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Drilling Results Extend Frasers Underground Panel

22 December 2004

Drilling Results Extend Frasers Underground Panel 2 Mineralisation

OceanaGold reported today that additional drilling down dip of Frasers Underground Panel 2 has continued to intersect ore grade mineralisation extending the current Panel 2 stope area by another 350m down dip.

The three new intersections are in addition to the five holes reported in the 11 November press release. The eight holes drilled to date have all intersected 8-20m thick higher grade hangingwall mineralisation. This new zone of mineralisation so far extends approximately 400m along strike and is open to the north, south and east. An additional four drill holes will be drilled in this area over the next month.

Hole ID From (m) To (m) Length (m) Grade (g/t)
RCD4672 579 592 13 2.36
RCD4677 593 612 19 3.76
RCD4596 578 588 10 1.98
RCD4670 610 619 9 3.72
RCD4597 552 561 9 2.62
RCH4674 629 637 8 1.82
RCH4700 637 646 9 3.47
RCH4704 673 686 13 3.74

While OceanaGold will report ore reserves in the December 2004 quarterly report, reserves that have been drilled after October 2004 will not be reported until after updated reserves are released during 2005.

Additional step out drilling to test the extent of Panel 2 mineralisation is planned into 2005, and results will be included in subsequent reserves reporting.

Development of the decline to access these panels is progressing and has advanced to 350m.

- ENDS -

Background Information

OceanaGold, is a major Australasian gold producer with a dominant position in two major historic goldfields and ownership of a modern day gold discovery in New Zealand. It is New Zealand’s largest gold producer with record production of 185,000 ounces expected from Macraes in 2004.

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