OceanaGold Corporation - Management's discussion and analysis of financial condition and results of operations for the three months ended September 30, 2007



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

    MELBOURNE, Australia, Nov. 14 /CNW/ -

    
                                 HIGHLIGHTS
                                 ----------

    -   OceanaGold completed an IPO on the TSX, raising C$100.7 million of
        gross proceeds at C$3.50 per share, inclusive of the exercise of the
        underwriters' over-allotment option in late July.

    -   On the 3 July, OceanaGold and the West Coast community together
        celebrated the opening of the Reefton Gold Mine on the west coast of
        the south island of New Zealand.

    -   Construction activity at the Didipio Gold and Copper Project advanced
        according to plan with the award of further key contracts, the
        mobilisation of the EPCM contractor and the completion of the access
        road to all weather status.

    -   Gold production totalled 43,194 ounces and gold sales totalled
        42,107 ounces with a 20% increase in the average gold price received
        over the same period last year.

    -   The first of two ventilation bore raises has been completed at the
        Frasers Underground Mine development and the project remains on
        schedule to commission in the first quarter of 2008.

    -   Infill diamond drilling was accelerated at the Frasers Underground
        Panel 2 Extension area in order to provide data for a resource
        upgrade expected in the fourth quarter of 2007.

    -   Exploration drilling continued to test for mineralisation at the
        Crushington Prospect, Reefton Goldfield.

    -   Exploration at the Papaya Project in the Philippines (located within
        the Didipio FTAA) has progressed well. Drill targets have been
        identified from this work and a drill will be mobilized in the fourth
        quarter of 2007.

    (*)  All statistics are compared to the corresponding 2006 quarter.

    (xx) OceanaGold has adopted USD as its presentation currency, the
         financial statements are presented in USD and all numbers in this
         document are expressed in USD unless otherwise stated.


                               GROUP OVERVIEW
    

    Results from Operations

    Gold revenue in the third quarter of 2007 was lower than the comparative
quarter of 2006. This was primarily due to the processing of lower grade ore
at the Macraes Mine, whilst overburden was removed to expose deeper higher
grade ore in the Frasers Stage 4 portion of the open cut. There was also some
impact due to the slower than expected ramp up to full production at the
Reefton mine.
    The lower gold sales volume was largely offset by a significant rise in
the average gold price received per ounce. This increased 20% to $681 per
ounce due to a combination of continued higher gold spot prices, the continued
benefits of the hedge restructure completed in 2006, and the positive impact
of the gold put options.
    As a result of the reduced production and expensing the stripping costs
associated with mining the early phases of the Frasers Stage 4, cash costs per
ounce sold were higher for the quarter at $718 per ounce compared to the
equivalent quarter of 2006. The increased costs experienced in the quarter
produced a cash operating deficit of $37 per ounce sold.
    Year to date, the average gold price received has increased 30% to
$670 per ounce sold. This has offset the increase in cash costs to $563 per
ounce and resulted in a cash operating margin of $107 per ounce.

    Development Update

    The development of the Frasers Underground Mine progressed well in the
quarter and remains on schedule to commence commercial operations in first
quarter of 2008. Development progressed 1,336 metres in the quarter for a
total of 5,297 metres project to date. Panel one decline access was completed
and several panel drives have been mined into the ore zone.
    The first of two, 330 metre ventilation bore raises to the surface was
completed during the period and the excavation of the second bore raise had
commenced by the end of the quarter.
    Progress on the Didipio Gold and Copper Project in the Philippines
remains on schedule with the project detailed design further advanced and
expected to be complete late in the fourth quarter of 2007. Contracts for the
detailed design and construction of the accommodation village and for the
design of the large river crossings were awarded.
    The EPCM contractor mobilised their design and project management team to
Manila and have commenced issuing procurement packages to the marketplace.
    The site access road was elevated to all weather status and site
earthworks for the accommodation camp also commenced.

    
                                 - Table 1 -
                   Key Financial and Operating Statistics

    -------------------------------------------------------------------------
                                                         Nine         Nine
                              Quarter      Quarter      Months       Months
                             Ended 30     Ended 30     Ended 30     Ended 30
    Financial Statistics     Sep 2007     Sep 2006     Sep 2007     Sep 2006
    -------------------------------------------------------------------------

    Gold Sales (Ounces)        42,107       45,578      118,919      142,302

                                  USD          USD          USD          USD
                                  ---          ---          ---          ---

    Average Price Received
     ($ per ounce)                681          567          670          514
    Cash Operating Cost
     ($ per ounce)                718          434          563          373
    Cash Operating Margin
     ($ per ounce)                (37)         133          107          142

    Non-Cash Cost
     ($ per ounce)                234           99          181          102
    Total Operating Cost
     ($ per ounce)                952          533          744          475

    Total Cash Operating Cost
     ($ per tonne)              15.82        13.34        12.41        12.94
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                                         Nine         Nine
                              Quarter      Quarter      Months       Months
    New Zealand              Ended 30     Ended 30     Ended 30     Ended 30
    Operating Statistics     Sep 2007     Sep 2006     Sep 2007     Sep 2006
    -------------------------------------------------------------------------

    Gold produced (ounces)     43,194       43,577      119,704      143,738

    Total Ore Mined
     (tonnes)               1,125,425    1,542,539    3,245,835    4,459,928
    Ore Mined grade
     (grams/tonne)               1.35         1.10         1.27         1.24

    Total Waste Mined
     (tonnes) - incl pre-
     strip                 14,423,152   12,116,826   42,185,538   37,692,883

    Total Material Mined
     (tonnes) - incl pre-
     strip                 15,548,574   13,659,365   45,431,373   42,152,811

    Mill Feed (dry milled
     tonnes)                1,624,064    1,482,874    4,590,367    4,099,776
    Mill Feed Grade
     (grams/tonne)               1.11         1.12         1.04         1.33
    Recovery (%)                73.7%        81.8%        77.3%        82.3%

    Autoclave Feed Tonnes      33,307       30,765       94,875      107,108
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                                         Nine         Nine
                              Quarter      Quarter      Months       Months
                             Ended 30     Ended 30     Ended 30     Ended 30
                             Sep 2007     Sep 2006     Sep 2007     Sep 2006
    Financial Statistics      $000's       $000's       $000's       $000's
    -------------------------------------------------------------------------

    EBITDA (excluding
     unrealized hedge
     losses)                   (8,522)       5,730         (329)       15,027
    Profit/(loss) after
     income tax (excluding
     unrealized hedge
     losses)                  (16,169)       1,038      (20,534)        (939)

    Reported EBITDA
     (including unrealized
     hedge losses)            (55,627)      16,927      (32,182)     (14,908)
    Reported Profit/(loss)
     after income tax
     (including unrealized
     hedge losses)            (47,730)       8,540      (41,876)     (20,996)
    -------------------------------------------------------------------------

                                 OPERATIONS
    

    New Zealand Operations

    The New Zealand operations produced 43,194 ounces for the 2007 third
quarter. This compares to 43,577 ounces produced in the same quarter in 2006.
    Total material mined was 15.5M tonnes for the quarter compared to 13.7M
tonnes in the same quarter in 2006.

