OceanaGold Reports 2007 Second Quarter Results



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

    MELBOURNE, Australia, Aug. 14 /CNW/ - OceanaGold Corporation announces
that it has released its financial results for the second quarter of 2007. The
unaudited consolidated interim financial statements and management discussion
and analysis for the quarter ended June 30, 2007 will be available under the
Company's name at www.sedar.com and on the Company's website. Highlights for
the period are outlined below:

    
                                 Highlights
                                 ----------
    -   The Oceana Group restructured to a Canadian corporation with a
        Canadian TSX listing.

    -   OceanaGold Corporation completed an IPO on the TSX; raising
        C$100.7 million of gross proceeds at C$3.50 per share, subsequent to
        quarter end, completing the financing for the Didipio Gold & Copper
        Project.

    -   Construction activity at Didipio in the quarter accelerated as
        planned, with the signing of key contracts and the continued
        advancement of site access works.

    -   Gold production totalled 40,255 ounces with a significantly improved
        average gold price received and an increased cash operating margin.

    -   Frasers underground mine development progressed well and remains on
        schedule to commence operations at the beginning of 2008.

    -   Diamond drilling results from the Golden Point Extension area
        provided indication of the existence of a new underground deposit at
        Macraes.

    -   Exploration drilling intersected high-grade mineralisation at the
        Crushington prospect, Reefton Goldfield.

                           Conference Call Details
                           -----------------------
    
    5:30 pm Toronto EDT, Wednesday 15 August 2007 (7:30am, Thursday 16 August
2007 in Melbourne)
    8:00 am London GMT Thursday 16 August 2007(5:00pm, Thursday 16 August
2007 in Melbourne)
    The calls will consist of a Company presentation followed by a Q&A
session.

    Telephone Participants

    Australia: 1800 701 269
    Canada: 1 888 447 3085
    Hong Kong: 800 968 831
    New Zealand: 0800446041
    Philippines: 1800 111 00434
    Singapore: 8006163092
    UK: 08082347860
    USA: 1 866 242 1388
    All other countries: +61 2 8823 6760

    Conference ID: 7261982

    Webcast Participants

    To register for the webcast please logon to www.oceanagold.com and click
on the webcast link.

    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 the first quarter
of 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.

    %SEDAR: 00025328E




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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