OceanaGold rejects Oxfam claims



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

    MELBOURNE, Australia, Oct. 1 /CNW/ - OceanaGold Corporation today
categorically rejected the claims made by Oxfam Australia regarding the
company's Didipio Gold and Copper Project in the Philippines.
    In a statement, Darren Klinck, Vice President of Corporate and Investor
Relations said OceanaGold had only received a copy of the report on Friday, 28
September.
    "The report is factually incorrect, inaccurate and misleading," he
stated. "The company is disappointed that Oxfam has ignored OceanaGold's
multiple detailed responses to earlier questions and allegations from Oxfam."
    "OceanaGold has complied with all development conditions and requirements
and denies the allegations made by Oxfam."
    "The company will make no further comment on this misleading material and
we are currently reviewing our options as to legal redress."

    Background

    OceanaGold currently operates in the South Island of New Zealand and 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;
Frasers Underground, scheduled for commissioning by the end of 2007 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) by 2009.
    OceanaGold is listed on the Toronto, Australian and New Zealand stock
exchanges under ticker 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.

    %SEDAR: 00025328E




For further information:

For further information: Mr Darren Klinck, Vice President, Corporate and
Investor Relations, OceanaGold Corporation, Tel: 61 3 9656 5308


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