    Macraes

    The Macraes Gold Mine incurred two lost time injuries for the quarter,
equivalent to the same period in 2006.
    Gold production of 30,438 ounces during the third quarter of 2007 was 30%
lower than the corresponding period in 2006 (43,577 ounces). As forecasted,
much of the mill feed was from lower grade stockpiles. The mining during the
third quarter was also mainly from transitional lower grade material just
below the overburden in Frasers Stage 4 cutback and also from lower grade
benches in the Golden Ridge open pit.
    A significant amount of overburden stripping was expensed during the
quarter so higher waste to ore mining ratios increased mining costs per ounce
of gold. This will be reduced in future periods and higher grade benches in
both the Frasers and Golden Ridge open pits will be mined in the fourth
quarter of 2007.
    Total material mined in the third quarter was 12.4 million tonnes
compared to 13.7 million tonnes in 2006. Ore tonnes delivered to ROM pad was
10% lower than the previous quarter. The overall Open Pit mine grade averaged
1.04 g/t compared to 1.10 g/t in 2006 and again was in part due to the lower
grade transitional ore being mined in Golden Ridge and Frasers 4 open pits.
    Processing throughput at Macraes for the quarter was 1.42 million tonnes
(95%) compared to 1.48 million tonnes the previous year. Mill feed grade
averaged 0.92 g/t compared to 1.12 g/t in the same quarter in 2006. Mill
recoveries were 73.7% for the quarter compared with 81.8% for the same quarter
in 2006. This was due to larger grind size of the Reefton concentrate produced
before its regrind mill was fully commissioned. Additionally, some ore was
directly leached and resulted in lower recovery.

    Reefton Open Pit Mine

    On the 3rd of July, OceanaGold and the West Coast community celebrated
the opening of the Reefton Open Pit Gold Mine with a tribute to the history
and contribution of mining to New Zealand's West Coast. The opening included a
traditional Maori welcome, speeches by dignitaries and attendance by
descendants of former mine workers from the historical underground mines in
the area. This was followed by an Open Day for local residents on 4th July.
    During the third quarter, a total of 12,756 gold ounces was produced. The
operation also incurred two lost time injuries to contractor employees.
    Reefton ore tonnage mined for the quarter was 232,000 tonnes, with an
average grade of 2.01 grams per tonne. Total movement was 3.1 million tonnes
for the quarter. Unfavourable weather conditions and unplanned contractor
workforce personnel shortages reduced productivity during the quarter. Ore
deliveries to the process plant were not compromised however with adequate
stocks supplied to the run-of-mine ore stockpile at all times.
    Tonnes milled were 206,000 tonnes with a feed grade of 2.48 g/t. Process
plant throughput was restricted by concentrate filtering adjustments and mill
shutdowns to address a few residual commissioning issues.
    These modifications are now resulting in significant improvements in
concentrate production. Several throughput bottlenecks were addressed at the
end of the quarter and continual improved performance is expected for the next
quarter.
    Due to the extended ramp-up period at Reefton, the Company now expects to
produce between 170,000 - 180,000 ounces for 2007.

    
                                 - Table 2 -
                         Macraes Operating Statistics

    -------------------------------------------------------------------------
                                                         Nine         Nine
                              Quarter      Quarter      Months       Months
    Macraes Goldfield        Ended 30     Ended 30     Ended 30     Ended 30
    Operating Statistics     Sep 2007     Sep 2006     Sep 2007     Sep 2006
    -------------------------------------------------------------------------

    Gold produced (ounces)     30,438       43,577       98,494      143,738

    Total Ore Mined
     (tonnes)                 892,681    1,542,539    2,682,593    4,459,928
    Ore Mined grade
     (grams/tonne)               1.18         1.10         1.08         1.24

    Total Waste Mined
     (tonnes) - incl pre-
     strip                 11,517,535   12,116,826   33,097,359   37,692,883

    Total Material Mined
     (tonnes) - incl pre-
     strip                 12,410,216   13,659,365   35,779,952   42,152,811

    Mill Feed (dry milled
     tonnes)                1,418,022    1,482,874    4,247,521    4,099,776
    Mill Feed Grade
     (grams/tonne)               0.92         1.12         0.93         1.33
    Recovery (%)                73.7%        81.8%        77.6%        82.3%

    Total Autoclave feed
     tonnes                    33,307       30,765       94,875      107,108
    Autoclave availability (%)
    -------------------------------------------------------------------------


                                 - Table 3 -
                         Reefton Operating Statistics

    -------------------------------------------------------------------------
                                                         Nine         Nine
                              Quarter      Quarter      Months       Months
    Reefton Goldfield        Ended 30     Ended 30     Ended 30     Ended 30
    Operating Statistics     Sep 2007     Sep 2006     Sep 2007     Sep 2006
    -------------------------------------------------------------------------

    Gold produced (ounces)     12,756          n/a       21,210          n/a

    Total Ore Mined
     (tonnes)                 232,741          n/a      563,242          n/a
    Ore Mined grade
     (grams/tonne)               2.01          n/a         2.14          n/a

    Total Waste Mined
     (tonnes) - incl pre-
     strip                  2,905,617          n/a    9,088,179          n/a

    Total Material Mined
     (tonnes) - incl pre-
     strip                  3,138,358          n/a    9,651,421          n/a

    Mill Feed (dry milled
     tonnes)                  206,042          n/a      342,846          n/a
    Mill Feed Grade
     (grams/tonne)               2.48          n/a         2.46          n/a
    Recovery (%)                73.1%          n/a        73.5%          n/a
    -------------------------------------------------------------------------


