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OceanaGold Announces Full Year 2012 Results

/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR 
DISTRIBUTION TO US NEWSWIRE SERVICES./ 
(All references in US Dollars) 
MELBOURNE, Feb. 14, 2013 /CNW/ - OceanaGold Corporation (ASX: OGC) (TSX: OGC) 
(NZX: OGC) (the "Company") today released its fourth quarter and full year 
2012 results for the year ended December 31, 2012. 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 include: 


    --  Fourth quarter production of 76,844 ounces of gold, a 55%
        increase from the third quarter 2012.  Full year production of
        232,909 ounces of gold which exceeded the Company's 2012
        production guidance range of 225,000 to 230,000 ounces.
    --  Fourth quarter gold sales were 69,761 ounces and cash costs
        were $638 per ounce. For full year 2012 gold sales were 230,119
        ounces resulting in cash costs of $940 per ounce sold, which
        was lower than the cost guidance range.
    --  Commissioning of Didipio continues to advance well with the
        plant achieving higher than expected throughput rates and
        better recoveries to date. First copper/gold concentrate was
        produced in December 2012 and first shipment of concentrate
        trucked to port in January 2013.

The Company's strong fourth quarter results were driven by a solid performance 
from the New Zealand operations. The increase in production was a result of 
mining higher grade ore at both Macraes and Reefton operations. The quarter on 
quarter increase in gold ounces sold and lower expenses were the main factors 
for significantly lower cash costs in the fourth quarter. The substantial 
increase in cash operating margin in the fourth quarter was a result of the 
higher ounces of gold sold, lower operating costs and higher average price of 
gold received.

In December, the Company successfully completed a "Bought Deal" equity raising 
for gross proceeds of C$93.3 million with the net proceeds to be used to 
reduce outstanding debt and provide balance sheet and operating flexibility.

In the Philippines, the Didipio Project in northern Luzon continued to advance 
well during 2012 with all key milestones achieved on schedule. In December 
2012, the Company announced production of the first saleable copper-gold 
concentrate and subsequent to the year end, the first shipment of concentrate 
was trucked to port.

Commissioning activities continue to progress well with mill throughput rates 
having approached 2.5Mtpa, exceeding expectations. In late January, 
modifications were identified for the long-term reliability of the plant. 
These modifications were completed and the process plant was subsequently 
brought back online in early February.

The Company spent $14.9 million on its exploration program in 2012 with the 
majority of this expenditure being spent in New Zealand. During the year, the 
Company continued to drill out the Blackwater deposit with favourable results 
consistent with the range of grade and width in the old workings. The final 
drill hole of the program is currently underway and results of this drill are 
expected in the first half of 2013.

OceanaGold Managing Director and CEO, Mick Wilkes said, "We are very pleased 
with our performance in 2012. New Zealand operations had a strong fourth 
quarter as planned and Didipio continued to achieve each key milestone on 
schedule including the start of commissioning in October and the completion of 
construction in December. We've continued that momentum into 2013, which is a 
transformational year for our Company as we ramp-up commissioning at Didpio 
and transition into steady-state operations. The focus of commissioning 
activities is now on increasing copper and gold recoveries and ramp-up of the 
plant throughput. We are on track to deliver on expectations to mill 2.5 Mt at 
Didipio in 2013."

Conference Call / Webcast

The Company will host a conference call / webcast to discuss the results at 
8:30am on Friday 15 February 2013 (Melbourne, Australia time) / 4:30pm on 
Thursday 14 February (Toronto, Canada time). Details are available on the home 
page on the OceanaGold website at www.oceanagold.com

Webcast Participants

To register, please copy and paste the link below into your browser: 
http://event.on24.com/r.htm?e=565560&s=1&k=FC1F98ECAEA5F711F3D3E7103FB92153

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

Local (toll free) dial in numbers are:
Australia: 1 800 148 052
New Zealand: 0 800 441 017 Canada & North America: 1 888 390 0605
All other countries (toll): + 1 416 764 8609

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 Friday 15 February 
(Melbourne, Australia time) / 7.30pm on Thursday 14 February (Toronto, Canada 
time).

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. The Company's Didipio 
Project in northern Luzon, Philippines is in commissioning and is expected to 
produce 100,000 ounces of gold and 14,000 tonnes of copper per year on average 
over an estimated 16 year mine life. OceanaGold expects to produce 285,000 to 
325,000 ounces of gold and 15,000 to 18,000 tonnes of copper in FY2013 from 
the New Zealand and Philippine operations combined.

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. The 
information contained in this release is not investment or financial product 
advice.

2012 Results

February 14, 2013

www.oceanagold.com

Management Discussion and Analysis of Financial Condition and Results of 
Operations for the Year Ended December 31, 2012

