OceanaGold encounters additional underground high grade gold mineralisation


    MELBOURNE, Australia, April 20 /CNW/ - OceanaGold Corporation
("OceanaGold" or "the Company") is pleased to announce that a zone of high
grade mineralisation, located structurally below the base of current reserves,
has been encountered at the Frasers Underground mine located in the Macraes
Goldfield, on the South Island of New Zealand.
    This mineralised zone, known as Panel 2 Deeps, was encountered during
decline development in the Panel 2 area of the Frasers Underground mine.
Exploration drilling is in progress and 39 holes have been completed from both
surface and underground drilling. All results received to-date are detailed in
Appendix A. The intercepts range from 2 to 27 meters in thickness. Average
grades across these intervals range up to 7.2 g/t using a 10 g/t top cut.
Excluding the top cut, a 1.0 meter interval at 39.5 g/t was intercepted within
a broader interval of 5 meters at 11.17 g/t in hole RCD4589. The Panel 2 Deeps
zone is open to the south and east and information to-date demonstrates that
it contains a higher grade tenor than that within the current Frasers
Underground reserve.

                     Figure 1 - Panel 2 Deeps Plan View

    To view the full company release, including images please refer to the
company's website www.oceanagold.com
    Steve Orr, CEO commented, "The higher grade tenor of this new zone looks
quite promising and we expect that it will add to the underground reserves
later this year. Further underground drilling is planned here and also on the
down-dip extensions of Panel 2. This is a great start to our renewed focus on
exploration in New Zealand."
    As shown in Figures 1 & 2, Panel 2 Deeps is located immediately below
current stope access. Ongoing underground drilling will determine the extent
and continuity of this mineralisation. Panel 2 Deeps proximity to current
workings will minimise development time and the cost to access the zone for

                Figure 2 - Panel 2 Deeps Cross Sectional View

    Following the successful commissioning of its two new mines during 2008,
OceanaGold has increased its exploration at the Macraes and Reefton
Goldfields. During 2009, the Company plans to spend up to NZ$10 million on a
focused exploration program to discover new resources and convert current
resources to reserves.

    Quality Control

    Mr Jonathan Moore, B.Sc (Hons) Geology and Dip.Grad. Physics, is the
Resource Geologist with Oceana Gold (NZ) Ltd and is the Qualified Person under
National Instrument 43-101 - Standards of Disclosure of Mineral Projects ("NI
43-101") for the technical disclosure in this release and has verified the
data disclosed, including sampling, analytical and test data underlying the
information contained in this release. The geological interpretation was
completed by Mr Sean Doyle, Senior Underground Geologist, BSc (Hons), MAusIMM.
Based on the current interpretation, the assay intervals as presented are
believed to represent true thicknesses. Samples, collected at 1m intervals
from sawn diamond core, were prepared and assayed by fire assay methods at the
OceanaGold facilities at Macraes, New Zealand. Standard reference materials
were inserted to monitor the quality control of the assay data.
    For further scientific and technical information (including disclosure
regarding mineral resources and mineral reserves) relating to the Macraes
project, please refer to the NI 43-101 compliant technical report entitled
"Independent Technical Report for the Macraes Project located in the Province
of Otago, New Zealand" dated May 9, 2007, prepared by J. S. McIntyre, I. R.
White and R. S. Frew of Behre Dolbear Australia Pty Limited, N. A. Schofield
of Hellman and Schofield Pty Ltd., B. L. Gossage of RSG Global Pty Limited and
R. R. Penter of GHD Limited available at www.sedar.com under the Company's

    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,
    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.

                                 APPENDIX A
    DHID         FROM       TO     Thickness     True Thickness      Au (g/t)
    RCD4586       506       521       15              15               3.33
    RCD4588       559       564        5               5               2.24
    RCD4589       501       506        5               5               5.30
    RCD4590       545       556       11              11               4.29
    RCD4594       549       555        6               6                3.1
    RCD4598       448       456        8               8               4.09
    RCD4623       554       559        5               5               4.42
    RCD4627       521       530        9               9               3.54
    RCD4628       547       557       10              10               2.17
    RCD4629       511       514        3               3               3.66
    RCD4632       534       538        4               4               2.48
    RCD4634       514       523        9               9               3.43
    RCD4637       456       460        4               4               3.94
    RCD4639       521       523        2               2               2.53
    RCD4642       450       461       11              11               4.79
    RCD4643       469     485.9     16.9            16.9               3.03
    RCD4645       541       546        5               5               4.73
    RCD4681       504       510        6               6               5.76
    RCD4687       529       533        4               4               3.68
    RCD4698       513       518        5               5               1.68
    RCD4714       551       561       10              10               4.12
    RCD4716       495       498        3               3               1.52
    RCD4719       562       568        6               6                3.4
    UDH5323      17.5        30     12.5             6.2               5.17
    UDH5325      50.5        59      8.5             2.9                6.2
    UDH5326      11.2        42     30.8            26.7               3.79
    UDH5330      21.4        25      3.6             3.1               7.21
    UDH5345        23        28        5             4.9               5.17
    UDH5348      19.8      32.3     12.5             2.2                3.5
    UDH5349      30.5      70.6     40.1             8.3               4.21
    UDH5355      18.8        24      5.2             5.2               3.03
    UDH5362        22        26        4               4               5.08
    UDH5366      24.8        29      4.2             4.2               5.46
    UDH5367        15        24        9               9               3.14
    UDH5370        21      31.6     10.6            10.6               2.94
    UDH5394        20      26.7      6.7             5.8               2.86
    UDH5395      26.8      29.7      2.9             2.9               3.11
    UDH5396        21      34.4     13.4            13.2               6.78
    UDH5397         9        17        8             7.7               4.84

    Note: all assays top cut to 10g/t Au. RCD drill holes collared from
    surface, UDH drill holes collared from underground development. These
    potential grades are conceptual in nature, there has been insufficient
    exploration to define a mineral resource and it is uncertain if further
    exploration will result in the target being delineated as a mineral

    Full Company Release

    To view the full company release, including images please refer to the
company's website www.oceanagold.com

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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