OCEANAGOLD ANNOUNCES THIRD QUARTER 2011 RESULTS (All references in US Dollars)

MEDIA RELEASE

27 October 2011

OCEANAGOLD ANNOUNCES THIRD QUARTER 2011 RESULTS

(All references in US Dollars)

(MELBOURNE) OceanaGold Corporation (ASX: OGC, TSX: OGC, NZX: OGC) (the “Company”) reported EBITDA (earnings before interest, taxes, depreciation and amortisation) of $43.3 million, a 31% increase on the previous quarter.

In its Third Quarter 2011 Results released today, the Company reported revenue for the quarter of $103.5 million from a record average gold price received of $1,706 per ounce. This represents a 9% increase on the previous quarter and a 24% improvement on the same period last year. Revenue for the nine months Year-to-date (YTD) 2011 reached $289.0 million exceeding the 2010 performance of $211.9 million by 36% driven by higher gold prices.

The Company’s cash operating margin was also a beneficiary of the higher gold price received during the quarter, reaching $750 per ounce sold, a 20% increase on the previous quarter.

Gold sales for the quarter were 60,646 ounces with cash costs of $956 per ounce, slightly higher than the previous quarter at $921 per ounce.

The Company’s Didipio Project in the Philippines also made solid progress throughout the quarter with construction activities progressing to plan. By the end of the quarter, 90% of the senior management for the operations team were in place as the Company begins to establish the operating platform and team in advance of expected project commissioning in Q4 2012.

OceanaGold CEO, Mick Wilkes, said the Company’s third quarter results were buoyed by the strong leverage to a rising gold price.

“We are pleased with the operational improvements we have achieved at Macraes and Frasers over the past quarter and continue to work on getting the Reefton operations back in line with expectations. Despite some weather related events at Didipio, progress there is tracking well and we are looking forward to achieving some key benchmarks such as pouring concrete at the project before the end of 2011,” he said.

Other highlights from the OceanaGold Third Quarter 2011 Results include:

• Posted net earnings of $10.9 million, a 163% increase on the previous quarter result of $4.1 million and a YTD 2011 total of $29.8 million.
• Produced 59,090 ounces of gold for the quarter and 186,749 ounces of gold for YTD 2011.
• Increased total ore mined to 2,024,496 tonnes, a 15% gain on the previous quarter.

Conference Call / Webcast

The Company will host a conference call / webcast to discuss the Q3 2011 Financial Results. The call will take place at 8.00 am on Friday 28 October (Melbourne, Australia time) / 5.00pm on Thursday 27 October (Toronto, Canada time). Details are available on the OceanaGold website at www.oceanagold.com.

For further information please contact:

Ms Nova Young Investor Relations Officer Tel: +613 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 255,000 - 270,000 ounces of gold per annum from the New Zealand operations. The Company also owns the Didipio Project in northern Luzon, Philippines where construction activities are underway with commissioning expected in Q4 2012.

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 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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