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This Management Discussion & Analysis contains "forward-looking statements and 
information" within the meaning of applicable securities laws which may 
include, but is not limited to, statements with respect to the future 
financial and operating performance of the Company, its subsidiaries and 
affiliated companies, its mining projects, the future price of gold, the 
estimation of mineral reserves and mineral resources, the realisation of 
mineral reserve and resource estimates, costs of production, estimates of 
initial capital, sustaining capital, operating and exploration expenditures, 
costs and timing of the development of new deposits, costs and timing of the 
development of new mines, costs and timing of future exploration and drilling 
programs, timing of filing of updated technical information, anticipated 
production amounts, requirements for additional capital, governmental 
regulation of mining operations and exploration operations, timing and receipt 
of approvals, consents and permits under applicable mineral legislation, 
environmental risks, title disputes or claims, limitations of insurance 
coverage and the timing and possible outcome of pending litigation and 
regulatory matters. Often, but not always, forward-looking statements and 
information can be identified by the use of words such as "plans", 
"expects", "is expected", "budget", "scheduled", "estimates", 
"forecasts", "intends", "targets", "aims", "anticipates" or "believes" 
or variations (including negative variations) of such words and phrases, or 
may be identified by statements to the effect that certain actions, events or 
results "may", "could", "would", "should", "might" or "will" be taken, occur 
or be achieved. Forward-looking statements and information involve known and 
unknown risks, uncertainties and other factors which may cause the actual 
results, performance or achievements of the Company and/or its subsidiaries 
and/or its affiliated companies to be materially different from any future 
results, performance or achievements expressed or implied by the 
forward-looking statements. Such factors include, among others, future prices 
of gold; general business, economic, competitive, political and social 
uncertainties; the actual results of current production, development and/or 
exploration activities; conclusions of economic evaluations and studies; 
fluctuations in the value of the United States dollar relative to the Canadian 
dollar, the Australian dollar, the Philippines Peso or the New Zealand dollar; 
changes in project parameters as plans continue to be refined; possible 
variations of ore grade or recovery rates; failure of plant, equipment or 
processes to operate as anticipated; accidents, labour disputes and other 
risks of the mining industry; political instability or insurrection or war; 
labour force availability and turnover; delays in obtaining financing or 
governmental approvals or in the completion of development or construction 
activities or in the commencement of operations; as well as those factors 
discussed in the section entitled "Risk Factors" contained in the Company's 
Annual Information Form in respect of its fiscal year-ended December 31, 2011, 
which is available on SEDAR at www.sedar.com under the Company's name. 
Although the Company has attempted to identify important factors that could 
cause actual actions, events or results to differ materially from those 
described in forward-looking statements and information, there may be other 
factors that cause actual results, performance, achievements or events to 
differ from those anticipated, estimated or intended. Also, many of the 
factors are outside or beyond the control of the Company, its officers, 
employees, agents or associates. Forward-looking statements and information 
contained herein are made as of the date of this Management Discussion & 
Analysis and, subject to applicable securities laws, the Company disclaims any 
obligation to update any forward-looking statements and information, whether 
as a result of new information, future events or results or otherwise. There 
can be no assurance that forward-looking statements and information will prove 
to be accurate, as actual results and future events could differ materially 
from those anticipated in such statements. Accordingly, readers should not 
place undue reliance on forward-looking statements and information due to the 
inherent uncertainty therein. All forward-looking statements and information 
made herein are qualified by this cautionary statement. This Management 
Discussion & Analysis may use the terms "Measured", "Indicated" and "Inferred" 
Resources. U.S. investors are advised that while such terms are recognised and 
required by Canadian regulations, the Securities and Exchange Commission does 
not recognise them. "Inferred Resources" have a great amount of uncertainty as 
to their existence and as to their economic and legal feasibility. It cannot 
be assumed that all or any part of an Inferred Resources will ever be upgraded 
to a higher category. Under Canadian rules, estimates of Inferred Resources 
may not form the basis of feasibility or other economic studies. U.S. 
investors are cautioned not to assume that all or any part of Measured or 
Indicated Resources will ever be converted into reserves. U.S. investors are 
also cautioned not to assume that all or any part of an Inferred Resource 
exists, or is economically or legally mineable. This document does not 
constitute an offer of securities for sale in the United States or to any 
person that is, or is acting for the account or benefit of, any U.S. person 
(as defined in Regulation S under the United States Securities Act of 1933, as 
amended (the "Securities Act")) ("U.S. Person"), or in any other jurisdiction 
in which such an offer would be unlawful.

Technical Disclosure

Dr Michael Roache, (PhD) - Head of Exploration, Mr Jonathan Moore - Group Mine 
Geology Manager, and Mr Knowell Madambi - Technical Services Manager all of 
OceanaGold, are responsible for the technical disclosure in this document, and 
are Qualified Persons under the Canadian Securities Administrators' National 
Instrument 43-101 - Standards of Disclosure of Mineral Projects ("NI 
43-101"). Dr Roache is a member of both the AusIMM and Australasian 
Institute of Geoscientists while Messrs. Moore and Madambi are both members 
and Chartered Professionals with the AusIMM. Dr Roache, Messrs Moore and 
Madambi have sufficient experience, which is relevant to the style of 
mineralisation and type of deposits under consideration, and to the activities 
which they are undertaking, to qualify as Competent Persons as defined in the 
2004 Edition of the "Australasian Code for Reporting of Exploration Results, 
Mineral Resources and Ore Reserves" ("JORC Code"). Soil samples, and drill 
samples collected at 1 metre intervals or less, from both reverse circulation 
chips and sawn diamond core, were prepared and assayed by fire assay methods 
at either the SGS facilities at Macraes, Reefton, Westport and Waihi, New 
Zealand, or the ALS facilities in Brisbane and Townsville, Australia. 
Philippine soil samples were prepared and assayed at McPhar laboratories in 
Manila, Philippines. Standard reference materials were inserted to monitor the 
quality control of assay data. Dr Roache and Messrs. Moore, and Madambi 
consent to the inclusion in this document of the matters based on their 
information in the form and context in which the information appears.

For further scientific and technical information (including disclosure 
regarding mineral resources and mineral reserves) relating to the Reefton 
Project, the Macraes Project and the Didipio Project please refer to the NI 
43-101 compliant technical reports available at sedar.com under the Company's 
name.

Management Discussion and Analysis of
Financial Condition and Results of Operations for the
Year Ended December 31, 2012

HIGHLIGHTS
    --  Gold production in the fourth quarter was up 55% to 76,844
        ounces compared to the prior quarter. 2012 production was
        232,909 ounces which exceeded the Company's production guidance
        of 225,000 to 230,000 ounces of gold.
    --  Cash costs for the fourth quarter were $638 per ounce on gold
        sales of 69,761 ounces. 2012 cash costs were $940 on 230,119
        ounces of gold sold.
    --  Revenue of $119.0 million for the fourth quarter of 2012 from
        gold sales of 69,761 ounces at an average price of $1,706 per
        ounce and cash costs of $638 per ounce.
    --  EBITDA (earnings before interest, taxes, depreciation and
        amortisation, excluding gain/(loss) on undesignated hedges)*
        was $67.1 million for the fourth quarter versus $28.6 million
        in the previous quarter.
    --  Didipio produced first copper/gold concentrate in December
        2012. Commissioning activities continue to progress well with
        higher than expected throughputs and better recoveries achieved
        to date.
    --  At Blackwater, the final hole of the current drill program
        commenced to test the northern extent of the Birthday Reef.
    --  Successfully completed a "Bought Deal" equity raising for gross
        proceeds of C$93.3 million with use of proceeds to reduce
        outstanding debt and provide balance sheet and operating
        flexibility.
    --  On January 1(st), Ms. Liang Tang was appointed Company
        Secretary and Corporate Counsel.

