Update on North American Listing

ASX RELEASE

18 May 2007

Update on North American Listing

Filing in Canada of Preliminary Prospectus of OceanaGold Corporation

Oceana Gold Limited (ASX Code: “OGD”) is pleased to announce that OceanaGold Corporation, the company established to become the Canadian holding company of the Oceana group, has filed a preliminary prospectus for review with the securities regulatory authorities in each of the provinces and territories of Canada.

OGD has previously announced its intention, subject to shareholder, court and regulatory approval, to restructure OGD and apply for a listing on the Toronto Stock Exchange, in addition to the Australian Stock Exchange and the New Zealand Stock Exchange. Meetings of OGD’s shareholders and listed optionholders to consider the proposed restructure will be held on 8 June 2007. If the restructure is approved, OGD’s shareholders will receive one common share or CDI of OceanaGold Corporation in exchange for every five of their OGD shares, and OGD’s listed optionholders will receive one OceanaGold Corporation listed option for every five of their OGD listed options.

A copy of the preliminary prospectus is attached. Within 24 hours, it will be available from www.SEDAR.com under “OceanaGold Corporation”.

ENDS

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