Mr. Mick Wilkes reports

OCEANAGOLD ANNOUNCES UPDATED RESOURCE & RESERVE STATEMENT

OceanaGold Corp. has released its updated resource and reserve statement as at Dec. 31, 2014.

Key highlights

• Increase in proven and probable reserves at Didipio after depletion;
• Total consolidated proven and probable gold reserves of 85.9 million tonnes at 1.09 grams per tonne for 3.02 million ounces of gold, including 3.58 million ounces of silver and 210,000 tonnes of copper;
• Total consolidated measured and indicated resources of 181 million tonnes 1.35 g/t Au for 7.82 million ounces of gold, including 13.8 million ounces of silver and 240,000 tonnes of copper;
• Didipio measured and indicated resources of 2.02 million ounces of gold, 4.32 million ounces of silver and 240,000 tonnes of copper (57.3 million tonnes at 1.10 g/t Au, 2.34 g/t Ag and 0.42 per cent Cu);
• Macraes goldfield measured and indicated resources of 3.58 million ounces of gold (101 million tonnes at 1.11 g/t Au);
• Frasers underground mine life extended to the end of 2016 at current rates;
• Reefton goldfield measured and indicated resources of 700,000 million ounces of gold (14.4 million tonnes at 1.5 g/t Au).

Mick Wilkes, managing director and chief executive officer, commented: "OceanaGold has a solid resource base from its portfolio of high-quality assets. We have seen a year-on-year increase in resources at Didipio driven by the strong results generated from the optimization study. We continue to add mine life to our Frasers underground operation, which has been extended by an additional year of production at similar rates to previous years."

On a consolidated basis, the company's total proven and probable (P&P) reserves stand at 85.9 million tonnes with 3.02 million ounces of gold, 3.58 million ounces of silver and 210,000 tonnes of copper. This represents a slight decrease from the previous year as a result of mine depletion, partly offset from an increase to Didipio reserves following the Didipio optimization study. The P&P reserves were calculated using $1,250 (U.S.) per ounce of gold and $3.20 (U.S.) per pound of copper.

At Didipio in the Philippines, P&P reserves were slightly higher due to the at-depth expansion of the underground mine design. The increase was partly offset by a reduction of reserves from the open pit following the changes made to the mine design in the optimization study and from mine depletion. Over all, the Didipio reserves increased to 47.6 million tonnes from 45.6 million tonnes, while the gold reserve increased to 1.7 million ounces from 1.59 million ounces, with a slight increase in reserve grade to 1.11 g/t. Copper reserve remained steady year on year after depletion.

In 2014, the company completed the geophysical survey of the Didipio area to identify new drill targets. In 2015, the company continued drilling within the mine area to find additional sources of mill feed with some promising early results.

In New Zealand, P&P reserves stand at 38.4 million tonnes at 1.07 g/t Au for 1.32 million ounces of gold, a reduction from the previous year due mainly to mine depletion. At the Frasers underground operation, additional reserves were defined, resulting in an extension to the mine life out to the end of 2016, one year later than previously stated. In each of the past several years, the company has successfully defined additional reserves at the Frasers underground operation, resulting in additional mine life at the operation.

Measured and indicated (M&I) resources (inclusive of reserves) for the company now stand at a total of 181 million tonnes at 1.35 g/t Au for 7.82 million ounces of gold, including 13.8 million ounces of silver and 240,000 tonnes of copper. The M&I gold resource has decreased by 520,000 ounces from the previous year, as a result of mine depletion and a reduction in the M&I gold resource at Macraes due to the pit wall failure at the Frasers pit. The decrease was partly offset by additional Didipio M&I gold resources following the optimization study and increased stockpiles and from an increase to the Round Hill M&I resource.

The M&I silver resource increased by 4.32 million ounces from the previous year due to the estimation of the silver content in the Didipio orebody. The M&I copper resource decreased slightly as a result of mine depletion.

Total company inferred resources stand at 104 million tonnes at 1.2 g/t Au for 4.1 million ounces of gold, including 2.5 million ounces of silver and 40,000 tonnes of copper.

Mr. Wilkes stated: "In the Philippines, we are preparing our Paco tenements for a geophysical survey and anticipate drilling there later this year. We will continue to drill the Didipio near mine area and follow up on the recent drilling. Once we have transitioned to the underground at Didipio, we will carry out infill drilling to convert inferred resources and drill the orebody at depth, which we believe is open.