All statistics are compared to the corresponding 2011 period unless otherwise 
stated.

OceanaGold has adopted USD as its presentation currency and all numbers in 
this document are expressed in USD unless otherwise stated.

* EBITDA (earnings before interest, taxes, depreciation and amortisation, 
excluding gain/(loss) on undesignated hedges) is a non GAAP measure. Refer to 
page 26 for explanation of non GAAP measures.

OVERVIEW

Results from Operations

OceanaGold (the "Company") recorded revenue of $119.0 million in the fourth 
quarter of 2012 from sales of 69,761 ounces of gold at a cash cost of $638 per 
ounce. Revenue for 2012 was $385.4 million from sales of 230,119 ounces of 
gold at cash costs of $940 per ounce sold.

Gold production for the fourth quarter of 2012 was 76,844 ounces, up 55% from 
the previous quarter. This increase was attributable to higher grade ore mined 
and higher plant recoveries at both Macraes and Reefton. The total production 
for 2012 of 232,909 ounces was slightly higher than the Company's production 
guidance range of 225,000 to 230,000 ounces. Gold sales for the quarter were 
69,761 ounces and 230,119 for the year.

The 2012 average cash costs of $940 per ounce of gold sold was below the 
guidance range of $1,000 to $1,050 per ounce. Cash costs were higher in 2012 
than in the previous year due primarily to fewer ounces of gold sold and a 
stronger New Zealand dollar.

The average gold price received in the fourth quarter 2012 was $1,706 per 
ounce versus $1,665 per ounce in the third quarter. The cash operating margin 
achieved in the fourth quarter was $1,068 per ounce sold compared to $584 per 
ounce sold in the previous quarter. The increase was attributable to the 
significantly lower cash cost per ounce and the slightly higher average price 
of gold received. The 2012 cash operating margin of $735 per ounce improved 
slightly compared to 2011. This increase was attributable to a higher average 
gold price received partly offset by higher cash operating costs and lower 
ounces of gold sold in 2012.

Total material mined in 2012 of 61.5 million tonnes decreased by 9% compared 
to 2011. At Macraes, less ore was mined than in 2011 as a result of mining 
deeper in the open pit and the resultant longer truck haul times and lower 
movements in the first half at Frasers Underground due to reduced access to a 
number of stoping areas early in the year. Additionally, less waste was mined 
at Macraes, however this was partly offset by more waste mined at Reefton from 
the Globe Pit.

Mill throughput in 2012 of 7.4 million tonnes was slightly lower than the 
prior year due to reduced mill throughput at both Macraes and Reefton process 
plants. This was attributable to extended plant shutdowns at both plants in 
February for maintenance and plant upgrades. At Reefton, throughput was 
impacted in August due to adverse weather that caused plant shutdowns to 
repair power infrastructure. During the same period, a significant rain event 
at Macraes prevented access to the ore in the bottom of the pit for a period 
of 10 days, during which time low grade ore was milled.

Mill feed grade in 2012 was 1.20g/t versus 1.25g/t in 2011. The slight 
decrease was due to the lower volume of ore mined, which was supplemented with 
low grade stockpiles through the mill. Recovery for the year was lower in 2012 
than in 2011 due to lower grade ore processed as a result of having treated a 
higher proportion of oxide ore at Reefton and to lower floatation recoveries 
at Macraes.

Cash flow from operations for the fourth quarter was $60.2 million and $115.3 
million for 2012. The cash balance at the end of the year was $96.5 million.

Production & Cost Guidance

In December 2012, the Company reported 2013 total production guidance of 
285,000 to 325,000 ounces of gold at cash costs of $650 to $800 per ounce net 
of copper by-product credits at $3.40/lb copper.

The New Zealand 2013 production guidance range is 235,000 to 255,000 ounces of 
gold at cash costs of $880 to $950 per ounce. The Company expects 2013 
production from the Philippines to be between 50,000 to 70,000 ounces of gold 
and 15,000 to 18,000 tonnes of copper at cash costs of negative $370 to 
negative $50 per ounce sold, net of copper by-product credits at $3.40/lb 
copper. The Didipio Project is currently in the commissioning stage. As such, 
the exact timing of revenue and costs reporting to the income statement is 
currently unknown but expected to be around early second quarter 2013. The 
Company will provide a tighter cash cost range at that time.

Didipio Project

In 2012, the Didipio Project continued to progress well with all major 
milestones achieved and in December, construction of the Didipio Project was 
completed on schedule. Early in the fourth quarter, the Company commenced 
commissioning activities with the crusher circuit crushing rock in October, 
milling activities commencing in November and first saleable copper-gold 
concentrate produced in December.

Subsequent to the year end, the Company began trucking saleable copper-gold 
concentrate to the port. Throughput rates are steadily increasing and have 
approached 2.5Mtpa rates with recoveries of greater than 80% for gold and 85% 
for copper already being consistently achieved. Some areas requiring 
modifications had been identified including the tailings delivery system that 
was being examined for long-term reliability as the plant ramps up to 3.5Mtpa 
rate. These works have now been completed and milling has recommenced.

Mining operations began early in 2012. In July, the Company had removed the 
oxide mineralisation and in August began mining fresh ore. Prior to the start 
of commissioning activities, the Company had a large ore stockpile on the ROM 
pad which is continuing to grow. All operations managers and superintendents 
had been recruited by the third quarter.

During 2012, the Company continued to invest in infrastructure, education and 
sustainable development projects in Didipio and neighbouring communities. 
During the quarter, $1.4 million was committed towards the development of the 
Camamasi-Belet-Capisaan-Wangal project, a road project to connect Didipio to 
the municipalities of Kasibu, Solano and Bambang in Nueva Vizcaya. A number of 
OceanaGold funded projects were completed in the fourth quarter. These 
projects included the construction of classrooms and other facilities at 
elementary and secondary schools in Didipio and neighbouring communities, the 
improvement of the main road traversing the centre of the Didipio and the 
repair of a hanging bridge in the Barangay Tucod in Cabarroguis, Quirino. As 
part of the Company's commitment to President Aquino's National Greening 
Program, the Company continued to advance its agroforestry program in 2012 
with the reforestation of 22 hectares of land in Barangay Debibi. The Company 
plans to plant trees on an additional 78 hectares of land in Debibi and 200 
hectares in Kasibu over the next four years.

