OceanaGold Commissions World's Largest Flotation Cells



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

    MELBOURNE, Australia, Dec. 17 /CNW/ - OceanaGold Corporation today
announced that it has successfully commissioned three new Outotec TankCell(R)
300 flotation cells at its Macraes processing facility in New Zealand. These
units incorporate optimized design to achieve good froth stability in a low
sulphide environment. Each TankCell(R) 300 has a flotation capacity of over
300m(3) and is the world's largest commercially operating flotation cell. The
new installation of 300m(3) tanks combined with Macraes existing Outotec
150m(3) tanks has successfully replaced the site's original two trains of
column and conventional flotation cells. This represents a significant
reduction in process plant footprint and the upgrade is expected to reduce
maintenance and operating costs.
    OceanaGold has achieved an initial increase in bulk flotation recovery of
4% which exceeds the projected recovery increase of 2.5%. Based on the
projected recovery improvement payback was 16 months, but is now expected to
occur sooner following final commissioning of the complete circuit. Outotec's
technical team has been working on-site at Macraes throughout the
commissioning process and the flotation circuit upgrade will be complete by
late-December when additional flotation cleaning capacity is commissioned.
Macraes will then be able to treat 6.0 million tonnes of ore per annum.
    At the beginning of 2008, OceanaGold's Macraes processing facility will
be treating all the ore and concentrate that the Company produces from its
Macraes, Frasers and Reefton gold mines in New Zealand.

    About OceanaGold Corporation

    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 new 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 early 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.





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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