OceanaGold Reports 2009 First Quarter Gold Sales of 81,093 ounces at Cash Costs of US$279 per ounce



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

    (All figures are in US dollars unless otherwise stated)
    

    MELBOURNE, Australia, April 30 /CNW/ - OceanaGold Corporation
("OceanaGold" or "the Company") is pleased to announce 2009 First Quarter gold
sales of 81,093 ounces at a cash cost of $279 per ounce. This result exceeded
company expectations and reflects the fourth consecutive quarter of increased
gold sales and declining cash costs for the Company. (See Figure 1 & 2 below)

    Full Company Release

    To view the full company release, including images please refer to the
company's website www.oceanagold.com
    First Quarter gold production of 84,037 gold ounces was the highest gold
production ever achieved and exceeded last quarter's production by 11%.
    OceanaGold CEO, Stephen Orr, said the 34% increase in production
year-on-year reflects the consistent performance at or above design levels for
all three of the company's mines in New Zealand.
    "The First Quarter 2009 Results further demonstrate that the mines in New
Zealand are achieving consistent operational performance and have been
steadily improving for the past four quarters. With production increasing and
commodity costs declining, our unit cash costs of $279 per ounce will be in
the lowest quartile for the industry over this period," he said.
    Other highlights from the First Quarter 2009 Results include:

    
    -   Achieved EBITDA (earnings before interest, taxes, depreciation and
        amortisation and excluding unrealised gains/losses on undesignated
        hedges) of $31 million for the quarter.

    -   Improved the cash operating margin by 21% on the previous quarter to
        $403 per ounce.

    -   Increased cash flow from operations by 15% on the previous quarter to
        $23 million.

    -   Subsequent to quarter end, the Company announced the discovery of a
        high grade gold mineralisation zone at the Frasers Underground mine
        beneath the Panel 2 mining area.
    

    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 Frasers Underground operation and the
Reefton Gold Mine also on the South Island of New Zealand. 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, Mobile: +61
420 981 119


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