OceanaGold Closes out Hedge Contracts



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

    MELBOURNE, Australia, Oct. 1 /CNW/ - OceanaGold is pleased to announce
that it has settled its gold hedging contracts for the first nine months of
2008. The settlement amount was US$26 million which was sourced from a
US$27 million restricted surety held by the banking syndicate providing the
hedging facilities. This transaction reduces the Company's fixed forward
contracts by 78,312 ounces (25% of the outstanding hedges) bringing the total
fixed forward contracts outstanding to 241,476 ounces as of September 30,
2008. The remaining contracts are scheduled for delivery over the next 27
months to December 2010.
    As reported in January of this year, the Company had considered rolling
its entire 2008 hedge contracts to 2011. Given the continued tightening in
global credit markets, the settlement of these hedges reduces OceanaGold's
liabilities and increases its credit capacity and funding options for the
Company's current initiatives.

    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 currently under construction.
    OceanaGold is listed on the Toronto, Australian and New Zealand stock
exchanges under the symbol "OGC".





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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