OCEANAGOLD ANNOUNCES FULL YEAR 2011 RESULT (All References in US Dollars)

MEDIA RELEASE

16 February 2012

OCEANAGOLD ANNOUNCES FULL YEAR 2011 RESULT

(All References in US Dollars)

(MELBOURNE) OceanaGold Corporation (ASX: OGC, TSX: OGC, NZX: OGC) (the “Company”) has delivered a 17% increase in EBITDA (earnings before interest, taxes, depreciation and amortisation) to $163.9 million on the previous year.

In its Full Year 2011 Results released today, the Company reported record full year revenue of $395.6 million from an average gold price received of $1,587 per ounce, a 29% increase on FY2010 revenue of $305.6 million. Revenue for fourth quarter 2011 of $106.6 million also exceeded the same quarter last year by 14%.

FY2011 gold sales were 249,261 ounces at an average cash cost of $875 per ounce.

The Company’s cash operating margin for the year expanded by 25% to $712 per ounce compared to the 2010 result of $570 per ounce.

Fourth quarter gold production of 65,750 ounces was an 11% increase on the previous quarter and brought FY2011 gold production to 252,499 ounces. This was slightly below our expectations for the quarter and the year.

Fourth quarter net earnings increased 31% on the previous quarter to $14.3 million resulting in a FY2011 result of $44.2 million which was comparable to FY2010.

Exploration expenditure for the year was $10.7 million with a focus on New Zealand. The Company announced an expanded resource and likely mine life extension to at least 2017 at Frasers Underground in the fourth quarter.

The Company’s Didipio Project in the Philippines also continued to make strong progress throughout the year meeting key construction milestones including commencement of concrete pouring, near completion of the construction accommodation camp, mobilisation by the mining contractor to site and the arrival of the first shipment of structural steel. All major construction contracts for the project have now been awarded or are in the process of being tendered.

OceanaGold CEO, Mick Wilkes, said “Our New Zealand operations posted relatively stable earnings in 2011 and continue to generate positive free cash flows. With the construction of the Didipio Project progressing according to plan and scheduled to commission in fourth quarter 2012 combined with exploration opportunities in New Zealand and the Philippines, the Company is on the right track to achieve its strategic targets.”

Other highlights from the OceanaGold Full Year 2011 Results include:

• Exited the year with a strong cash balance of $170.0 million, a 4% increase on the third quarter.
• Increased metallurgical recovery rate for the fourth consecutive year to 82.9% (versus 81.6% in FY2010).
• Mill throughput improved by 7% to 7.6Mt compared to the previous year

Conference Call / Webcast

The Company will host a conference call / webcast to discuss the FY2011 Financial Results. The call will take place at 8.30 am on Friday, 17 February (Melbourne, Australia time) / 4.30pm on Thursday 16 February (Toronto, Canada time). Details are available on the OceanaGold website at www.oceanagold.com.

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For further information please contact:

Ms Nova Young Investor Relations Officer [email protected] Tel: +61(3) 9656 5300

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. OceanaGold produces approximately 230,000 - 250,000 ounces of gold per annum from the New Zealand operations. The Company also owns the Didipio Project in northern Luzon, Philippines which is in construction and expected to commission in Q4 2012. Currently, Didipio is expected to produce 100,000 ounces of gold and 14,000 tonnes of copper per year over an estimated 16 year mine life.

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 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.

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