                             DEVELOPMENT PROJECTS
    

    NEW ZEALAND

    Frasers Underground Mine

    Frasers Underground Mine continued on schedule with development
progressing 1,336 metres in the third quarter to a total of 5,297 metres
project to date. Ore extracted from the trial stopes was 87,333 tonnes for the
quarter.
    Frasers Underground Mine has zero lost time incidents for the quarter and
year to date.
    Panel 1 decline access was completed and several Panel 1 mining cross
cuts were driven into the ore zone. Underground diamond drilling is ongoing
and the major pump station cut-out was excavated during the quarter. The
decline continued towards Panel two.
    The first of two, 330 metre ventilation bore raises to the surface was
completed with the raise bore machine moving onto the second hole at the end
of the quarter. The first raise is a secondary escapeway, while the second
raise will be the primary ventilation raise.
    Gold production for the quarter was 6,663 ounces and 18,756 ounces in the
nine months to 30 September 2007.

    PHILIPPINES

    Didipio Gold and Copper Project

    Progress on the Didipio Gold and Copper Project development remains on
schedule. During the quarter, contracts were awarded for the detail design and
construction of the accommodation village as well as for the larger river
crossings.
    Ausenco mobilized their design and project management team to Manila and
commenced issuing procurement packages to the marketplace.
    The site access road was improved to all weather status. Widening and
stabilization continues in specific areas.
    Employment of key project personnel continued, including the appointment
of the Project Controls Manager.
    Fabrication of the mill shells continued on schedule. The open cut mine
plan was confirmed and requests for tender issued for the Mining Contract.
    The tailings dam detailed design continued and General Arrangement
layouts were agreed between the Mine, Process Plant, and Dam.
    The acquisition of land progressed well and included completion of a
cooperative agreement with the illegal small scale miners. Additionally, the
small number of local landowners who are relocating, have moved to temporary
housing. A permanent village will be complete by the end of the year.

    
                                 EXPLORATION
    

    NEW ZEALAND

    Exploration expenditure in New Zealand for the quarter was $0.9 million.

    Macraes Goldfield

    Infill diamond drilling continued at the Frasers Underground Panel 2
Extension to increase geological confidence in the resource for the area
(Figure 1). A second diamond drill rig was mobilised to the site in August by
contractors Boart Longyear and activity has increased commensurately.
    A total of 3,231m diamond core drilling was completed for the quarter,
progressively increasing the drill hole density to a nominal 50m x 50m grid.
Seven holes in the current programme have now successfully intersected the
mineralised hanging wall shear zone. Navigational drilling techniques were
used during the quarter to ensure that the locations of the drill holes were
optimised for resource estimation.
    Assay results were received for five diamond drill holes: RCD4899 and
DDH4900 to DDH4903 (Table 4). The grade and width of the mineralised hanging
wall structure was within the expected range based on intersections from the
surrounding holes. Several holes have also intersected significant stockwork
style mineralisation beneath the Hangingwall (Appendix I).

    
                                 - Table 4 -
                         Frasers Underground Panel 2
                   Extension Diamond Drilling Intersections

    -------------------------------------------------------------------------
                                                             True
    Prospect       Hole ID     From       To     Length     Width     Grade
                               (m)       (m)       (m)       (m)     (g/t Au)
    -------------------------------------------------------------------------
    FRUG P2        RCD4899
     Extension                 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
    -------------------------------------------------------------------------
    

    Drilling will continue on the Panel 2 Extension area in the next quarter
and the work is scheduled for completion in time to allow a resource update to
be completed in December 2007.

    Rise and Shine Joint Venture

    Joint Venture partners, CanAlaska Ventures Limited, have exercised their
option to take a 70% interest in the Rise and Shine Joint Venture, located in
Central Otago. CanAlaska Ventures Limited will manage the project going
forward. OceanaGold elected not to exercise an option to increase its interest
in the joint venture to 50%.

    Reefton Goldfield

    Testing of the Crushington prospect, approximately 3km north of the
Reefton Operation (Figure 2) continued during the quarter. Drilling was
completed on only 5 diamond drill holes (RDD0050 to RDD0054) for a total of
555.6m core drilling. Drilling during the quarter was again inhibited by poor
ground conditions, which resulted in a number of holes being abandoned.
    Assay results were returned for five diamond drill holes during the
quarter (RDD0049 to RDD0053). Significant intersections are shown in Table 5.
Hole RDD0053 drilled down dip of a mineralised zone reported in the second
quarter intersected the mineralised structure at depth (Figure 3).

    
                                 - Table 5 -
             Reefton Significant Diamond Drilling Intersections

    -------------------------------------------------------------------------
                                                             True
    Prospect       Hole ID     From       To     Length     Width     Grade
                               (m)       (m)       (m)       (m)     (g/t Au)
    -------------------------------------------------------------------------
    Crushington    RDD0049     119       120        1        0.7        1.04
                               122       123        1        0.7        3.08
                   RDD0053     113       117        4        2.8        2.02
                               121       123        2        1.4        3.31
                               188       189        1        0.7        2.39
    -------------------------------------------------------------------------
    

    The exploration diamond drilling program in Reefton will continue during
the next quarter to test for mineralisation proximal to the Reefton mine.

    PHILIPPINES

    During the quarter US$ 0.4 million was spent on exploration activities.
This level of expenditure is lower than expected and largely reflects extended
time to build the Philippine exploration team and delays in gaining
exploration approvals. Exploration at Manhulayan will begin late in 2007 and
at Manag in 2008.

    Didipio Gold and Copper Project

    Nine drill holes of the infill diamond drilling program of the
underground ore body at Didipio have been completed and drilling has started
on the open pit infill diamond drilling targets. This infill drilling has been
undertaken to increase drill density to enable the upgrade of some resources
to reserves.
    Infill drilling progressed during the quarter with three drill holes
completed and a fourth hole in progress for a total of 1810m.
    More active exploration within the near-mine area is planned during
Q4 2007 including re-analysis of the GIS and assay database, field work, and
drilling of advanced prospects.

