2012

First Concentrate Produced at Didipio and FY2013 Production Guidance

18 Dec 2012

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MEDIA RELEASE

18 December 2012

OCEANAGOLD ANNOUNCES FIRST CONCENTRATE PRODUCED AT DIDIPIO

AND PROVIDES FY2013 PRODUCTION GUIDANCE

(MELBOURNE) OceanaGold Corporation (ASX: OGC, TSX: OGC, NZX: OGC) (the “Company”) is

pleased to announce that first copper-gold concentrate has been produced at the Didipio Project in the

Philippines as commissioning of the process plant continues to track to expectations.

Mick Wilkes, Managing Director & CEO stated, “Following the start of milling activities late in November,

commissioning has advanced well. Over the past week we have successfully commissioned the flotation

cells and filter to produce saleable copper-gold concentrate. The process plant is now running in steadystate

and the remainder of commissioning activities this year will focus on increasing throughput and

improving recoveries and concentrate grade. This is a great outcome for the Company, the local

communities of Nueva Viscaya and Quirino provinces and for the Republic of the Philippines. I would

also like to acknowledge the support for the project we have received from our national and local

government partners and we look forward to further strengthening this relationship in the future.”

He went on to say “We have had a strong finish to the year as expected with production from New

Zealand on track to meet the revised guidance. We expect strong production next year in New Zealand

and with Didipio coming on stream as planned. We are in a great position heading into 2013.”

HIGHLIGHTS

  • • Production of first copper-gold concentrate at Didipio
  • • Flotation plant including filter, commissioned and performing to expectations
  • • Commenced commissioning of gravity gold circuit
  • • 2013 guidance 285 – 325koz Au @ US$650 - US$800/oz (net of copper by-product credits)

Didipio Project Construction & Commissioning Progress

The main process plant construction activities are complete with remaining punch list items to be

completed concurrently with operations. Construction of the remaining infrastructure such as plant and

mine maintenance workshops will be completed as part of next year’s capital works, in conjunction with

the ramp up of the process plant.

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Commissioning has progressed well through the flotation and filtration stages of the plant, with the

production of on-specification copper-gold concentrate filter cake. Commissioning of the gravity circuit is

currently underway.

Milling rates currently are higher than predicted for this stage of the commissioning cycle, and the focus

is on achieving recovery to maximise concentrate production.

Figure 1 – Flotation of Final Concentrate to Thickener

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Figure 2 – Copper-Gold Concentrate in Hand at Didipio

Figure 3 – Concentrate Filter Press at Didipio

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Figure 4 – Production of Filtered Copper-Gold Concentrate at Didipio

FY2013 Production Guidance

The Company is also pleased to provide production guidance for FY2013 of 285,000 – 325,000 oz of

gold at cash costs of US$650-$800/oz net of copper by-product credits. Copper production from Didipio

is expected to be in the range of 15 kt to 18 kt of copper in concentrate. During the commissioning

phase, costs of production, offset by any revenue received will be capitalised in the balance sheet. The

exact timing of revenue and costs reporting to the income statement is currently unknown but expected

to be around the end of the first quarter next year. The Company will provide an updated cash cost range

at that time.

Total Company Guidance Range

Au Production ('000 oz) 285 – 325

Cash Cost (US$/oz) $650 - $800*

New Zealand

Au Production ('000 oz) 235 – 255

Cash Cost (US$/oz) $880-$950

Didipio

Au Production ('000 oz)

Cu Production (kt)

50 – 70

15 - 18

Cash Cost (US$/oz) negative $370 – negative $50*

* denotes net of copper by-product credits using US$3.40/lb of copper

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To view recent construction progress at Didipio, please visit our website at:

http://www.oceanagold.com/investors-and-media/images-and-videos/

- ENDS –

For further information please contact:

OceanaGold Corporation

Investor Relations – Melbourne

Nova Young or Darren Klinck

Tel: +61(3) 9656 5300

Investor Relations – Toronto

Sam Pazuki

Tel: +1 416 915 3123

[email protected] | www.oceanagold.com

About OceanaGold

OceanaGold Corporation is a significant Asia Pacific gold producer with projects located on the South

Island of New Zealand and in the Philippines. The Company’s assets encompass New Zealand’s largest

gold mining operation at the Macraes goldfield in Otago which is made up of the Macraes Open Pit and

the Frasers Underground mines. Additionally on the west coast of the South Island, the Company

operates the Reefton Open Pit mine. The Company’s Didipio Project in northern Luzon, Philippines is in

commissioning and is expected to produce 100,000 ounces of gold and 14,000 tonnes of copper per

year on average over an estimated 16 year mine life. OceanaGold expects to produce 285,000 to

325,000 ounces of gold in FY2013 from the New Zealand and Philippine operations combined.

OceanaGold is listed on the Toronto, Australian and New Zealand stock exchanges under the symbol

OGC.

Cautionary Statement

Statements in this release may be forward-looking statements or forward-looking information within the

meaning of applicable securities laws. Any statements that express or involve discussions with respect to

predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or

performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is

expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain

actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not

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statements of historical fact and may be forward-looking statements. Forward-looking statements such

as production forecasts are subject to a variety of risks and uncertainties which could cause actual

events or results to differ materially from those reflected in the forward-looking statements. They include,

among others, the accuracy of mineral reserve and resource estimates and related assumptions,

inherent operating risks and those risk factors identified in the Company’s most recent Annual

Information Form prepared and filed with securities regulators which is available on SEDAR at

www.sedar.com under the Company’s name. There are no assurances the Company can fulfil such

forward-looking statements and, subject to applicable securities laws, the Company undertakes no

obligation to update such statements. Such forward-looking statements are only predictions based on

current information available to management as of the date that such predictions are made; actual

events or results may differ materially as a result of risks facing the Company, some of which are beyond

the Company's control. Accordingly, readers should not place undue reliance on forward-looking

statements. The information contained in this release is not investment or financial product advice.

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR

DISTRIBUTION TO US NEWSWIRE SERVICES

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