OceanaGold announces Didipio drill results & Philippines exploration update



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

    MELBOURNE, Australia, Feb. 12 /CNW/ - OceanaGold Corporation
("OceanaGold" or "the Company") is pleased to announce drill results from the
Didipio Gold-Copper deposit as well as provide an exploration update from the
Company's Philippines exploration program.

    Didipio Gold-Copper deposit
    ---------------------------
    Over the last nine months, an infill drilling program has been conducted
at Didipio to improve the understanding of the high-grade gold-copper core
located in the northern area of the deposit. The Didipio deposit currently
contains an NI 43-101 compliant reserve of 32.98 Mt at 1.48 g/t Au & 0.58% Cu,
making it one of the highest grade gold-copper porphyrys in the world. The
deposit remains open at depth and based on current proven and probable
reserves, has a 15 year mine life.
    Drill results in Appendix 1 show a number of promising intervals that
have further improved geologic understanding of the deposit and increased the
confidence within the high-grade gold-copper core.
    DDH0202 (Diagram A) reported 267 metres (145.4m true width) of 2.42 g/t
Au & 0.39% Cu and included 50 metres (32.1m true width) of 7.58 g/t Au & 0.73%
Cu. This interval began at a depth of 212 metres from surface and it pierced
the centre of the high grade zone.
    Approximately 100 metres south of DDH0202; holes DDH0205 and DDH0206
(Diagram B) were targeting the southern edge of the high grade gold-copper
core. DDH0205 reported 265 metres (107.8m true width) of 1.24 g/t Au and 0.47%
Cu. Results from this hole have helped to improve the understanding of the
transition between the high grade core into lower grade material. DDH0206
reported 330 metres (91.0m true width) of 1.96 g/t Au & 0.57% Cu and included
a 26 metre interval (7.2m true width) of 10.40 g/t Au & 2.19% Cu. This hole
has been successful in extending the high grade core both down-dip and further
to the south.
    This drill program is scheduled to be completed by the end of the first
quarter 2008.

    Manhulayan
    ----------
    The Manhulayan prospect is located in the Surigao Peninsula and is the
focus of an aggressive exploration program. A team of 35 exploration personnel
are currently on-site cutting grid lines, sampling, and trenching to identify
key targets for drilling scheduled for late March/early April. Previous
drilling in 2001 identified a gold-copper prophyry signature with long
mineralized intervals and good continuity.

    Near Mine (Didipio) Exploration
    -------------------------------
    There are 14 identified near mine prospects in the immediate area of
Didipio and 8 of these are within a 1500 metre radius of the Didipio mine. A
comprehensive exploration program is planned for this area in 2008 to coincide
with construction activities at the Didipio gold-copper mine. The focus on
this program is to identify near mine deposits that are economic and could be
integrated into the Didipio mine plan.

    Northern Luzon
    --------------
    Applications for the renewal of one exploration permit for the Claveria
prospect and for the granting of four exploration permits that cover the Manag
and Claveria prospects are being prepared with a goal of gaining access for
fieldwork later this year. OceanaGold holds 100% interest in these prospects.
Previous drilling at Manag reported 69 metres of 1.3 g/t Au & 1.1% Copper.
Aeromagnetic surveys at Claveria have identified a magnetic anomaly several
kilometres long with significant high-grade copper gold float associated with
a magnetite skarn. Samples have assayed up to 9% Cu and 31 g/t Au.