    Papaya Project

    Exploration has progressed well at the Papaya target within the FTAA.
Extensive gridding (21.4 line km), soil sampling (525 samples), mapping and an
Induced Polarization geophysics study (IP Survey) have been carried out.
    From Figure 5 below, Targets A1, A2, A3 all demonstrate strong responses
from IP or resistivity surveys and will be the primary drill targets for the
first drill program. A drill program focused on these targets is scheduled to
begin in the fourth quarter of 2007.
    Various community development projects have been undertaken in
conjunction with the field work. These activities include coordinating and
funding Medical and Dental Missions to remote communities in Nueva Viscaya
near Papaya. These were conducted in cooperation with the Provincial Governor
and Congressman. The two Medical and Dental Missions were very successful with
attendees numbering 205 and 1500 people respectively. Plans are underway to
improve roads and farm-to-market access for the people of Papaya during the
drilling program.

    Other Philippines Exploration

    The Manhulayan assay and GIS database has been reconstituted and re-
evaluated. A program of mapping, stream sampling, soil gridding and IP
surveying is planned to extend the previous work to the SE of the existing
grid into the Monte de Oro area. Old grid lines centred on Costan Ridge will
be re-opened to enable an IP survey over all mineralised areas and a
comparison with previous drilling.
    A crew of geologists has mobilised to the area to maintain community
relations, re-establish survey points for the grid and to assess road access
options.
    At Manag and Claveria in northern Luzon, negotiations have progressed
with the local residents and various branches of the Provincial Government.
The Company is working with the local communities to further strengthen
relationships and complete the necessary outstanding requirements so that
exploration approvals can be granted.

    
                                 APPENDIX I

      Summary of Diamond Drill Holes and Mineralised Intercepts at the
               Frasers Underground Panel 2 Extension, Macraes

    -------------------------------------------------------------------------
                   North        East                          Azimuth    Dip
                   (Mine       (Mine        RL      Depth    (Degrees   (De-
    Hole ID         Grid)       Grid)      (m)       (m)       True)   grees)
    -------------------------------------------------------------------------
    RCD4895        12,501      71,101      529      110.1       300      -75
    -------------------------------------------------------------------------
    RCD4896        12,421      71,232      530      288.1       285      -75
    -------------------------------------------------------------------------
    RCD4897        12,400      71,282      532      620.6       286      -75

    -------------------------------------------------------------------------
    RCD4898        12,457      71,242      532      611.8       288      -75

    -------------------------------------------------------------------------
    RCD4899        12,455      71,335      534      650.8       286      -77


    -------------------------------------------------------------------------
    DDH4900        12,413      71,374      537      653.6       286      -78

    -------------------------------------------------------------------------
    DDH4901        12,541      70,997      525      536.3       283      -75
    -------------------------------------------------------------------------
    DDH4902        12,566      70,899      519      500.4       282      -79


    -------------------------------------------------------------------------
    DDH4903        12,603      70,922      523      512.5       288      -78

    -------------------------------------------------------------------------
    DDH4904        12,422      71,233      530          -       279      -76
    -------------------------------------------------------------------------
    DDH4905        12,502      71,101      529          -       300      -77
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                                         True
                    From        To         Length        Width       Grade(1)
    Hole ID          (m)        (m)          (m)          (m)        (g/t Au)
    -------------------------------------------------------------------------
    RCD4895         Hole abandoned, excessive deviation
    -------------------------------------------------------------------------
    RCD4896         Hole abandoned, excessive deviation
    -------------------------------------------------------------------------
    RCD4897         570         578           8            8            2.08
                    580         587           7            7            1.49
    -------------------------------------------------------------------------
    RCD4898         561         568           7            7            4.25
                    568         581          13           13            1.79
    -------------------------------------------------------------------------
    RCD4899         601         610           9            9            3.33
                    610         627          17           17            3.07
                    637         642           5            5            1.22
    -------------------------------------------------------------------------
    DDH4900         604         612           8            8            2.06
                    619         626           7            7            2.55
    -------------------------------------------------------------------------
    DDH4901         483         496          13           13            3.45
    -------------------------------------------------------------------------
    DDH4902         451         457           6            6            2.91
                    457         470          13           13            0.84
                    473         482           5            5            1.71
    -------------------------------------------------------------------------
    DDH4903         469         472           3            3            3.00
                    494         499           5            5            1.15
    -------------------------------------------------------------------------
    DDH4904         Drilling in progress
    -------------------------------------------------------------------------
    DDH4905         Drilling in progress
    -------------------------------------------------------------------------

    (1)  Grades are uncut



                                 APPENDIX II

      Summary of Diamond Drill Holes and Mineralised Intercepts at the
                        Crushington Prospect, Reefton

    -------------------------------------------------------------------------
                                                              Azimuth    Dip
                   North        East        RL      Depth    (Degrees   (De-
    Hole ID        (NZMG)      (NZMG)      (m)       (m)       True)   grees)
    -------------------------------------------------------------------------
    RDD0047     5,896,027   2,418,527      280      277.4       075      -50

    -------------------------------------------------------------------------
    RDD0048     5,896,350   2,418,626      430      162.9       090      -50


    -------------------------------------------------------------------------
    RDD0049     5,896,056   2,418,636      335      148.2       075      -50

    -------------------------------------------------------------------------
    RDD0050     5,895,805   2,418,672      260       64.0       075      -50
    -------------------------------------------------------------------------
    RDD0051     5,895,805   2,418,672      260       18.7       075      -50
    -------------------------------------------------------------------------
    RDD0052     5,895,805   2,418,672      260      168.7       226      -50

    -------------------------------------------------------------------------
    RDD0053     5,896,350   2,418,558      445      200.7       090      -50


    -------------------------------------------------------------------------
    RDD0054     5,896,350   2,418,558      445      123.2       140      -50
    -------------------------------------------------------------------------
    RDD0055     5,896,350   2,418,726      455          -       090      -50
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                                         True
                    From        To         Length       Width(1)     Grade(2)
    Hole ID          (m)        (m)          (m)          (m)        (g/t Au)
    -------------------------------------------------------------------------
    RDD0047         177         178           1          0.7            0.60
                    269         270           1          0.7            0.88
    -------------------------------------------------------------------------
    RDD0048          42          51           9          6.4            1.34
                     52          56           4          2.8           11.04
                    100         101           1          0.7            0.84
    -------------------------------------------------------------------------
    RDD0049         119         120           1          0.7            1.04
                    122         123           1          0.7            3.08
    -------------------------------------------------------------------------
    RDD0050         Hole abandoned, no significant intersections
    -------------------------------------------------------------------------
    RDD0051         Redrill of RDD0050 from 53m downhole
    -------------------------------------------------------------------------
    RDD0052         153         154           1          0.3            0.77
                    165         166           1          0.3            1.86
    -------------------------------------------------------------------------
    RDD0053         113         117           4          2.8            2.02
                    121         123           2          1.4            3.31
                    188         189           1          0.7            2.39
    -------------------------------------------------------------------------
    RDD0054         Hole abandoned, intersected historical workings
    -------------------------------------------------------------------------
    RDD0055         Drilling in progress
    -------------------------------------------------------------------------

