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MEDIA RELEASE

30 July 2014

OCEANAGOLD ANNOUNCES RESULTS FOR SECOND QUARTER 2014

(All figures in US Dollars unless otherwise stated)

(MELBOURNE) OceanaGold Corporation (TSX: OGC, ASX: OGC, NZX: OGC) (the “Company”) released its second quarter 2014 financial and operational results for the quarter ending June 30, 2014. Details of the consolidated financial statements and the Management Discussion and Analysis (“MDA”) are available on the Company’s website at www.oceanagold.com

Key Highlights

• Consolidated first half 2014 production of 147,399 ounces of gold and 11,185 tonnes of copper including 60,831 ounces of gold and 4,706 tonnes of copper in the second quarter.
• Consolidated first half 2014 sales of 166,344 ounces of gold and 12,925 tonnes of copper at All-In Sustaining Costs of $779 per ounce sold net of by-product credits.
• Consolidated sales of 72,294 ounces of gold and 5,173 tonnes of copper at cash costs of $778 per ounce sold in the second quarter.
• Revenue of $297.8 million in the first half 2014 including $127.5 million in the second quarter and first half net profit of $56.8 million including second quarter net loss of $2.1 million.
• First half 2014 free cash flow generation of $71 million including $22 million in the second quarter.
• Strengthened balance sheet through bank debt repayment of $10 million in the second quarter and increased available liquidity to $128.4 million, including $46.2 million in cash.

 Successfully refinanced the corporate debt facilities with the existing banking syndicate into a $200 million revolving credit facility with competitive fiscal terms and maturing in June 2017.

• On track for full year production and cost guidance.

The Company recorded first half of 2014 production of 147,399 ounces of gold and 11,185 tonnes of copper. As previously guided, the Company’s second quarter production results were expected due to of lower grades processed across its operations and to lower mill feed at Didipio. In the first half of 2014, consolidated cash costs net of by-product credits were $435 per ounce while consolidated All-In Sustaining Costs (“AISC”) net of by-product credits were $779 per ounce on sales of 166,344 ounces gold and 12,925 tonnes copper.

The Company reported revenue of $297.8 million for the first half of 2014 including $127.5 million in the second quarter. Net earnings for the first half of 2014 were $56.8 million, which included a net loss of $2.1 million in the second quarter. The net loss is attributable to lower revenue from lower overall sales and higher cost of sales in New Zealand due to a higher New Zealand dollar and a drawdown of inventory and gold-in-circuit. In the first half of 2014, the Company generated approximately $71 million in free cash flow including $22 million in the second quarter. During the quarter, the Company repaid $10 million in core debt and increased its cash position to $46 million. In the last eighteen months, the Company has repaid approximately $94 million in core debt.

In the Philippines, the Didipio operation produced 45,266 ounces of gold and 11,185 tonnes of copper in the first half of 2014 including 14,786 ounces of gold and 4,706 tonnes of copper in the second quarter. As previously guided, the decrease in production from the first quarter was a result of mine sequencing whereby lower grade ore was mined from Stage 3 of the open pit. Additionally, mill feed was lower due to a planned process plant shut down for maintenance and debottlenecking activities. Production is expected to increase in the third quarter and beyond as the mining operation advances Stage 3 of the open pit into a higher grade zone of the ore body.

During the quarter, the Didipio optimisation study advanced well and is expected to be completed by the end of the third quarter. The third stage of the Tailings Storage Facility (“TSF”) and the water treatment plant were completed in the second quarter. Debottlenecking activities to achieve the planned 3.5 Mtpa throughput rate by the end of 2014 included the installation of a third-stage tailings delivery pump, construction of a new tailings line and completion of the pebble crusher foundation.

In New Zealand, gold production for the first half of 2014 was 102,133 ounces including 46,045 ounces in the second quarter. The quarter on quarter decrease was a result of lower grade ore mined and processed across the New Zealand operations and to lower mill feed at Reefton. Consolidated New Zealand cash costs were $843 per ounce on 112,334 ounces sold in the first half of 2014 and $1,114 per ounce on 54,548 ounces sold in the second quarter. The increase in cash costs from the first quarter was due mainly to lower sales, a higher New Zealand dollar and a drawdown of ore inventories and gold-in-circuit.

