OceanaGold obtains environmental approvals

Wed, 30 June 2004

OceanaGold obtains environmental approvals and awards shaft refurbishment contract for Blackwater mine

OceanaGold announced today that the necessary environmental resource
consents and access agreements had been obtained for the redevelopment of
the Blackwater underground mine.

Patrick O'Connor, OceanaGold's managing director, said this clears the way

for the redevelopment of the Blackwater underground mine, which produced
over 700,000 ounces up to the 1950s.

"The redevelopment commences with the refurbishment of the Prohibition
Shaft by Combined Resource Engineering (CRE), an experienced shaft sinking
contractor. CRE was awarded the schedule of rates contract following a
competitive tender."

Len Jubber, OceanaGold's chief operating officer, said that the work at
Waiuta would commence in July in accordance with the development timetable
stated in the Prospectus.

"This is an important first step in the redevelopment of the Blackwater
mine, which together with the Globe Progress opencut mine forms the Reefton
Project. Globe Progress mine remains set to commence construction in the
fourth quarter 2004," he said.

The 6-9 month Blackwater mine contract entails clearing the existing shaft
of blockages and dewatering the mine, enabling limited drilling and
development to confirm the mineral resource. Construction of the 3.5 km
decline access is expected to commence in the first quarter 2005.

The full announcement made to the Australian and New Zealand Stock
Exchanges today can be accessed on the OceanaGold website using the
following link:

http://www.oceanagold.com.au/downloads/OceanaGold_Blackwater_mine_contract .pdf

ENDS

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