OceanaGold management update



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

    MELBOURNE, Australia, May 25 /CNW/ - OceanaGold announces the impending
change of their Chief Executive Officer, Steve Orr, and interim arrangements
before the new CEO commences. The current CEO will leave the Company on June
30, 2009 and the Board has implemented a search for a new CEO; this process is
well advanced and a short list of candidates is under final review. While it
is not certain, the announcement of a new CEO is expected to be made before
Steve Orr departs.
    During this transition period, the Board has determined that the
Chairman, Jim Askew, will assume an Executive Chairman role, up to the time
the new CEO assumes the post.
    The Chairman and Board thank Steve for his five years of service at
OceanaGold. Under his tenure, OceanaGold has built two additional mines in New
Zealand, increased production to 300,000 ounces per annum and become the
fourth largest Australasian gold producer. Since commissioning the new mines,
the operational performance of the Company has improved consistently over the
last four quarters. Also, the Didipio project in the Philippines has been
redesigned to benefit from changed market conditions. The improved capital
cost estimate is prospective for recommencement of construction in the future.

    About OceanaGold

    OceanaGold Corporation is a significant Pacific Rim gold producer with
projects located on the South Island of New Zealand and in the Philippines.
The Company's assets encompass New Zealand's largest gold mining operation at
the Macraes complex in Otago which is made up of the Macraes open pit and the
Frasers Underground mines. Additionally on the west coast of the South Island,
the Company operates the Reefton open-pit mine. OceanaGold expects to produce
280,000 - 300,000 ounces of gold from the New Zealand operations in 2009. The
Company also owns the Didipio Gold-Copper Project in northern Luzon,
Philippines.
    OceanaGold is listed on the Toronto, Australian and New Zealand stock
exchanges under the symbol "OGC".

    Cautionary Statement

    Statements in this release may be forward-looking statements or
forward-looking information within the meaning of applicable securities laws.
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. Such forward-looking
statements include, without limitation, statements with respect to any future
reserves attributable to the Panel 2 Deeps zone and estimated production form
the Company's existing properties. 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 including,
among others, the accuracy of mineral reserve and resource estimates and
related assumptions, inherent operating risks and those risk factors
identified in the Company's Annual Information Form prepared and filed with
securities regulators in respect of its most recently completed financial
year. There are no assurances the Company can fulfil such forward-looking
statements and, subject to applicable securities laws, the Company undertakes
no obligation to update such statements. Such forward-looking statements are
only predictions based on current information available to management as of
the date that such predictions are made; actual events or results may differ
materially as a result of risks facing the Company, some of which are beyond
the Company's control. Accordingly, readers should not place undue reliance on
forward-looking statements.





For further information:

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


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