MANILA, Philippines--Australian miner Oceanagold Corp. is proceeding with a study concerning the Didipio gold-copper project in Nueva Vizcaya, according to the company?s third-quarter report.

?The successful equity raising during the quarter has enabled the company to advance the technical and optimization study for the project,? the company said.

The company recently generated A$24.2 million in gross proceeds from institutional equity placement.

Meanwhile, development at the Didipio gold and copper project ?remains under care and maintenance,? meaning a reduced workforce is maintained at the project site.

Onsite activities are currently focused on community work, safety and security.

?The company has continued to fulfill all its community and social commitments relating to the project,? the company said.

Three medical missions were held in local communities throughout Nueva Vizcaya and Quirino provinces during the quarter with hundreds of patients treated for various medical and dental needs.

Exploration activities around the larger Didipio project also continued.

Preliminary work commenced on six Didipio regional exploration permits that were received late in the second quarter.

Community relations, stream sediment sampling and mapping programs were all undertaken in the third quarter.

The company reported a 20-percent increase in year-to-date gold sales with operations in such countries as New Zealand.

In its 2009 third-quarter results, the company announced gold sales of 71,492 ounces or a 14-percent increase from the same quarter last year.

OceanaGold acquired the Didipio gold-copper project along with a rich portfolio of exploration assets in 2006 through a merger with Climax Mining in November of that year.

OceanaGold also has 11 granted tenements in the Philippines, including Didipio.

A further 11 are in various stages of application, all of which have been acknowledged by the bureau of mines.

In August, OceanaGold (Philippines) Inc. chair Jose Leviste said the Australian miner could undertake the project on its own since the price of gold ?is very bullish,? making the project viable.

Gold has surged above $1,000 an ounce as investors sought a safe haven for their investments while the dollar remained weak.