    (1)  True widths may change as structure geometry is updated
    (2)  Grades are uncut

                              FINANCIAL SUMMARY

    The table below sets out selected financial data relating to the quarter
and nine months ended September 30, 2007, with comparative data from the
quarter and nine months ended September 30, 2006

                              Quarter      Quarter  Nine Months  Nine Months
                                Ended        Ended        Ended        Ended
                         September 30 September 30 September 30 September 30
                                 2007         2006         2007         2006
    INCOME STATEMENT            $'000        $'000        $'000        $'000
    -------------------------------------------------------------------------
    Gold sales                 24,367       25,827       67,780       73,115
    -------------------------------------------------------------------------
    Cost of sales,
     excluding
     depreciation and
     amortization             (25,126)     (19,359)     (55,874)     (51,517)
    -------------------------------------------------------------------------
    Other expenses             (7,773)        (770)     (12,431)      (6,688)
    -------------------------------------------------------------------------
    Other income                   10           32          196          117
    -------------------------------------------------------------------------
    Earnings before
     interest, tax,
     depreciation &
     amortization (EBITDA)
     (excluding unrealised
     gain/(loss) on hedges)    (8,522)       5,730         (329)      15,027
    -------------------------------------------------------------------------
    Depreciation and
     amortization              (8,447)      (2,375)     (18,428)     (12,280)
    -------------------------------------------------------------------------
    Net interest expense       (3,277)      (1,119)      (8,820)      (3,083)
    -------------------------------------------------------------------------
    Profit/(loss) before
     income tax and
     unrealized gain/(loss)
     on hedges                (20,246)       2,236      (27,577)        (336)
    -------------------------------------------------------------------------
    Profit/(loss) after
     income tax and before
     unrealized gain/(loss)
     on hedges                (16,169)       1,038      (20,534)        (939)
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Release from OCI of
     deferred unrealized
     gain/(loss) on
     designated hedges            501      (10,917)     (16,741)     (18,100)
    -------------------------------------------------------------------------
    Gain/(loss) on fair
     value of undesignated
     hedges                   (47,607)      22,114      (15,112)     (11,836)
    -------------------------------------------------------------------------
    Tax on unrealized
     (gain)/loss on hedges     15,545       (3,695)      10,511        9,879
    -------------------------------------------------------------------------
    Net earnings/(loss)       (47,730)       8,540      (41,876)     (20,996)
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Basic earnings/(loss)
     per share (cents)            (30)          12          (30)         (29)
    -------------------------------------------------------------------------
    Diluted earnings/(loss)
     per share (cents)            (30)          11          (30)         (29)
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CASHFLOW
    -------------------------------------------------------------------------
    Cashflows from
     Operating Activities         149        4,947        5,495       17,955
    -------------------------------------------------------------------------
    Cashflows from
     Financing Activities      88,921       (1,169)     140,784       (2,214)
    -------------------------------------------------------------------------
    Cashflows from
     Investing Activities     (24,188)     (14,064)     (95,114)     (20,980)
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                                 As at       As at
                          September 30 December 31
                                  2007        2006
    BALANCE SHEET                $'000       $'000
    -------------------------------------------------------------------------
    Total Current Assets       197,776     120,711
    -------------------------------------------------------------------------
    Total Non Current
     Assets                    623,326     503,018
    -------------------------------------------------------------------------
    Total Assets               821,102     623,729
    -------------------------------------------------------------------------
    Total Current
     Liabilities               128,261      91,185
    -------------------------------------------------------------------------
    Total Non Current
     Liabilities               309,952     243,384
    -------------------------------------------------------------------------
    Total Liabilities          438,213     334,569
    -------------------------------------------------------------------------
    Total Shareholders'
     equity                    382,889     289,160
    -------------------------------------------------------------------------
    

    RESULTS OF OPERATIONS

    Sales Revenue
    -------------
    Gold sales revenue in the third quarter was lower than the comparative
quarter in 2006 due to reduced gold sales volume, offset to a significant
degree by an increase in the average gold price received.
    Overall gold production was materially equal to production in the third
quarter of 2006. Gold production from the Macraes open pit mine declined due
to reduced mill feed grade associated with mining transitional lower grade
material within the Frasers Stage 4 cutback and from processing lower grade
stockpiles. This shortfall was partially offset by gold production sourced
from Reefton and the Frasers underground development at the Macraes Mine.
    However, gold sales revenue from gold produced from Frasers underground
ore was credited to the Frasers underground development project resulting in
significantly lower gold sales revenue compared to the comparative quarter of
2006.This revenue reduction was largely offset by a 20% increase in the
average gold price to $681 per ounce sold. This occurred due to the
combination of higher gold spot prices and the continued benefits of the hedge
restructure completed in 2006. During the quarter 30% of gold sales were sold
into forward sales contracts compared to 45% sold into forward contracts in
the equivalent quarter of 2006.
    Year to date sales revenue is also lower than the comparative nine month
period in 2006, due to lower gold sales volumes associated with the
significant low grade stockpile volumes processed which reduced mill feed
grades at the Macraes processing facility. This has been partially offset by a
30% increase in the average gold price received to $670 per ounce sold.

    Unrealized Hedge Losses
    -----------------------
    In the third quarter of 2007 unrealized hedge losses recorded in the
Statement of Earnings/(Loss) were $47.1 million compared with unrealised hedge
gains of $11.2 million in the same quarter of 2006.
    In the nine months ended 30 September 2007 unrealized hedge losses
recorded in the Statement of Earnings/(Loss) were $31.9 million compared with
unrealised hedge losses of $29.9 million in the same period of 2006.
    These unrealised losses are a function of movements in the spot gold
price.
    The unrealized hedge gains or losses required to be brought to account do
not represent a realized gain or loss incurred by OceanaGold and therefore
have no influence upon the cash revenue generated in the period, nor does the
accounting for unrealized hedges reflect their real value in terms of locking
in a future price that exceeds the cost of production, or their value as a
prudent approach to risk management.
    The derivative instruments used to manage the risk of adverse movements
in gold prices and FX rates are discussed below.

