OceanaGold Completes C$90 Million IPO

STOCK EXCHANGE RELEASE

5 July 2007

OceanaGold Completes C$90 Million Initial Public Offering

OceanaGold Corporation is pleased to announce that it has completed its previously announced initial public offering on the Toronto Stock Exchange, issuing a total of 25,715,000 common shares at C$3.50 per share for gross proceeds of C$90,002,500. The net proceeds of the offering will be used primarily for the development of the Didipio Gold-Copper Project in northern Luzon, Philippines.

The offering was managed through a syndicate of underwriters led by BMO Capital Markets and including Austock Corporate Finance Limited, Haywood Securities Inc. and Westwind Partners Inc..

The underwriters have been granted an option to purchase up to an additional 3,857,250 common shares at C$3.50 per share exercisable up to 30 days following closing of the offering.

OceanaGold’s CEO Stephen Orr commented: “We are pleased to have achieved global institutional participation and full funding in conjunction with our listing on the Toronto Stock Exchange. This is one more step to positioning the Company for continued long term and profitable growth."

OceanaGold recently commissioned the Globe Progress Mine at its Reefton Gold Project on the South Island of New Zealand and is on track to commission the Frasers Underground Mine in the first quarter of 2008. Earthworks construction has started at the Didipio Gold-Copper Project, which is scheduled to commission in early 2009.

ENDS

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