On December 3rd, Category 5 super Typhoon Pablo hit the southern Philippine 
island of Mindanao causing mass devastation throughout the island. OceanaGold 
provided assistance to the Philippines Natural Disaster response team in 
support of the Typhoon Pablo relief efforts. This assistance included 
medicine, water and blankets as well as logistical assistance.

Exploration

The Company invested $4.1 million on exploration during the fourth quarter and 
$14.9 million for 2012. The majority of the investment was in New Zealand, in 
particular at the Blackwater Project.

At Reefton, the Company was focused on deep drilling at the historic 
Blackwater mine and a combination of helicopter assisted diamond drilling and 
reverse circulation (RC) drilling along strike to the north and south of 
Blackwater mine.

During 2012, drilling of the Birthday Reef at Blackwater continued to produce 
favourable results returning gold intercepts of 0.5 metres @ 23.3g/t from 
1315.9 metres (hole WA21A); 0.5m @ 15.65g/t from 1632.3 metres (hole WA22C); 
and 1.0m @ 85.2g/t from 1623.9 metres (hole WA22D). The final deep drill hole 
(WA25) commenced in the fourth quarter, to test the northern strike extent of 
the Reef at a depth significantly below the historical workings. The results 
of this drill are expected to be reported in the first half of 2013.

Exploration of the Globe Progress Pit at Reefton continued in the fourth 
quarter. Results for nine holes have been received with one hole, RCD0024, 
intersecting significant mineralisation of 10 metres @ 3.68g/t from 201 metres.

At the Frasers Underground, the focus of exploration in 2012 was on testing 
mineralisation along the strike. The results of drilling in 2012 and in the 
fourth quarter confirmed mineralisation to the north and north-east of current 
workings. Mineralisation remains open in both directions. The exploration 
program from the existing exploration drive is now complete and a new 
exploration drive is planned to commence in the second half of 2013 to enable 
exploration and resource definition drilling to continue in the down dip areas 
of Panel 2 in 2014.

In the Philippines, exploration focused on preparation for scout drilling at 
Mogambos, and D'Beau, review of the San Pedro near-mine prospect, discovery of 
anomalous gold at the Dilaping prospect and discovery of porphyry-style 
copper-gold mineralisation at the Cabinwangan prospect. The exploration 
extension permit covering the FTAA area is expected in the near-term.
                                                     
                                      - Table 1 -
                        Key Financial and Operating Statistics
                                                                     

Financial       Q4          Q3          Q4        Year    Year    Year
Statistics  Dec 31 2012 Sep 30 2012 Dec 31 2011   2012    2011    2010
                                                                     

Gold Sales     69,761      54,750      62,515   230,119 249,261 268,087
(ounces)
                                                                     
                  USD         USD         USD      USD     USD     USD
                                                                     

Average
Price           1,706       1,665       1,705    1,675   1,587   1,140
Received ($
per ounce)

Cash
Operating        638*      1,081*       947**     940*     875     570
Cost ($ per
ounce)*

Cash
Operating
Margin          1,068         584         758      735     712     570
($ per
ounce)
                                                                     

Non-Cash
Cost ($ per       398         406         349      401     350     260
ounce)
                                                                     

Total
Operating       1,036       1,487       1,296    1,341   1,225     830
Cost ($ per
ounce)
                                                                     

Total Cash
Operating
Cost ($ per     25.63       31.95       31.13    30.48   28.75   21.57
tonne
processed)
                                                                         

Combined              Q4         Q3         Q4        Year       Year       Year
Operating           Dec 31     Sep 30     Dec 31      2012       2011       2010
Statistics           2012       2012       2011
                                                                               

Gold Produced       76,844     49,514     65,750    232,909    252,499    268,602
(ounces)
                                                                               

Total Ore Mined  2,219,617  1,674,062  2,310,815  6,872,686  8,103,693  7,905,464
(tonnes)
                                                                               

Ore Mined Grade      1.60       1.08       1.26       1.34       1.21       1.43
(grams/tonne)
                                                                               

Total Waste
Mined (tonnes)   14,059,837 12,904,895 14,369,845 54,580,473 59,176,017 57,643,657
incl
pre-strip
                                                                               

Mill Feed (dry   1,826,880  1,889,121  1,902,368  7,432,375  7,588,354  7,081,488
milled tonnes)
                                                                               

Mill Feed Grade      1.59       1.01       1.31       1.20       1.25       1.45
(grams/tonne)
                                                                               

Recovery (%)        82.8%      80.7%      82.2%      81.0%      82.9%      81.6%
                                                             

Combined       Q4       Q3          Q4       Year    Year    Year
Financial    Dec 31 Sep 30 2012 Dec 31 2011  2012    2011    2010
Results       2012     $'000       $'000     $'000   $'000   $'000
             $'000

EBITDA
(excluding
gain/(loss)  67,100    28,614      43,662   144,632 163,923 139,515
on
undesignated
hedges)

Reported
EBITDA
(including
gain/(loss)  68,639    27,578      43,662   145,135 163,923 155,730
on
undesignated
hedges)

Reported
earnings/
(loss) after
income tax
(including   24,197     (397)      14,336   20,672  44,167  44,435
gain/(loss)
on
undesignated
hedges)
                                                             

* Cash operating costs per ounce has been adjusted in 2012 to reflect the 
decision to combine the administrative functions of the Melbourne, Dunedin and 
Makati offices under single management from 1 January 2012. In particular, 
previously the activities of the Dunedin office, such as finance, legal, 
regulatory, information technology, technical and supply services were treated 
as part of mine operating costs. With the commissioning of the Didipio 
operations in Q4 2012, this change reflects the development of the business 
into a multi-regional mining company.

** Cash costs per ounce in Q4 2011 before year end inventory adjustment were 
$890. Refer to 2011 MD&A February 16, 2012 for further detail.

PRODUCTION

Gold production for the fourth quarter of 2012 was 76,844 ounces, an increase 
of 55% versus 49,514 ounces from the previous quarter. This increase was 
attributable to higher grade ore mined at both Macraes and Reefton and higher 
recoveries at both plants. The total production for 2012 was 232,909 ounces 
which exceeded the Company's production guidance range of 225,000 to 230,000 
ounces of gold.

