OceanaGold 2007 Third Quarter Activity Report



    /NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR
    DISTRIBUTION TO US NEWSWIRE SERVICES./

    MELBOURNE, Australia, Oct. 31 /CNW/ - OceanaGold Corporation
("OceanaGold" or "the Company") is pleased to report its Third Quarter
Activity Report for the quarter ended 30 September 2007, in accordance with
Australian Stock Exchange ("ASX") Listing Rule 5.1.
    The third quarter and year-to-date results which include a full
management discussion and analysis (MD&A) and quarterly financial statements,
will be released on Wednesday 14 November 2007 (Toronto time). The Company's
senior management will host two conference calls following this release (times
listed below) to discuss third quarter results.

    Conference Call Details
    -----------------------
    4.00pm Toronto EST, Wed 14 Nov 2007 (8.00am Thurs 15 Nov 2007 Melbourne
time)
    8.00am London GMT Thurs 15 Nov 2007 (7.00pm Thurs 15 Nov 2007 Melbourne
time)

    Telephone Participants

    Australia: 1800 097 137
    Canada: 1888 3907 943
    Hong Kong: 800 962 681
    New Zealand: 0800 603 458
    Philippines: 1800 1612 0024
    Singapore: 800 6162 212
    UK: 0808 234 8304
    USA: 1866 888 7010
    All other countries: +61 3 8338 0900
    Confirmation code: 3918116

    Webcast Participants

    To view the webcast, copy and paste the web link below into your web
browser. Please visit this area of the website at least a day before the
scheduled start of the call, to ensure you have the necessary software to view
the webcast. On the day of the webcast we ask you to access the link 5-10 mins
prior to the start time of the actual call and to dial in on the
teleconference numbers given above to be able to hear the audio.

    
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    Participants:

   
https://www.livemeeting.com/cc/visioncastausnz/join?id=3918116&role=attend&pw=
A3918116

    Please copy and paste entire URL into web browser.
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    Meeting id:     3918116              Meeting key:  A3918116
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    Corporate Developments
    ----------------------
    On 3 July 2007 OceanaGold held a grand opening for the Reefton Gold Mine
with a ceremony attended by the local community, local and national
politicians, and representatives of the Maori community. This marked an
important milestone for OceanaGold as it represents the first of three new
mines that will be commissioned over the next 18 months.

    Mine Production
    ---------------
    Production from all mining operations totalled 43,194 ounces of gold in
the quarter.
    An overburden removal campaign to expose the deep ore in the Macraes open
cut was completed in the third quarter. As a consequence, higher grade reserve
ore has now been accessed and will comprise the majority of material milled at
Macraes during the fourth quarter of 2007. As planned, the first three
quarters of 2007 had lower grade stockpiled ore being processed while this
removal campaign took place, resulting in higher than average unit costs and
lower than average production for the mine.
    Production ramp-up continued at the Reefton Gold Project and
12,756 ounces were produced during the third quarter. The process plant
required a number of modifications which hindered third quarter gold
production but significantly improved performance by the beginning of the
fourth quarter. As of 1 October 2007, the Company has reached planned
production levels at Reefton.
    Due to the extended production ramp-up at Reefton, the Company now
expects 2007 gold production to total 170,000-180,000 ounces.

    Development
    -----------
    The Frasers Underground mine development continued on schedule and will
be commissioned in early 2008.
    Progress at the Didipio gold-copper project on Luzon Island, Philippines
continued towards the completion of the detailed engineering, final budget and
construction schedule, all which are expected by the end of the fourth
quarter. The 21 kilometre access road obtained all-weather status and site
preparation for the accommodation camp has begun.
    Total expenditure incurred at all projects on mining production and
development activities (excluding depreciation and amortisation) in the
quarter totalled US$50,059,000.

    Exploration
    -----------
    Expenditures for exploration totalled US$1,377,000 during the third
quarter of 2007.
    Infill diamond drilling continued at the Frasers Underground Panel 2
Extension in New Zealand's Macraes Goldfield. Assay results received for 5
diamond drill holes are detailed in the following table. The grade and width
of the mineralised Hangingwall structure continues to demonstrate continuity
in the Frasers Panel 2 extension area.

    
                         Frasers Underground Panel 2

                   Extension Diamond Drilling Intersections

    -------------------------------------------------------------------------
    Prospect      Hole ID     From     To   Length   True      Grade
                               (m)     (m)    (m)  Width (m) (g/t Au)
    -------------------------------------------------------------------------
    FRUG P2
     Extension    RCD4899      601     610      9         9     3.33
                  DDH4900      604     612      8         8     2.06
                  DDH4901      483     496     13        13     3.45
                  DDH4902      451     457      6         6     2.91
                  DDH4903      469     472      3         3     3.00
    -------------------------------------------------------------------------
    

    An infill diamond drilling program continues at Didipio in the Philppines
to increase the data within the deposit and to upgrade further resources to
reserves.
    Soil sampling, mapping, and an IP survey were completed at the Papaya
project which is located within the Didipio FTAA. Drill targets have been
identified and diamond drilling is planned for the fourth quarter.
    Field work continues at the Manhulayan copper-gold prospect in the
Surigao del Norte. An IP survey is also planned for the fourth quarter and
drilling should commence once the wet season finishes early in the New Year.

    About OceanaGold

    OceanaGold currently operates in the South Island of New Zealand and in
the Philippines. The Company's assets include New Zealand's largest gold mine
at Macraes, a gold mine in the Reefton Goldfield, and two development
projects; the Frasers Underground Mine, scheduled for commissioning in early
2008, and the Didipio Gold-Copper Project in northern Luzon, Philippines
scheduled for completion in the first half of 2009.
    OceanaGold is listed on the Toronto, Australian and New Zealand stock
exchanges under the symbol "OGC".

    Cautionary Statement

    Statements in this release may be viewed as forward-looking statements.
Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always, using
words or phrases such as "expects" or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans", "estimates" or "intends", or
stating that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved) are not statements of
historical fact and may be forward-looking statements. Forward-looking
statements are subject to a variety of risks and uncertainties which could
cause actual events or results to differ from those reflected in the
forward-looking statements. There are no assurances the Company can fulfil
such forward-looking statements and the Company undertakes no obligation to
update such statements. Such forward-looking statements are only predictions;
actual events or results may differ materially as a result of risks facing the
Company, some of which are beyond the Company's control.





For further information:

For further information: Mr Darren Klinck, Vice President, Corporate and
Investor Relations, OceanaGold Corporation, Tel: 61 3 9656 5300


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