Mr. Mick Wilkes reports

OCEANAGOLD FOURTH QUARTER AND FULL-YEAR 2013 PRODUCTION REPORT

OceanaGold Corp. has released its fourth quarter report for the quarter ended Dec. 31, 2013, in accordance with the Australian Securities Exchange listing Rule 5.1. Please note that the numbers contained in this document are unaudited and subject to finalization. As a Toronto Stock Exchange issuer, the company will release its complete full-year 2013 audited financial and operational results on Feb. 20, 2014. A conference call to discuss the results will take place on Feb. 21, 2014 (Australian Eastern Daylight Time). (All figures are in U.S. dollars unless otherwise stated.)

Key highlights:

• Record full-year gold production of 325,732 ounces in 2013, slightly ahead of guidance;
• Strong copper production with 23,059 tonnes produced for the year exceeding top end of 2013 copper production guidance;
• Cash costs net of copper byproducts of $426 per ounce for the full year, lower than the 2013 cash cost guidance;
• All-in sustaining costs of $868 per ounce for the full year;
• Reduced debt by $45-million during the quarter.

Mick Wilkes, managing director and chief executive officer, commented: "I am pleased to report a very strong finish to 2013 with record gold production for OceanaGold. The company exceeded its 2013 gold and copper production guidance at lower than planned costs on the back of strong fourth quarter production from both our New Zealand and Philippine operations. We continue to drive down our cost profile while increasing cash margins."

He went on to say: "Last year was a challenging year for the gold sector with a significant decrease in the gold price. Against that environment, we transformed the company by successfully commissioning the high-grade, low-cost Didipio mine in the Philippines and reducing our cost base in New Zealand, where we responded to the new economic realities in a decisive manner by optimizing mine schedules and identifying operational efficiencies."

Mr. Wilkes continued: "Looking ahead into 2014, we expect increasing free cash flow generation to be used to further strengthen our balance sheet and position the company for greater shareholder value. We expect Didipio to continue to ramp up well with increased production and mill throughput to achieve its 3.5-million-tonne-per-annum planned capacity by the end of the year. We will also continue to work closely with all of our stakeholders to deliver positive results in a safe and sustainable manner."

                   FOURTH QUARTER AND FULL-YEAR 2013 
                  PRODUCTION AND COST RESULTS SUMMARY                    
                                     
                                                Didipio New Zealand   Group 
Q4 2013 results                                                         
Gold produced                         ounces     27,713      87,506 115,219
Copper produced                       tonnes      7,536          --   7,536 
Cash costs                       $ per ounce    $(1,081)       $550    $210  
Full-year 2013 results                                                  
Gold produced                         ounces     66,277     259,455 325,732
Copper produced                       tonnes     23,059          --  23,059 
Cash costs                       $ per ounce     (1,078)        740     426  
All-in sustaining costs          $ per ounce       (688)      1,194     868  

In the fourth quarter, strong performance across all operations resulted in a record 115,219 ounces of gold produced, a 54-per-cent increase from the previous quarter on account of processing higher-grade ore across all operations. Fourth quarter copper production of 7,536 tonnes was 23 per cent higher than in the previous quarter. For the full-year 2013, the company achieved record gold production of 325,732 ounces, slightly exceeding the company's 2013 gold production guidance range of 285,000 to 325,000 ounces. The company exceeded its 2013 copper production range of 18,000 to 20,000 tonnes with 23,059 tonnes produced.

In the Philippines, the Didipio mine produced 27,713 ounces of gold and 7,536 tonnes of copper in the fourth quarter because of increased mill feed tonnage, higher gold and copper grades processed, and better recoveries. For the full year, Didipio achieved its gold production guidance with 66,277 ounces of gold produced and exceeded its copper production guidance with 23,059 tonnes produced. In 2014, the operation is set to continue ramping up production and throughput rates to its 3.5-million-tonne-per-annum planned capacity.

