Further Extensions of Mineralisation at Frasers

MEDIA RELEASE
21 July 2010
OceanaGold Announces Further Down Dip Extensions of Mineralisation at Panel 2: Frasers Underground Mine

(MELBOURNE) OceanaGold Corporation (ASX: OGC, TSX: OGC, NZX: OGC) (“the Company”) is pleased to announce further results from an underground diamond drilling program at the Frasers underground mine in Otago, New Zealand.

Highlights

• Underground diamond drilling has identified further extensions to the gold mineralisation at depth and down dip from the current mine workings in Panel 2 at the Frasers underground mine.

• Hangingwall Shear intercepts (estimated true widths) including 5.0m @ 5.55g/t (UDH6036), 5.0m @ 3.17g/t Au (UDH6025), 11.0m @ 2.72 g/t Au (UDH6026), 6.0m @ 2.71 g/t Au (UDH6024) and 5.5m @ 2.96g/t (UDH6035) demonstrate grades and lode thicknesses similar to the current Panel 2 mining area.

• Significant intercepts (estimated true widths) below the Hangingwall Shear of 4.0m @ 4.87 g/t Au (UDH6013), 6.0m @ 4.90 g/t Au (UDH6021), 6.0m @ 5.08 g/t Au (UDH6031), 6.0m @ 3.00 g/t Au (UDH6032) and 3.5m @ 7.98 g/t Au (UDH6022) indicate potential for a new sub parallel structure similar to the P2 Deeps mineralisation under Panel 2C.

N.B. The Hangingwall Shear refers to the geologically continuous mineralised zone immediately below the over-laying waste sequence. In the underground operation this is the principally targeted zone for mining due to its higher and more consistent gold grades.

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Full release: 100721_frasers_underground_update.pdf

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