OceanaGold 2008 Fourth Quarter Production Report & FY2008 results Conference Call details


    MELBOURNE, Australia, Jan. 30 /CNW/ - OceanaGold Corporation
("OceanaGold" or "the Company") is pleased to release its Fourth Quarter
Production Report for the quarter ended 31 December 2008, in accordance with
Australian Securities Exchange ("ASX") Listing Rule 5.1. Please note that the
numbers contained in this document are unaudited. As a Toronto Stock Exchange
("TSX") listed company, the Company will release its complete FY2008 audited
financial and operational results on 19 February 2009 (Melbourne time). A
conference call is scheduled to follow on 20 February 2009 (details below).
    Fourth quarter gold sales were 74,816 ounces bringing the total for
FY2008 to 264,124 ounces. This is an increase of 49% over FY2007. Expenditures
from operations for the fourth quarter were US$22.54 million (excludes
depreciation & amortization, general & administrative expenses).
    Development activities continued on a limited basis at the Didipio
project in northern Luzon Philippines. Work at site focussed on care and
maintenance activities as well as completion of the construction of some
storage and office buildings. Total development expenditure for the fourth
quarter was US$6.50 million.
    Exploration expenditure for the quarter totalled US$1.0 million.
Activities have been reduced for the short-term. The near-mine drilling
program at Didipio was completed during the fourth quarter and assay data is
now being analysed. There was also additional logging and sampling of
historical holes at the Didipio deposit. In New Zealand, drilling at Macraes
targeted further potential for a down-dip extension of Frasers Underground
along with an RC drilling program at the northern perimeter of the current
mine footprint for additional surface mineable mineralization.

    CY2008 Conference Call Details
    The Company will host a conference call / webcast to discuss 2008 Year
End Financial Results. The call will take place at 8.30am on Friday 20
February (Melbourne time) / 4.30pm on Thursday 19 February (Toronto time).

    Webcast Participants
    To register please go to the "Bulletin Board" section in the Company's
website (www.oceanagold.com) or copy and paste the link below into your

    Teleconference Participants (required for those who wish to ask questions)
    Local (toll free) dial in numbers are:
    Australia: 0011 800 2288 3501
    Hong Kong: 001 800 2288 3501
    New Zealand: 00 800 2288 3501
    North America: 800 732 9307
    Philippines: 00 800 2288 3501
    All other countries (toll): + 1 416 644 3415

    Playback of Webcast
    If you are unable to attend the call, a recording will be available for
viewing on the company's website from 10.30am on Friday 20 February (Melbourne
time) / 6.30pm on Thursday 19 February (Toronto time).

    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.
    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 &
Investor Relations, OceanaGold Corporation, Tel: 61 3 9656 5300

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