OceanaGold provides operational update from Frasers Underground; New Zealand



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

    MELBOURNE, Australia, March 13 /CNW/ - OceanaGold Corporation
("OceanaGold" or "the Company") wishes to report that one of the underground
loaders operating at the Frasers Underground in the Macraes Goldfield was
damaged from a rock fall in one of the operating stopes. No employees were
injured.
    We expect production for the first quarter to be reduced by approximately
4,800 ounces. However, The Company believes that this will only have a short -
term affect on underground operations and regular mining rates should resume
in the second quarter. The Company does not believe this will have a material
effect on the FY 2008 production guidance of 280,000 - 300,000 ounces of gold.

    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.





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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