    Operating Costs & Margins
    -------------------------
    As a result of the reduced production from the Macraes open pit and
expensing of the high overburden removal for the Frasers Stage 4 cutback, cash
costs per ounce sold in the quarter were 65% higher at $718 per ounce. Cash
costs per ounce sold in the nine months ended 30 September 2007 were 51%
higher at $563 per ounce.
    Whilst cash costs per tonne processed increased 19% to $15.82 per tonne,
this was moderated by higher mill throughput. On a year to date basis cash
costs per tonne processed have reduced 4% to $12.41 driven by increased mill
throughput and other efficiencies.
    The increased costs experienced in the quarter produced a cash operating
deficit of $37 per ounce sold. On a year to date basis the cash operating
margin is $107 per ounce sold.
    The cost increase together with the lower sales revenues combined to
produce a loss before interest, tax, depreciation & amortisation (excluding
unrealized hedge losses) of $8.5 million in the quarter. In the nine months
ended 30 September 2007 the company has produced a loss before interest, tax,
depreciation & amortisation (excluding unrealised hedge losses) of
$0.3 million.
    The results for both the third quarter and the year were negatively
impacted by a $4m unrealised foreign exchange loss on cash holdings.

    Depreciation and Amortization
    -----------------------------
    Depreciation and amortization charges are calculated on a units of
production basis and are consequently lower for the Macraes operations in the
third quarter of 2007 compared with the third quarter of 2006. However, the
start of operations at Reefton mine and the commencement of depreciation of
these assets together with the amortisation of deferred waste stripping costs
have more than offset this in the quarter.
    On a year to date basis, the start up of Reefton operations and the
amortisation of deferred stripping costs have also offset the impact of lower
production at Macraes to produce a depreciation & amortisation charge 50%
higher than in the same period of 2006.

    Interest expense
    ----------------
    The increased interest expense in the third quarter and in the nine
months of 2007 is a result of the higher levels of debt carried by OceanaGold
through the periods compared with the comparative periods of 2006. This debt
relates to the convertible notes issued in December 2006 and March 2007, the
project debt facility drawn in late 2006 and additional equipment lease
liabilities, all associated with financing the company's mine development
program.

    Profit/(Loss) after Tax
    -----------------------
    The company reported total loss after tax in the third quarter of 2007 of
$47.7 million compared with a profit after tax of $8.5 million in the third
quarter of 2006. The impact of unrealised hedge gains and losses was
influential in both periods. Earnings/(loss) before interest, tax,
depreciation and amortisation (EBITDA) is an alternative and more relevant
measure of performance in each period.
    The company produced a loss before interest, tax, depreciation and
amortisation of $8.5 million in the third quarter, down from EBITDA of
$5.7 million in the same quarter of 2006. On a year to date basis a loss
before interest, tax, depreciation and amortisation of 0.3 million was
generated in 2007 compared with EBITDA of $15.0 million in 2006.
    This is primarily a result of the reduced mill feed grades at the Macraes
processing plant resulting from the processing of lower grade stockpiles
whilst the Frasers Stage 4 stripping program was undertaken to expose higher
grade ore that will be mined in later periods. An unrealised foreign exchange
loss of $4 million on cash holdings also influenced the result for the quarter
and the nine months to September 30, 2007.

    DISCUSSION OF CASH FLOWS

    Operating Activities
    --------------------
    Cash inflows from operating activities were lower in the third quarter of
2007 compared to the third quarter of 2006 as a result of the reduced gold
sales revenue, increased mining costs and an increase in net interest payments
associated with the higher debt levels. This was partially offset by a
reduction in working capital driven by timing of creditor payments.
    Cash inflows from operating activities were also lower in the nine months
to September 30, 2007 compared to the same period of 2006, primarily as a
result of reduced gold sales revenue, increased mining costs and an increase
in debt interest payments, partially offset by reduced working capital.

    Financing Activities
    --------------------
    Cash inflows from financing activities in the quarter generated a net
inflow of $88.9 million compared to an outflow of $1.2 million in the same
quarter of 2006.
    This was principally due to a net inflow of $87.3 million from the issue
of shares as part of the TSX IPO completed in July. In addition there were
proceeds from borrowings of $1 million.
    Cash inflows from financing activities in the nine months to September
30, 2007 were $140.8 million compared to a cash outflow of $2.2 million in the
equivalent period of 2006. This was primarily due to the proceeds from the IPO
noted above, a net inflow of $11.1 million from finance lease facilities,
$20.0 million from drawings from the NZD project debt facility and from the
issuance of an additional A$30 million of convertible notes to a nominee of
Goldman Sachs (Asia) Finance. These notes were issued on March 22, 2007, with
a coupon rate of 7%, and mature on March 22, 2014.

    Investing Activities
    --------------------
    Cash outflows due to investing activities in the third quarter were
principally for the construction and development of the Reefton open pit and
Frasers underground mines in New Zealand and totalled $8.6 million.
Expenditure of $8.2 million was also incurred on the Didipio Gold and Copper
Project in the Philippines.
    Expenditure of $6.4 million was incurred in pre-stripping, exploration
and sustaining activities and $1 million was spent upgrading and adding to the
mining fleet.
    Capital expenditure in the nine months ended September 30, 2007 totalled
$95.1 million. This was incurred for the development of the Reefton open pit
and Frasers Underground mines, the development of the Didipio Gold and Copper
Project, pre-stripping and sustaining activities at the Macreas open pit mine,
and the expansion of the mining fleet.

