OceanaGold commences construction of Mine

Thu, 4 Nov 2004

OceanaGold commences construction of the Globe Progress Open Cut Mine at Reefton

Steve Orr, Chief Executive Officer, announced today that the requisite
approvals to access the Globe Progress Open Cut Mine at Reefton have been
received from the respective Councils and the Department of Conservation in
New Zealand. Oceana Gold can now commence construction of the Globe
Progress mine and Reefton concentration plant.

Len Jubber, OceanaGold's Chief Operating Officer said, "The first phase of
the development on the access road will commence immediately and the
contract has been awarded to Rosco Contractors. This will be closely
followed by the establishment of silt ponds and the construction of the
civil embankments."

Final planning for the construction of the processing plant is progressing
and the Engineering Procurement Construction and Management (EPCM) contract
has been awarded to GRD Minproc. Construction of the processing plant is
expected to commence in the first quarter 2005 followed by prestripping of
the Globe Progress Stage 1 pit.Gold production is on track for commencement during the fourth quarter 2004 Mr Orr said.

ENDS

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