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Updated Drilling Results - Globe-Progress Deposit


2 November 2005

Updated Drilling Results from Globe-Progress Deposit

OceanaGold is pleased to report positive results from supplemental exploration drilling to further expand the Globe-Progress Project.

In July 2005, the Company reported that open pit redesign work incorporating additional exploration drilling had been successful in expanding the Globe Progress resource by 28% to 604,000 ounces.

Based on this success, a supplemental program was commissioned to specifically target areas where the Company believed resources would expand further.

A total of twelve (12) holes have been completed on this supplementary program and drilling is continuing (see Figure 1). Results of the drilling are demonstrating wide zones of alteration and mineralisation locally containing free gold. Assay results currently available confirm the presence of the additional mineralisation anticipated for this area (see Table 1). Most notably, intercepts highlighted in Figures 2 and 3 demonstrate that the mineralisation is increasing on the western side of the Globe lode (Figure 2) and at depth on the Globe lode and Oriental lode (Figure 3).

At the completion of drilling, the Globe-Progress resource model will be updated and the Company is optimistic that the resource will again increase. In addition, infill and extension drilling opportunities to further expand the open pit design are expected to be identified.

The programme is expected to be finished in early November 2005, when the exploration drill will be mobilised to begin the Reefton regional exploration program starting with the Inkerman prospect south of Globe-Progress.

Information in this report which relates to Mineral Resources and Ore Reserves is based on information compiled by Lachlan Reynolds (a full-time employee of OceanaGold) who is a member of the Australasian Institute of Mining and Metallurgy. Mr Reynolds has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code of Reporting of Identified Mineral Resources and Ore Reserves. Mr Reynolds consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.


[For figures and tables see...]

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