    DISCUSSION OF FINANCIAL POSITION AND LIQUIDITY

    Company's funding and capital requirements

    The Company expects to continue to fund its planned growth and
development through a combination of the cash balance as at September 30, 2007
of $141.5 million, cash flow from operations (including sales through
derivative instruments), from various financing facilities, from the exercise
of listed share options, or from the capital markets.
    Current financing facilities available to the group include finance lease
facilities of NZ$83.5 million of which NZ$78.8 million has been drawn and a
fully drawn NZ$41 million project debt facility. In addition a consortium of
banks provides a 337,247 ounce hedging facility, secured by a pledge of the
assets of OceanaGold NZ Ltd.
    The Company's principal requirements for cash over the next twelve months
will be for capital expenditures at its two major projects, being the
development of the Frasers Underground mine at Macraes, NZ and the development
of the Didipio Gold and Copper Project in the Philippines.

    
    Capital commitments

    OceanaGold's capital commitments as at September 30, 2007 are as follows:

    -------------------------------------------------------------------------
                             Payments due by period as at September 30, 2007
    -------------------------------------------------------------------------
                                             $'000        $'000        $'000
                                                      less than        1 - 5
                                             Total       1 year        years
    -------------------------------------------------------------------------
    Capital commitments                     34,656       28,296        6,360
    -------------------------------------------------------------------------
    

    Financial position

    Total Current Assets
    --------------------
    Total current assets have risen by $77.1 million since December 2006. The
most significant driver of this is the increase in the cash balance by
$61.5 million due to the recent equity raising offset by significant capital
expenditure in the period.
    The balance of the increase is due to increases in current inventory
balances and the current portion of future tax assets and a reclassification
of derivative assets associated with the gold put options.

    Total Non Current Assets
    ------------------------
    The increase of $120.3 million was driven by increased Property, Plant &
Equipment and Mining Asset balances resulting from the mine development
activities at the Globe Progress, Frasers Underground and Didipio Gold and
Copper projects and the pre-stripping and sustaining capital activities at the
Macraes open pit mine. In addition, the depreciation in the U.S. dollar has
generated material foreign currency translation differences related to
Property, Plant and Equipment and Mining Assets.
    A $10.2 million reduction in derivative assets associated with the
reclassification of gold put options to current assets partially offset these
increases.

    Total Current Liabilities
    -------------------------
    The increase of $37.1 million in the nine months to September 30, 2007
was driven by the increase in unrealised derivative liability balances due to
the increase in the spot price of gold. There was an increase in creditors due
to timing of payments and increased activities. Some of the finance lease
liabilities were also reclassified to current due to the passage of time.

    Total Non Current Liabilities
    -----------------------------
    The increase of $66.6 million in the nine months to September 30, 2007
was due to issuing the additional A$30 million in convertibles notes during
March and further draw downs of the project debt and finance lease facilities.
    These financing activities have been detailed in the analysis of cash
flows above.

    Current and non-current derivative liabilities
    ----------------------------------------------
    OceanaGold currently maintains some derivative instruments to manage the
risk of adverse movements in gold prices and foreign exchange rates.
    Primary instruments are undesignated forward gold sales contracts for
over 337,247 ounces (2006: 389,976 ounces) at NZ$773, undesignated gold put
options over 264,996 ounces (2006: 320,769 ounces) with an average exercise
price of NZ$1,000 and undesignated gold call options over 104,024 ounces
(2006: 104,024 ounces) of forecast 2010 production with an average exercise
price of NZ$1,062.

    
    A summary of OceanaGold's derivatives is set out below:

                                                   September 30  December 31
                                                           2007         2006
                                                          $'000        $'000

    Current Assets
    Gold put options                                      7,905        4,298
                                                   --------------------------

    Non Current Assets
    Gold put options                                          -       10,170
                                                   --------------------------

    Current Liabilities
    Gold forward sales contracts                         75,677       63,374
    Gold call options                                    14,110       10,322
    Forward currency contracts                                -          282
                                                   --------------------------
                                                         89,787       73,978
                                                   --------------------------

    Shareholders' Equity
    --------------------
    A summary of OceanaGold's changes in shareholders' equity is set out
below:

                                                           Nine months ended
                                                           September 30 2007
                                                                       $'000
                                                   --------------------------
    Total equity at beginning of financial period                    289,160
                                                   --------------------------
    Profit/(loss) after income tax                                   (41,876)
    Other movements in retained earnings                                 479
    Movement in other comprehensive income                            42,615
    Equity portion of convertible debt                                 3,073
    Movement in contributed surplus                                      468
    Exercise of options                                                  543
    Shares Issued                                                     88,427
                                                   --------------------------
    Total equity at end of financial period                          382,889
                                                   --------------------------
    

    Shareholders' equity has increased to $382.9 million as at September 30,
2007 primarily as a result of the shares issued as part of the TSX IPO and the
movement in other comprehensive income driven by a reduction in deferred
unrealised hedge losses and currency translation differences. This was offset
by the loss incurred during the nine months ending 30 September 2007.
    The other significant movement is the increase in the equity portion of
convertible debt associated with the issue of an additional A$30 million in
convertibles notes in March 2007.

    CRITICAL ACCOUNTING ESTIMATES AND ACCOUNTING POLICIES

    The accounting policies that involve significant management judgement and
estimates are discussed in this section. For a complete list of the
significant accounting policies, reference should be made to Note 1 of the
2006 audited consolidated financial statements of Oceana Gold Ltd.

    Exploration and Evaluation Expenditure

    Exploration and evaluation expenditure is stated at cost and is
accumulated in respect of each identifiable area of interest.
    Such costs are only carried forward to the extent that they are expected
to be recouped through the successful development of the area of interest (or
alternatively by its sale), or where activities in the area have not yet
reached a stage which permits a reasonable assessment of the existence or
otherwise of economically recoverable resources, and active work is
continuing.
    Accumulated costs in relation to an abandoned area are written off to the
Statement of Earnings in the period in which the decision to abandon the area
is made.
    A regular review is undertaken of each area of interest to determine the
appropriateness of continuing to carry forward costs in relation to that area
of interest.

    Mining Properties in Production or Under Development

    Expenditure relating to mining properties in production (including
exploration, evaluation and development expenditure) are accumulated and
brought to account at cost less accumulated amortisation in respect of each
identifiable area of interest. Amortisation of capitalised costs, including
the estimated future capital costs over the life of the area of interest, is
provided on the production output basis, proportional to the depletion of the
mineral resource of each area of interest expected to be ultimately
economically recoverable.
    A regular review is undertaken of each area of interest to determine the
appropriateness of continuing to carry forward costs in relation to that area
of interest. Should the carrying value of expenditure not yet amortised exceed
its estimated recoverable amount, the excess is written off to the Statement
of Earnings.

