Shaft rehabilitation at Blackwater mine

16 September 2004

OceanaGold commences shaft rehabilitation at Blackwater mine

OceanaGold announced today that the refurbishment of the Prohibition shaft has started. Access to the shaft was gained following approval of the headframe and winder installation by the safety authorities.

Steve Orr, OceanaGold's Chief Executive Officer, said this is a very important step towards the redevelopment of the Blackwater underground mine, which produced over 700,000 ounces up to the 1950s.

The refurbishment of the Prohibition Shaft is expected to advance at an average rate of 6 m per day and be completed during the first quarter 2005.

The 800 m shaft will be dewatered and cleared of existing blockages, enabling drilling and development from within the Blackwater mine to confirm the mineral resource.

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/send_file.php?file_name=040916_Commences_shaft_r ehabilitation_at_Blackwater_mine.pdf

ENDS

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