Cash operating costs for the fourth quarter of 2012 was $638 per ounce sold 
versus $1,081 per ounce in the third quarter. This decrease was due mainly to 
increased ounces of gold sold in the fourth quarter. The average gold price 
received during the fourth quarter was $1,706 per ounce and the cash operating 
margin in the quarter was $1,068 per ounce sold versus $584 per ounce in the 
third quarter. The increase was attributable to lower cash operating costs in 
the fourth quarter, higher ounces of gold sold and higher average price of 
gold received.

The production guidance for 2013 at Macraes and Reefton mines is 235,000 to 
255,000 ounces of gold at cash costs of US$880 to $950 per ounce.

OPERATIONS

Macraes Goldfield (New Zealand)

The Macraes operations (open-pit and underground) incurred one lost time 
injury (LTI) during the fourth quarter resulting in seven LTIs for the full 
year. The majority of these injuries were the result of not following standard 
operating procedures. The focus in 2013 continues to be on operator 
re-training and increased safety supervision.

Production from the Macraes Goldfield for the quarter was 58,872 gold ounces, 
a 60% increase from the previous quarter.This increase was due to higher 
grade ore mined at the open pit and Frasers Underground resulting in improved 
mill feed grades and improved gold recoveries. Total production for the 2012 
was 169,609 ounces.

Total material mined at Macraes Goldfield was 11.3 million tonnes for the 
fourth quarter. The 2012 total movement was 41.9 million tonnes versus 51.0 
million tonnes in 2011. This decrease was due mainly to less waste mined and 
less ore from mining deeper in the open pit and the resultant longer truck 
haulage times. Additionally, inclement weather in August hampered mining 
activities for a period of 10 days.

At the Frasers Underground, mining took place in Panel 2 throughout the year 
and at a lower zone called the Deeps.Total ore mined for the quarter was 
207,420 tonnes, an increase of 13% on the previous quarter due to improved 
productivity in the stoping areas. The total ore mined in 2012 was 727,087 
tonnes versus 847,020 tonnes in 2011. In the first quarter of 2012, excessive 
ground movement in Panel 2 reduced access to a number of stoping areas 
resulting in slightly less ore mined. In the second quarter, a new access 
was developed and by the second half of 2012, mining of the Frasers 
Underground returned to normal operating levels. Underground mining is planned 
to continue down dip in Panel 2 in 2013.

Mill throughput for the fourth quarter was 1.45 million tonnes compared to 
1.47 million tonnes in the previous quarter. The 2012 throughput was 5.79 
million tonnes compared to 5.82 million tonnes in 2011.

Mill feed grade for the quarter was 1.52g/t, which was a significant 
improvement when compared to the previous quarter of 0.96g/t due to higher 
grade ore mined from both the open pit and underground mines. The 2012 mill 
feed grade was 1.12g/t which was comparable to the mill feed grade in 2011.

The process plant recovery was 83.2% in the fourth quarter compared to 81.1% 
in the previous quarter. The higher recovery is a result of the higher feed 
grade. The 2012 recovery was 81.1% versus 83.3% in 2011. Recovery was lower 
due primarily to lower flotation recoveries.

Subsequent to the year end, the Macraes Open Pit experienced a movement of the 
footwall, an area of the mine that has been subject to frequent movement over 
the past 16 years. In this case, a heavy rainfall event triggered the ground 
movement resulting in restricted access to high grade ore at the base of the 
pit for a period of 16 days. The monitoring system in place gave ample warning 
of the movement allowing all personnel and equipment to be evacuated from the 
pit and underground without harm. Access to the underground was re-established 
and normal operations recommenced there after four days. Access to the base of 
the open pit has been re-established and further rehabilitation of the haul 
roads in this area is ongoing. Mining activities have continued unaffected in 
other areas of the open pit. The Company expects that this will have some 
effect on production for the first quarter as high grade ore stockpiles on the 
ROM are consumed. Production over the year is expected to be variable by 
quarter as grade profiles vary, combined with the timing of planned plant 
maintenance etc. New mining schedules have been developed such that this event 
is not expected to affect the 2013 production guidance range provided in 
December 2012.

Reefton Goldfield (New Zealand)

In the fourth quarter 2012, there were no LTIs at the Reefton Operations. In 
2012, the Reefton Operations incurred two LTIs. During the year, two injuries 
sustained in 2011 became LTIs in 2012 as the injured workers required 
additional medical treatment and time off for rehabilitation and recovery. The 
LTIs in 2012 were a result of failure to follow standard operating procedures 
and the Company will focus on re-training operators and will utilise task 
based observations by senior staff across the site.

Gold produced for the quarter was 17,972 ounces, versus 12,640 ounces in the 
prior quarter, an increase of 42%. This increase was attributable to higher 
grade ore mined from the Souvenir Pit and higher recoveries in the quarter. 
Gold production for 2012 was 63,300 ounces compared to 77,648 ounces in 2011.

Total material mined in the fourth quarter was 5.0 million tonnes, up 4% on 
the previous quarter. The total material mined for the year was 19.5 million 
tonnes versus 16.3 million tonnes in 2011 due to increased waste mined from 
the Globe Pit and an increase in fleet size with the addition of four CAT 
785's that were transferred from Macraes in the second quarter of 2012. Mining 
of the Souvenir Pit was completed in December 2012 and all future mining will 
now be carried out of the Globe Pit.

The total ore mined for the fourth quarter improved to 404,030 tonnes from 
323,123 tonnes in the prior quarter. This 25% increase was attributable mainly 
to increased productivity due to less constrained access from wider benches at 
the Globe Pit. Total ore mined for 2012 was 1.31 million tonnes, which was 
down from the 1.51 million tonnes of ore mined in previous year. The decrease 
was due mainly to reduced truck availability and fleet performance in the 
first quarter 2012 and less ore mined due to the Souvenir cutback in the third 
quarter. This was partly offset by the addition of the four CAT 785 trucks in 
the second quarter which increased movements for the remainder of the year.

Process plant throughput decreased to 372,791 tonnes in the fourth quarter, 
compared to 423,764 tonnes in the previous quarter. The decrease is 
attributable to a mill relining that took place in October, which resulted in 
a gradual ramp up of throughput rates over a period of 30 days. The reduced 
throughputs were offset by the higher grade ore fed through the mill and 
higher recovery rates. Total mill throughput for 2012 was 1.64 million tonnes, 
which was lower than the 1.77 million tonnes in the previous year. The 
decrease was largely due to the shortfall in available ore feed.