"In New Zealand, the company will continue infill drilling at the Frasers underground mine to increase reserves. With the weaker New Zealand dollar and lower fuel costs, the optionality at Macraes has significantly improved. As a result, the company will undertake a surface drilling program targeting low-strip mineralization. Success from this drilling program, along with continued improvement in economic conditions, may result in a mine life at Macraes beyond 2017 in the current mine configuration."

Mr. Wilkes added, "The company will also continue to pursue external high-quality, low-cost reserves and resources that would further complement our business."

Technical disclosure

The estimates of mineral resources and reserves were prepared in accordance with the standards set out in the Australasian code for the reporting of mineral resources and ore reserves of December, 2012 (the JORC code), and in accordance with National Instrument 43-101 of the Canadian Securities Administrators. The JORC code is the accepted reporting standard for the Australian Stock Exchange Ltd. and the New Zealand Stock Exchange Ltd.

Unless stated otherwise, in respect of the mineral projects of the company referred to in this update, the scientific and technical information (including disclosure regarding mineral resources and mineral reserves) is based upon the following NI 43-101 compliant technical reports:

1. "Technical Report for the Macraes Project located in the Province of Otago, New Zealand," dated Feb. 12, 2010, prepared by R. Redden, then development and technical services manager, and J.G. Moore, group mine geology manager, both of OceanaGold (New Zealand) Ltd.;
2. "Technical Report for the Reefton Project located in the Province of Westland, New Zealand," dated May 24, 2013, prepared by Knowell Madambi, technical services manager, and J. Moore, chief geologist, both of OceanaGold (New Zealand) Ltd.;
3. "Technical Report for the Didipio Gold / Copper Operation Luzon Island," dated Oct. 29, 2014, Simon Griffiths, general manager of studies, and Jonathan Moore, chief geologist, of OceanaGold (New Zealand) Ltd., and Michael Holmes, chief operating officer of OceanaGold Corp.

Mr. Griffiths, Mr. Madambi and Mr. Moore are full-time employees of the company's subsidiary, OceanaGold (New Zealand) Ltd. Mr. Holmes is a full-time employee of OceanaGold Corp. Rod Redden was a full-time employee of OceanaGold (New Zealand) Ltd. until February, 2012. The technical reports have been filed with the Canadian securities regulatory authorities and are available for review on SEDAR under the company's profile.

For further information regarding the El Dorado property, reference should be made to the following NI 43-101 technical report, which has been filed and is available on SEDAR under the name of Pacific Rim Mining Corp.: "Technical Report Update on the El Dorado Project Gold and Silver Resources, Department of Cabanas, Republic of El Salvador," dated March 3, 2008, prepared by Steven Ristorcelli, CPG, and Peter A. Ronning of Mine Development Associates.

The El Dorado resource estimate referred to herein was prepared by Mr. Ristorcelli of Mine Development Associates, Reno, Nev. (who is an independent qualified person as defined in NI 43-101), and conforms to current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) standards on mineral resources and reserves. Mr. Ristorcelli is a registered professional geologist in the states of California and Wyoming and a certified professional geologist with the American Institute of Professional Geologists.

Where the mineral reserve and mineral resource estimates of the company's Reefton, Macraes and Didipio operations set out in this media release differ from those set out in the technical report for the relevant property, such differences arise from updates to such mineral reserve and mineral resource estimates as a result of either depletion through production, addition due to exploration activities or revised economic assumptions. The latest updates of mineral reserves for each of the company's New Zealand projects were prepared by, or under the supervision of Mr. Madambi, while the mineral reserves for Didipio were prepared under the supervision of Mr. Holmes. The updates of mineral resources for the Didipio project were prepared by, or under the supervision of, Mr. Moore, while the updates of mineral resources for Macraes and Reefton were updated by S. Doyle. Mr. Holmes, Mr. Madambi, Mr. Moore and Mr. Doyle are members and chartered professionals with the Australasian Institute of Mining and Metallurgy, and each is a qualified person for the purposes of NI 43-101. Mr. Doyle is also a member of the Australian Institute of Geoscientists. All such persons are qualified persons for the purposes of NI 43-101 and have sufficient experience relevant to the style of mineralization and type of deposit under consideration, and to the activity which they are undertaking, to qualify as a competent person as defined in the JORC code. Mr. Moore, Mr. Madambi, Mr. Doyle, Mr. Holmes and Mr. Ristorcelli consent to inclusion in this media release of the matters based on their information in the form and context in which it appears.

We seek Safe Harbor.