves to be calculated for the Panel 2 Deeps deposit which was announced in April this year and is a deposit that remains open in three directions."

The firm is currently undergoing technical re-optimization studies which are expected to be completed next year. Under its business expansion program, the firm would expand operations at its Macraes open pit and the Frasers Underground mines.

The firm hopes to produce about 300,000 ounces of gold from the mines in 2009. OceanaGold had hiked the resource estimate of the Macraes mine by 40% in November that led to steep fall in its share price.