In New Zealand, strong performance at Macraes and Reefton resulted in a combined fourth quarter gold production of 87,506 ounces, a 54-per-cent increase from the previous quarter. This increase was attributable to processing higher-grade ore at both operations. For the full year, New Zealand operations exceeded their gold production guidance with 259,455 ounces of gold produced.

Subsequent to the year-end, the company announced that in response to the continued lower gold price environment, it reoptimized the mine schedule at Macraes open pit and Frasers underground. As a result, the Macraes open-pit mine life is now the end of 2017 while the Frasers underground is expected to end in mid-2015. Additionally, the company partially hedged gold production at Macraes utilizing a zero-cost collar hedge covering 208,000 ounces of gold over the next two years with put options at $1,500 (New Zealand) per ounce and an equal number of call options at $1,600 (New Zealand) per ounce.

The company's full-year preliminary unaudited cash costs net of copper byproduct credits were $426 per ounce, significantly lower than the company's 2013 cash cost guidance range of $550 to $650 per ounce. This result is attributable to increased copper credits and cost reductions employed throughout the year. The full-year preliminary unaudited AISC net of copper byproduct credits was $868 per ounce, which was slightly lower than forecasted. Didipio's 2013 net of copper byproduct credits AISC was negative $688 per ounce, well below the company's 2013 AISC forecast for the operation.

During the quarter, the company reduced its core debt by $45-million, and at the end of the quarter, the company's convertible notes matured and were repaid in full and financed through cash and the term facility specifically provided for this repayment. Effective Dec. 20, 2013, the company had no convertible notes on its balance sheet.

Unaudited revenue for the fourth quarter was approximately $170-million with approximately $25-million cash at year-end.

Sustainability

In the fourth quarter, the Didipio mine was awarded the most environment compliant by the Environment Management Bureau, a supporting body of the Department of Environment and Natural Resources in the Philippines for demonstrating outstanding performance and safeguard of the environment. In the quarter, the Didipio emergency response team worked closely with the Philippine Mine Safety and Environment Association and other international groups and played a critical role in the rescue and relief efforts in two major natural disasters that devastated the Visayas region in the Philippines: the earthquake on the island of Bohol and typhoon Haiyan (Yolanda) in Tacloban.

In 2014, the company will continue to advance its sustainability programs and its partnerships. Together with the International River Foundation, the company will promote effective river basin management and educate communities on the adverse environmental impacts of small-scale mining methods on local waterways. Through its long and successful record of developing and operating gold mines in partnerships with local communities, the company will seek to develop and invest in a number of community initiatives in El Salvador. The company will engage key stakeholders in El Salvador to unlock the significant opportunity that exists at El Dorado for the Salvadoran people.

Full-year 2014 production guidance

In 2014, the company is planning to produce 275,000 to 305,000 ounces of gold at cash costs of $400 to $450 per ounce net of copper byproduct credits and AISC of $750 to $850 per ounce net of copper byproduct credits. Copper production from Didipio is expected to be between 21,000 to 24,000 tonnes of copper in concentrate.

                       PRODUCTION AND COST GUIDANCE FOR 2014

Company guidance 2014                     Didipio     New Zealand           Group      

Gold production              ounces 85,000-95,000 190,000-210,000 275,000-305,000
Copper production            tonnes 21,000-24,000              --   21,000-24,000 
Cash costs              $ per ounce  ($725)-($650)      $840-$925       $400-$450
All-in sustaining costs $ per ounce  ($240)-($210)  $1,170-$1,290       $750-$850  

Full-year 2013 results release and conference call

The company will release its full 2013 financial and operational results on Feb. 20, 2014, and host a conference call/webcast to discuss the results at 8:30 a.m. on Feb. 21, 2014 (Melbourne, Australia, time)/4:30 p.m. on Feb. 20, 2014 (Toronto, Canada, time).

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 and 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 11:30 a.m. on Feb. 21 (Melbourne, Australia, time)/7:30 p.m. on Feb. 20 (Toronto, Canada, time).

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