Grade through the mill was 1.84g/t in the fourth quarter versus 1.16g/t in the 
previous quarter as a result of the higher grades mined out of the Souvenir 
Pit. For 2012, the average grade was 1.48g/t versus 1.67g/t in 2011 and the 
decrease was due mainly to overall lower grade ore mined in 2012 and treating 
a higher proportion of stockpiled oxide ore in the third quarter due to the 
inclement weather impacting access to higher grade ore.

Gold recovery for the quarter improved to 81.1% versus 79.5% in the previous 
quarter. The recoveries for the 2012 were 80.6% versus 81.4% in 2011. This 
decrease was a result of overall lower feed grades and treating a higher 
proportion of low grade oxide ore stockpiles in the third quarter, offset 
slightly by the increase in recoveries in the fourth quarter.
                                                                          
                                             - Table 2 -
                                    Macraes Operating Statistics
                                                                          

Macraes           Q4        Q3         Q4
Goldfield       Dec 31    Sep 30     Dec 31      Year       Year       Year
Operating        2012      2012       2011       2012       2011       2010
Statistics
                                                                          

Gold Produced   58,872    36,874     44,451    169,609    174,851    182,759
(ounces)
                                                                          

Total Ore
Mined         1,815,587 1,350,939 1,894,369  5,558,056  6,589,904  6,365,855
(tonnes)
                                                                          

Ore Mined
Grade            1.57      1.06       1.12       1.29       1.07       1.26
(grams/tonne)
                                                                          

Total Waste
Mined         9,496,424 8,457,277 10,489,708 36,363,043 44,407,352 43,944,947
(tonnes) incl
pre-strip
                                                                          

Mill Feed
(dry milled   1,454,089 1,465,357 1,470,713  5,789,255  5,817,001  5,458,607
tonnes)
                                                                          

Mill Feed
Grade            1.52      0.96       1.14       1.12       1.12       1.28
(grams/tonne)
                                                                          

Recovery (%)     83.2%     81.1%     82.5%      81.1%      83.3%      81.3%
                                                                         
                                            - Table 3 -
                                    Reefton Operating Statistics
                                                                         

Reefton           Q4        Q3        Q4
Goldfields      Dec 31    Sep 30    Dec 31      Year       Year       Year
Operating        2012      2012      2011       2012       2011       2010
Statistics
                                                                         

Gold Produced   17,972    12,640    21,299     63,300     77,648     85,843
(ounces)
                                                                         

Total Ore
Mined          404,030   323,123   416,446  1,314,630  1,513,789  1,539,609
(tonnes)
                                                                         

Ore Mined
Grade            1.71      1.18      1.87       1.56       1.80       2.11
(grams/tonne)
                                                                         

Total Waste
Mined         4,563,413 4,447,618 3,880,137 18,217,430 14,768,665 13,698,710
(tonnes) incl
pre-strip
                                                                         

Mill Feed
(dry milled    372,791   423,764   431,655  1,643,120  1,771,353  1,622,881
tonnes)
                                                                         

Mill Feed
Grade            1.84      1.16      1.89       1.48       1.67       2.01
(grams/tonne)
                                                                         

Recovery (%)     81.1%     79.5%     81.3%     80.6%      81.4%      82.5%

DEVELOPMENT
Didipio Project (The Philippines)

In the fourth quarter, the Didipio Project incurred no LTIs and four for 2012. 
The Company continues to provide training and education and reinforce the 
importance of adhering to all safety and operating manuals.

The Didipio Project continued to progress well in the fourth quarter and into 
2013. Throughout 2012, the project team continued to achieve each key 
milestone and by the end of the year, the Company completed construction of 
the Didipio Project on schedule. In the third quarter of 2012, the first phase 
of the tailings storage facility (TSF) was completed ahead of schedule and the 
major infrastructure was completed by the end of September. At the peak of 
construction in August, approximately 1,700 workers were on site with over 98% 
of these workers being from the Philippines and the project was constructed 
entirely with Philippine contractors.

Subsequent to the year end, the Company began trucking saleable copper-gold 
concentrate to the port. Throughput rates are steadily increasing and have 
approached 2.5Mtpa rates with recoveries of greater than 80% for gold and 85% 
for copper already being consistently achieved. Some areas requiring 
modifications had been identified including the tailings delivery system that 
was being examined for long-term reliability as the plant ramps up to 3.5Mtpa 
rate. These works are now completed and milling has recommenced.

Mining operations began early in 2012. In July, the Company had removed the 
oxide mineralisation and in August began mining fresh ore. Prior to the start 
of commissioning activities, the Company had a larger than expected stockpile 
on the ROM pad. During the third quarter, the mining contractor had taken 
delivery of larger haul trucks and excavators and will continue to expand its 
fleet into 2013. In the third quarter, the Company had recruited all 
operations managers and superintendents and the focus in the fourth quarter 
was on operator training during ramp up of operations. At full operational 
capacity, the Company expects to employ 1,000 workers including contractors 
and targets 975 of these workers to be employed from the Philippines.

As part of the Company's commitment to the Philippines, 1.5% of its operating 
costs are committed to funding initiatives under the Social Development and 
Management Plan (SDMP). The SDMP benefits are shared amongst the host 
community (Didipio) and nine other upstream and downstream communities. In 
2012, the Company successfully concluded a Memorandum of Understanding between 
Didipio and the nine surrounding communities on how to share the SDMP funding. 
During the year investments were made primarily to infrastructure projects, 
education support, reforestation and community activities. In the fourth 
quarter, the Company committed $1.4 million toward the development of the 
Camamasi-Belet-Capisaan-Wangal project, a road project that will connect 
Didipio to the municipalities of Kasibu, Solano and Bambang in Nueva Vizcaya.

In the fourth quarter, a number of OceanaGold funded community projects were 
completed. These projects included the construction of new classrooms and 
other facilities at elementary and secondary schools in Didipio and 
neighbouring communities, improvement to the main road traversing the centre 
of the Didipio, construction of a rice shed in the Barangay Debibi and the 
repair of a hanging bridge in the Barangay Tucod.

