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OGNZL/HWE Settlement Deed – June 2005

1 July 2005

OGNZL/HWE Settlement Deed – June 2005: Schedule B

New Zealand goldminer OceanaGold and McGrath Nicol + Partners, Administrators of Australian mining contractor Henry Walker Eltin Group, have today announced the completion of arrangements for HWE’s exit from the Fraser’s Decline project at OceanaGold’s Macraes gold field, following the appointment of Administrators to HWE in February of this year.

Those arrangements include the purchase of HWE’s equipment and materials, to be used when the underground project resumes with a replacement contractor, and the settlement of all outstanding claims between the two companies.

OceanaGold’s Chief Operating Officer, Albert Brantley, said the settlement is a favourable outcome of contingency plans put in place by OceanaGold when the contractor announced efforts to recapitalise in difficult circumstances late last year.

OceanaGold has used the time since tunnelling stopped in early February to optimise decline design and to continue a programme of drilling in the area. The recent drilling indicates the estimated resource for the Frasers Underground Mine Development exceeds original expectations.

Mr Kerryn Downey, Managing Partner of McGrath Nicol + Partners in Auckland said that he was pleased that the parties were able to agree on a solution which addresses all the issues for both parties without the cost and delays associated with legal proceedings.

Mr Downey also said that the Administrators in Australia are well advanced in their plans to restructure and recapitalise the HWE business in Australia and New Zealand. Macquarie Bank has been retained to advise on this process. In New Zealand, HWE continues to operate the Rotowaro Coal mine in Huntly, the development of an underground mine in Waihi and an earthworks project in Meremere.

ENDS

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