    
    Appendix 1
    ----------

    -------------------------------------------------------------------------
                                                         True    Cu     Au
    DrillHole   Cutoff              From    To    Width  Width   (%)   (g/t)
    -------------------------------------------------------------------------
    DDH0201  Peak above 0.8 AuEq       0    253     253  134.1  0.217   0.356
    DDH0201  Including                 0     18      18    9.5  0.476   0.433
    DDH0201  Peak above 0.3 AuEq       0    297     297  157.4  0.193   0.317
    DDH0202  Peak above 0.8 AuEq     104    128      24   13.1  0.195   0.149
    DDH0202  Peak above 0.8 AuEq     146    176      30   16.3  0.125   0.103
    DDH0202  Peak above 0.8 AuEq     212    479     267  145.4  0.390   2.420
    DDH0202  Including               371    430      59   32.1  0.730   7.580
    DDH0202  Peak above 0.3 AuEq  100.35    479  378.65  206.2  0.155   1.373
    DDH0204  Peak above 0.8 AuEq     208    226      18    7.3  0.033   0.551
    DDH0204  Peak above 0.3 AuEq     154    181      27   11.0  0.038   0.360
    DDH0204  Peak above 0.3 AuEq     208    235      27   11.0  0.025   0.437
    DDH0205  Peak above 0.8 AuEq     167    432     265  107.8  0.469   1.243
    DDH0205  Including               264    294      30   12.2  0.776   3.161
    DDH0205  Including               304    336      32   13.0  0.897   2.738
    DDH0205  Including               450    498      48   19.5  0.168   0.238
    DDH0205  Peak above 0.3 AuEq     110  500.3   390.3  158.7  0.357   0.903
    DDH0206  Peak above 0.8 AuEq     214    544     330   91.0  0.574   1.960
    DDH0206  Including               312    338      26    7.2  2.194  10.403
    DDH0206  Including               356    366      10    2.8  1.579   6.834
    DDH0206  Including               402    430      28    7.7  5.306  19.112
    DDH0206  Peak above 0.3 AuEq     160    616     456  125.7  0.439   1.466
    DDH0207  Peak above 0.8 AuEq       0    151     151  106.8  0.727   0.660
    DDH0207  Including                16    107      91   64.3  1.013   0.926
    DDH0207  Peak above 0.3 AuEq       0  200.5   200.5  141.8  0.572   0.530
    DDH0207  Including               169    197      28   19.8  0.112   0.173
    DDH0208  Peak above 0.8 AuEq     270    642     372  108.8  0.555   0.956
    DDH0208  Including               339    393      54   15.8  0.794   2.451
    DDH0208  Including               475    513      38   11.1  1.402   1.794
    DDH0208  Including               553    579      26    7.6  0.966   0.953
    DDH0208  Including               595    619      24    7.0  0.637   1.294
    DDH0208  Peak above 0.3 AuEq     270    657     387  113.1  0.535   0.921
    DDH0209  Peak above 0.8 AuEq     187    443     256  131.8  0.495   0.612
    DDH0209  Including               247    291      44   22.7  0.765   1.024
    DDH0209  Including               305    339      34   17.5  1.060   1.021
    DDH0209  Including               361    369       8    4.1  1.770   2.215
    DDH0209  Peak above 0.3 AuEq     187  473.3   286.3  147.5  0.451   0.562

    Notes:   Top cuts; Au to 50 ppm, Cu to 5%
    

    Full Company Release

    To view the full company release, including images please refer to the
company's website www.oceanagold.com

    About OceanaGold

    OceanaGold currently operates in the South Island of New Zealand and in
the Philippines. The Company's assets encompass New Zealand's largest gold
mine at Macraes which includes the recently commissioned Frasers Underground
operation, Reefton Gold Mine also in New Zealand and the Didipio Gold-Copper
Project in northern Luzon, Philippines scheduled for commissioning in H1 2009.
The Company expects to achieve gold production of approximately 500,000 gold
equivalent ounces (AuEq) in 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.

    Quality Control

    Mr Jonathan Moore, B.Sc (Hons) Geology and Dip.Grad. Physics, Resource
Geologist is the Qualified Person for the technical disclosure in this
release. Sampling of sawn diamond drill core was completed at the OceanaGold
facilities at Didipio, Philippines. Samples were prepared and assayed by fire
assay methods at the McPhar Assay laboratory located in Manila, Philippines.
Standard reference materials were inserted to monitor the quality control of
the assay data.





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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