As part of the Company's commitment to President Aquino's National Greening 
Program, the Company continued to advance its agroforestry program in 2012 
with the reforestation of 22 hectares of land in Barangay Debibi. The Company 
plans to plant trees on an additional 78 hectares of land in Debibi and 200 
hectares in Kasibu over the next four years.

On December 3rd, Category 5 super Typhoon Pablo hit the southern Philippine 
island of Mindanao causing mass devastation throughout the island. OceanaGold 
provided assistance to the Philippines Natural Disaster response team in 
support of the Typhoon Pablo relief efforts. This assistance included 
medicine, water and blankets as well as logistical assistance.

The local community development corporation formed in 2011 ("DiCorp") was 
awarded several contracts by the Company in 2012 for such work as on ongoing 
maintenance of the access road, housekeeping, laundry, waste and recycling 
services, employee transport services, equipment hire and construction 
services. In the fourth quarter, DiCorp was also awarded the contract for 
concentrate loading and handling.

In 2012, the Company was proud to receive a commendation from the Director of 
the Commission of Human Rights Region 02 as part of its 25(th) anniversary. 
Additionally, the Company was awarded a plaque of appreciation by the Mines 
and GeoSciences Bureau in the Philippines for its Health, Safety & Environment 
programs. The recognition marked the first time a mining company in the region 
had received the award.

Figure 1: Overview of Process Plant, January 2013

Figure 2: Completed Process Plant, December 2012

Figure 3: Concentrates trucked, January 2013

Figure 4: AgroForestry Program Activity, December 2012

EXPLORATION

New Zealand

Exploration expenditure in New Zealand for the fourth quarter was $3.4 million 
and $13.1 million for 2012.

Reefton Goldfield

In 2012, exploration at Reefton focused on greenfields and brownfields 
drilling with programs at the historical Blackwater mine and at Globe Progress 
Pit. For 2012 at Reefton, 77 drill holes were completed for 17,060 metres. 
This includes 57 diamond drill holes and 20 reverse circulation (RC) holes.

The deep drilling program at the historic Blackwater Underground mine 
commenced in November 2011. In April 2012, the Company announced that the 
first drill hole WA21A(1) of the current program successfully intersected the 
reef at 1,316 metres down hole and approximately 605 metres down-plunge (430 
vertical metres) from the base of the old workings. The assay results from 
WA21A of 1.0 metres (estimated true width of 0.5 metres) grading 23.3g/t Au 
were consistent with the average grade and thickness obtained from historical 
mining records. In late August, Hole WA22C successfully intersected the reef 
at 1,632 metres down hole and 950 metres down plunge (680 vertical metres) 
from the base of the previously mined workings. WA22C intersected 0.61 metres 
(estimated true width of 0.5 metres) @ 15.65g/t gold (Figure 6). In late 
September, a daughter hole WA22D successfully intersected the reef at 1,624 
metres down hole, approximately 11 metres away from the parent hole. WA22D 
intersected 1.13 metres (estimated true width of 1.0 metres) of quartz reef @ 
85.2g/t gold (Figure 6).

In the fourth quarter, the Company commenced the deep drilling of Hole WA25. 
This hole is designed to test the northern strike extent to the Birthday Reef 
at 245 vertical metres depth below the historic workings and approximately 330 
metres from WA21A and 640 metres from WA11 (Figure 6). The results of this 
hole are expected in the first half of 2013.

At Reefton in 2012, a 21-drill hole program continued to consolidate 
mineralisation within the Globe Open Pit and to test extensions beneath the 
final pit floor design. Sections of 19 of the 21 diamond drill holes drilled 
beneath Globe Progress Pit were geologically logged, sampled and submitted for 
assay. By quarter end, results from nine of the holes had been received with 
only one hole, RCD0024, intersecting significant mineralisation of 10 metres @ 
3.68g/t from 201 metres.

All outstanding assays from this drilling program are expected to be received 
in the first quarter 2013 at which point a final resource estimate will be 
compiled.

At Bullswool (EP) 50 216 (Figure 5), a four-hole, 544 metre diamond drill 
program was completed during the fourth quarter. No significant assay results 
were received from the first hole (BU001) and assay results from the remaining 
drill holes (BU002 to BU004) are expected to be received in the first quarter 
of 2013.

At the Homer prospect (EP) 40 542 (Figure 5), a six-hole (HM001 to HM006) 836 
metre, helicopter-assisted diamond drilling program targeted narrow, 
high-grade Blackwater-style targets. Assay results for the first three drill 
holes (HM001 to HM003) were received during the quarter and best results 
include 1.7 metres (down hole) @ 1.51g/t Au from 59 metres in HM003 (Table 4).

At the Battery prospect (EP) 40 542 (Figure 5), a two-hole (BT001 to BT002) 
568 metre, helicopter-assisted diamond drilling program was completed in 
December also targeting potential narrow, high-grade Blackwater-style targets. 
Assay results are expected in the first quarter 2013.

A 21-hole (BWS001 to BWS020) 2,503 metre, reverse circulation (RC) drill 
program at Blackwater South area (Figure 5) was completed in the fourth 
quarter targeting potential narrow, high-grade Blackwater-style targets. Best 
results (>0.5g/t Au) include 1 metre @ 0.66g/t Au from 40 metres depth in hole 
BWS005 and a duplicate sample returning 1 metre @ 0.55g/t Au from 71 metres 
depth in hole BWS008.

1 The down plunge and vertical depths of WA21C intercept vary from that 
reported in April 2012 due to recalculation of the extent of historic mining 
activity.

Mapping is continuing on the Blackwater Exploration Permit (EP) 40 542 and the 
Capleston Exploration Permit (EP) 40 856 with the aim of defining potential 
narrow, high-grade Blackwater-style targets.

Macraes Goldfield

At Macraes in 2012, the exploration program was focused on underground 
exploration and resource infill drilling within the Frasers Underground Mine. 
During the year, the Company completed 66 diamond drill holes for 15,468 
metres. A summary of selected intercepts is presented in Table 5. Drilling 
from the current exploration drive was completed in the fourth quarter and 
another exploration drive is planned to commence in the second half of 2013 to 
provide the drilling platform for exploration to the north and north-east in 
2014.

