Full Financial Report

GRD today released its audited Full Financial Report for the year ended 31 December 2004, confirming a net profit after tax attributable to members of $79.8 million. Other highlights of the Company’s audited 2004 result include:

Revenue from ordinary activities up 12% to $252 million.

GRD Minproc EBT contribution up 185% to $9.6 million, on revenue of $124 million.

OceanaGold achieved record gold sales of 184,175 ounces, generating $118 million sales revenue, up 10% on 2003.

The Company’s final 2004 dividend of 3 cents per ordinary share (unfranked), payable on 7 April 2005, brings total dividends declared for 2004 to 6 cents per ordinary share (unfranked).

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Mr Cliff Lawrenson, Company Secretary