Near the end of the second quarter at the Reefton operation, geotechnical instability of one of the pit walls temporarily affected access in the open pit resulting in less ore being mined and available for processing. Reduced ore feed will continue in the third quarter while an alternate access in the open pit is established. As a result, production at Reefton for the third quarter and full year will be lower than expected. The mine plan has been revised and as a result the Company expects a slight increase in the life of mine production at Reefton and the operation will remain cash flow positive including rehabilitation costs under its revised mine plan.

Mick Wilkes, Managing Director and CEO commented, “We had a strong start to the first half of the year with free cash flow generation of $71 million including $22 million in the second quarter despite a lower quarter for production.” He added, “At our Didipio operation, we are currently mining and processing higher grade ore while advancing the optimisation study which we expect will be completed by the end of the third quarter. In New Zealand, geotechnical issues at Macraes and Reefton in the second quarter have resulted in changes to the mine plan at each of these operations however, we expect no major long-term impacts.” Mr. Wilkes added, “The Company is well on track to achieve its 2014 guidance and we will continue to strengthen the balance sheet through further debt repayments this year. We remain focused on enhancing shareholder wealth and positioning the Company for new value-add opportunities. Our commitment to our stakeholders remains steadfast and we will continue to work closely with them.”

Conference Call and Webcast

The Company will host a conference call / webcast to discuss its first half and second quarter 2014 financial and operating results. The call will take place at 7:30am on Thursday July 31 (Melbourne, Australia time) / 5.30pm on Wednesday July 30 2014 (Toronto, Canada time).

Webcast Participants

To register, please copy and paste the link below into your browser:

http://event.on24.com/r.htm?e=815829&s=1&k=38F45E73D478DDD1B06432E0DD387A17

Teleconference Participants (required for those who wish to ask questions)

Local (toll free) dial in numbers are:

Australia: 1 800 157 854 New Zealand: 0 800 441 025 Canada & North America: 1 888 390 0546 All other countries (toll): + 1 416 764 8688

Playback of Webcast

If you are unable to attend the call, a recording will be available for viewing on the Company’s website from 11:30am on Thursday 31 July 2014 (Melbourne, Australia time) / 7.30pm on Wednesday 30 July 2014 (Toronto, Canada time).

• ENDS -

For further information please contact:

OceanaGold Corporation

Investor Relations – Toronto Sam Pazuki Tel: +1 416 915 3123

Media Relations – Melbourne Andrea Atell Tel: +61(3) 9656 5300 [email protected] | www.oceanagold.com | Twitter: @OceanaGold

About OceanaGold

OceanaGold Corporation is a significant multinational gold producer with mines 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’s Didipio Mine in northern Luzon, Philippines commenced commercial production on 1 April 2013 and is expected to produce 100,000 ounces of gold and 14,000 tonnes of copper per year on average over the next 15 years. In 2014, the Company expects to produce 275,000 to 305,000 ounces of gold from the combined New Zealand and Philippine operations and 21,000 to 24,000 tonnes of copper from the Philippine operations.

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

Cautionary Statement for Public Release

Certain information contained in this public release, including any information relating to the Company’s future financial or operating performance may be deemed “forward-looking” within the meaning of applicable securities laws. Forward-looking statements and information relate to future performance and reflect the Company’s expectations regarding the future growth, results of operations, business prospects and opportunities of OceanaGold Corporation and its related subsidiaries. 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, performance, achievements or results to differ materially from those expressed 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 forward-looking 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. Some of these risks and uncertainties include: general economic and market factors (including changes in global, national or regional financial credit, currency or securities markets); changes or developments in global, national or regional political conditions (including any act of terrorism or war); changes in laws (including tax laws) and changes in GAAP or regulatory accounting requirements; fluctuations in the price of gold; inability to obtain required consents, permits or approvals; and other risk factors as outlines in the Company’s annual and interim filings. Readers are cautioned that the foregoing list of factors is not exhaustive. Although the Company believes that any forward-looking information contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except as required by applicable securities laws. All forward looking information contained in this public release is qualified by this Cautionary Statement. The information contained in this release is not investment or financial product advice.

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