OceanaGold announces high grade extensional drilling results at the Empress deposit, Reefton, New Zealand


    MELBOURNE, Australia, Dec. 3 /CNW/ - OceanaGold Corporation ("OceanaGold"
or "the Company") is pleased to report high grade assay results from a
drilling program at the Empress deposit within the Company's Reefton operation
in New Zealand. The program of reverse circulation (RC) percussion drilling is
part of a broader test of extensional exploration that has been conducted at
the Company's Globe-Progress, General Gordon and Empress open cuts which
comprise the Reefton Operation. As shown in Figure 1, these original three
open cuts are located along a consistently mineralised structure (depicted in
    In-fill drilling conducted in 2006 delineated sufficient additional
mineralisation to connect the original Globe Progress and General Gordon ore
bodies into one larger open cut. The latest intercept, from hole RRC0045
extends high grade Empress mineralisation northwards towards the General
Gordon open cut. This drill hole returned a high-grade gold intersection of
22 metres (12.5 metres true width) at 5.6 grams per tonne from a depth of
71 metres.
    Mining is scheduled to start in the Empress open pit later this month and
pre-mining development is currently in progress. Improved access to drill
collar locations has provided the Company with an opportunity to test the
resource estimates beyond the northern part of the pit design, where the
resource was constrained by a lack of sufficient drilling intersections
through the mineralized structure.
    This program comprises 3 holes for a total of 334 metres of RC percussion
drilling. Assay results have been received for the first hole, which returned
the high-grade gold intersection of 22 metres at 5.6 grams per tonne. The
drill hole details are detailed in Appendix I.
    The Empress deposit has a CIM compliant reserve of 350Kt at 2.03g/t Au
(at a 0.8g/t Au cut off). The drilling results reported above are adjacent to,
but outside the current pit design and suggest that the mineralized structure
contains a higher-grade zone that has continuity for at least 40 metres
further along strike than previously known. The mineralisation remains open
down dip.
    If further drilling results support the continuity of mineralisation
within the new geological interpretation, then the Company expects that there
will be potential for an increase in both the size and the local grade of the
resource estimate for the deposit. An update of the resource estimate and pit
re-optimisation will be completed to determine if the ore can be extended to
the General Gordon portion of the deposit and the original three open cuts
combined into one larger open cut.
    OceanaGold's CEO, Stephen Orr commented that "We are confident that as
mining progresses at Reefton there will be further opportunities to discover
and develop zones of extensional mineralisation like that intersected adjacent
to the Empress deposit. Our strategy is to maximise the value of our deposits
in Reefton through the ongoing collection of geological data and regular
review of mine design to incorporate any additional gold reserves".

                                 APPENDIX I
     Summary of RC Percussion Drilling Completed Reefton, November 2007.

                                      Azimuth                      True Grade
                                       (de-    Dip                  (1)   (2)
    Hole ID  North    East   RL  Depth grees   de-  From To Length Width (g/t
             (NZMG)  (NZMG)  (m)  (m)   True) grees) (m) (m)  (m)   (m)   Au)
    RRC0042 5892092 2418713 550.8  83    62    -55   50  55    5    3.8  1.10
                                                     57  59    2    1.5  1.05
    RRC0043 5892315 2418554 530.4  72    30    -60
    RRC0044 5892269 2418593 530.3  72    70    -60
    RRC0045 5891817 2418758 462.0 102   120    -70   71  93   22   12.5  5.63
    RRC0046 5891791 2418720 439.8 119   105    -55
    RRC0047 5891795 2418720 439.7 113    85    -55
    RRC0048 5892120 2418703 535.8  60    80    -60
    RRC0049 5892141 2418685 530.5  72    30    -70
    RRC0050 5892139 2418687 530.6  72    80    -60
    RRC0051 5892821 2418337 499.9  60    70    -60
    RRC0052 5892845 2418316 499.8  69    70    -60
    RRC0053 5892836 2418277 499.9 141    70    -80
    RRC0054 5892836 2418276 499.9 120    70    -60
    (1) True widths may change as structure geometry is updated.
    (2) Grades are uncut.


    To view the full company release including images please access the link
below or go to the company's website www.oceanagold.com:


    About OceanaGold

    OceanaGold currently operates in the South Island of New Zealand and in
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;
the Frasers Underground Mine, scheduled for commissioning in early 2008, 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 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.

    Quality Control

    Mr Jonathan Moore, B.Sc (Hons) Geology and Dip.Grad. Physics, Resource
Geologist is the Qualified Person for the technical disclosure in this
release. Sampling of sawn diamond drill core was completed at the OceanaGold
facilities at Reefton and Macraes, New Zealand. Samples were prepared and
assayed by fire assay methods at the AMDEL laboratory located at Macraes Flat,
New Zealand. Standard reference materials were inserted to monitor the quality
control of the assay data.

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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