    Asset Retirement Obligations

    OceanaGold recognises the fair value of a future asset retirement
obligation as a liability in the period in which it incurs a legal obligation
associated with the retirement of tangible long-lived assets that results from
the acquisition, construction, development and/or normal use of the assets.
OceanaGold concurrently recognises a corresponding increase in the carrying
amount of the related long-lived asset that is depreciated over the life of
the asset. The key assumptions on which the fair value of the asset retirement
obligations are based include the estimated future cash flow, the timing of
those cash flows and the credit-adjusted risk-free rate or rates on which the
estimated cash flows have been discounted. Subsequent to the initial
measurement the liability is accreted over time through periodic charges to
earnings. The amount of the liability if subject to re-measurement at each
reporting period if there has been a change to certain of the key assumptions.

    Asset Impairment Evaluations

    The carrying values of exploration, evaluation, development costs and
plant and equipment are reviewed for impairment when events or changes in
circumstances indicate the carrying value may not be recoverable. If any such
indication exists and where the carrying value exceeds the undiscounted future
cash flows from these assets, the assets are written down to the discounted
value of the future cash flows based on OceanaGold's average cost of
borrowing.

    Stock Option Pricing Model

    Stock options granted to employees or external parties are recognized at
fair value as an expense in equal instalments over the vesting period and
credited to the contributed surplus account. The expense is determined using
an option pricing model that takes into account the exercise price, the term
of the option, the impact of dilution, the non-tradable nature of the option,
the current price and expected volatility of the underlying share, the
expected dividend yield and the risk free interest rate for the term of the
option.

    ESTIMATES, RISKS AND UNCERTAINTIES

    The preparation of financial statements in conformity with Canadian GAAP
requires management to make estimates and assumptions that affect the amounts
reported in the consolidated financial statements and related notes.
Significant areas where management's judgment is applied include ore reserve
and resource determinations, exploration and evaluation assets, mine
development costs, plant and equipment lives, contingent liabilities, current
tax provisions and future tax balances and asset retirement obligations.
Actual results may differ from those estimates.
    In addition, this document contains some forward looking statements that
involve risks, uncertainties and other factors that could cause actual
results, performance, prospects and opportunities to differ materially from
those expressed or implied by those forward looking statements. Factors that
could cause actual results or events to differ materially from current
expectations include, among other things: volatility and sensitivity to market
prices for gold; replacement of reserves; procurement of required capital
equipment and operating parts and supplies; equipment failures; unexpected
geological conditions; political risks arising from operating in certain
developing countries; inability to enforce legal rights; defects in title;
imprecision in reserve estimates; success of future exploration and
development initiatives; operating performance of current operations;
environmental and safety risks; seismic activity, weather and other natural
phenomena; failure to obtain necessary permits and approvals from government
authorities; changes in government regulations and policies including tax and
trade laws and policies; ability to maintain and further improve labour
relations and other development and operating risks.

    FOREIGN CURRENCY TRANSLATION

    The unaudited quarterly consolidated financial statements are expressed
in United States dollars ("US$") and have been translated to US$ using the
current rate method described below.
    OceanaGold employs the current rate method of translation for its self-
sustaining operations. Under this method, all assets and liabilities are
translated at the period end rates and all revenue and expense items are
translated at the average exchange rates for recognition in income.
Differences arising from these foreign currency translations are recorded in
shareholders' equity as a cumulative translation adjustment until they are
realized by a reduction in the net investment.
    OceanaGold employs the temporal method of translation for its integrated
operations. Under this method, monetary assets and liabilities are translated
at the year-end rates and all other assets and liabilities are translated at
applicable historical exchange rates. Revenue and expense items are translated
at the rate of exchange in effect at the date the transactions are recognized
in income, with the exception of amortization which is translated at the
historical rate for the associated asset. Realized exchange gains and losses
and currency translation adjustments are included in income.

    CHANGES IN ACCOUNTING POLICIES INCLUDING INITIAL ADOPTION

    Effective January 1 2007, the Company adopted, on a prospective basis,
the new recommendations of the Canadian Institute of Chartered Accountants
with respect to stripping charges, EIC 160 Stripping Costs Incurred in the
Production Phase of a Mining Operation. The new recommendations require the
costs associated with the removal of overburden and other mine waste materials
that are incurred in the production phase of mining operations to be included
in the costs of inventory produced in the period in which they are incurred,
except when the charges represent a betterment to the mineral property.
Charges represent a betterment to the mineral property when the stripping
activity provides access to reserves that will be produced in future periods
that would not have been accessible without the stripping activity. When
charges are deferred in relation to a betterment, the charges are amortized
over the reserve accessed by the stripping activity using the units of
production method.
    As at 30 September 2007 the balance of stripping costs deferred in
accordance with the policy set out above was $23.5 million.
    These policies have been applied prospectively and prior years' financial
statements have not been restated.

    NON-GAAP MEASURES

    Throughout this document, we have provided measures prepared according to
Canadian generally accepted accounting principles ("GAAP"), as well as some
non-GAAP performance measures. Because non-GAAP performance measures do not
have any standardized meaning prescribed by GAAP, they are unlikely to be
comparable to similar measures presented by other companies.
    We provide these non-GAAP measures as they are used by some investors to
evaluate OceanaGold's performance. Accordingly, such non-GAAP measures are
intended to provide additional information and should not be considered in
isolation, or a substitute for measures of performance in accordance with
GAAP.

    REVIEW BY AUDITORS

    The unaudited interim consolidated financial statements for the quarter
ended September 30, 2007 have been reviewed by the company's auditor, Ernst &
Young.

    QUALITY CONTROL

    Mr Lachlan Reynolds, B.Sc (Honours), M.AusIMM, Principal Exploration
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 Reefton and Macraes, New Zealand. Samples were prepared and
assayed by fire assay methods at the AMDEL laboratory located at Macraes Flat,
New Zealand. Standard reference materials were inserted to monitor the quality
control of the assay data.

    FULL COMPANY RELEASE

    To view the full company release including images please access the link
below or go to the company's website www.oceanagold.com:

    http://www.oceanagold.com.au/images/stories/Oceana%20MDA%20Q3%20.pdf





For further information:

For further information: www.oceanagold.com


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