In the fourth quarter, underground exploration and resource infill drilling 
continued at the Frasers Underground mine with 3,051 metres from 13 diamond 
drill holes completed. The drilling confirmed extension of mineralisation to 
the north and north-east of the underground workings and the deposit remains 
open in both directions.

Mining of a second rise was completed towards the end of the quarter and will 
be used to test southern extensions of the Lower Zone commencing in January 
2013

All surface drilling was completed in the first half of 2012. For 2012, 73 
holes were completed for 16,796 metres. This includes 12 diamond drill holes 
and 62 reverse circulation (RC) holes.

Figure 5: Reefton Exploration Overview

Figure 6: Oblique view of the Blackwater (Birthday Reef) historical mine 
(drill intercept locations with estimated true widths and gold assay results)

Table 4: Homer (Reefton) Drilling Results received during Q4 2012
                                                                   

Hole ID                        From  To  Intercept  True Width  Au
                               (m)  (m)     (m)        (m)     (g/t)

HM001                          66.3 68.0      1.7         -    1.04

HM002   No Significant Results                                     

HM003                          59.0 60.7      1.7         -    1.51
        Including              60.3 60.7      0.4         -    3.83

HM004   Results Pending                                            

HM005   Results Pending                                            

HM006   Results Pending                                            
                                                                   
                                                                

Results quoted in Table 4 are intercepts returning ≥1 grams per tonne. 
Assayed by 50 gram fire assay (method code FAA505) at the SGS Laboratory 
(Globe Progress Mine), New Zealand.

Table 5: Significant FRUG Exploration Results received during 2012
                                                 

Hole ID Lens  From     To  Intercept True Width  Au
              (m)     (m)     (m)       (m)     (g/t)

UDH6115  HW  198.85 208.60    9.75        6.0   3.56

UDH6116  HW  175.90 186.00    10.10       6.0   3.52

UDH6117  HW  376.10 408.40    32.30      11.0   2.78

UDH6119  HW  262.85 269.25    6.40        4.0   2.59

UDH6120  HW  142.90 152.00    9.10        8.0   2.33

UDH6121  HW  186.50 193.55    7.05        6.0   2.56

UDH6122  HW  158.00 166.40    17.45      11.0   2.45

UDH6123  HW  201.60 207.00    5.40        4.0   3.12

UDH6124  HW  175.65 180.35    4.70        3.5   3.72

UDH6125  HW  220.95 227.35    6.40        4.5   3.89

UDH6127  HW  245.15 150.25    5.10        3.0   3.40

UDH6128  HW  143.50 148.00    4.50        4.0   4.99

UDH6129  HW  219.90 231.25    11.35       7.0   2.92

UDH6132  HW  191.45 202.50    11.05       6.5   2.50

UDH6134  HW  212.95 225.40    12.45       8.5   1.64

UDH6135  HW  171.50 179.30    7.80        6.5   1.62

UDH6136  HW  236.30 245.45    8.15        5.5   3.08

UDH6137  HW  273.90 280.20    6.30        4.0   4.19

UDH6139  LZ  196.65 207.25    10.60       6.5   1.89

UDH6143 OTH  172.35 179.85    7.50        6.0   2.93

UDH6144  LZ  170.00 178.30    8.30        6.0   2.76

UDH6150  HW  122.45 129.20    6.75        6.5   2.56

UDH6151  HW  127.60 133.00    5.40        4.5   2.93

UDH6151  LZ  156.50 161.70    5.20        4.0   6.70

UDH6152  LZ  162.75 170.90    8.15        7.0   4.76

UDH6155  LZ  149.00 152.95    3.95        3.5   4.21

UDH6158  HW  131.00 139.00    8.00        8.0   5.71

UDH6162  HW  137.90 144.75    6.85        6.5   5.12

UDH6163  HW  155.05 165.20    10.15       9.0   3.23

UDH6164  LZ  151.25 160.55    9.30        8.5   2.98

UDH6165  HW  162.10 168.30    6.20        5.5   2.56

UDH6166  HW  131.90 139.50    7.60        7.5   3.46

UDH6167  HW  172.50 180.00    7.50        6.5   2.10

UDH6168  HW  257.10 263.70    6.60        4.5   2.58

UDH6169  HW  227.45 256.65    29.20      17.0   2.18

UDH6170  HW  326.45 337.50    11.05       6.5   3.28

UDH6171  HW  248.70 273.40    24.70      15.0   4.40

UDH6172  HW  182.00 194.95    12.95       8.0   1.72

UDH6173  LZ  277.20 285.80    8.60        6.5   3.54

UDH6174 OTH  184.50 190.95    6.45        5.0   3.70

UDH6179  HW  243.45 254.00    10.55       6.5   2.64

UDH6180  HW  166.40 178.75    12.35      10.5   2.42

UDH6181  HW  259.25 264.30    5.05        4.0   2.56

UDH6181 OTH  290.70 295.10    4.40        3.5   4.62

* Only intercepts of 10 gram-metres (true width) or greater reported; HW = 
Hanging wall, LZ= Lower Zone, OTH = other lenses. Assayed by 30g fire assay 
(method code FAA303) at the SGS Laboratory (Macraes Mine), New Zealand.

PHILIPPINES

Exploration expenditure in the Philippines for the fourth quarter of 2012 
totalled $0.7 million and $1.8 million 2012.

Didipio

Exploration activity during the quarter and throughout 2012 has focused on 
delineating potential Cu-Au drill targets within the FTAA and adjacent 
OGC-controlled exploration permits. Several of the targets are now ready for 
drilling pending renewal of the FTAA exploration period and granting of 
adjacent tenement applications.

Preparations for scout drilling at the near-mine prospects of D'Beau and 
Mogambos (Figure 7) continued during the quarter. All of the drill pads for 
the initial scout drilling programme have been prepared in anticipation of the 
renewal of the FTAA exploration permit area. Drilling at D'Beau will target 
potential continuity at depth of the mineralised monzonite dykes exposed near 
surface while drilling at Mogambos will test the coincident Au-Cu anomalies in 
soil.

In early 2013, additional exploration activity will focus on identification of 
potential drill targets at the San Pedro, Dilaping and Cabinwangan prospects. 
Drill targets have been identified at the Papaya prospect with five drill 
holes planned to test geochemical anomalies and mineralised structures. Drill 
pad preparation is scheduled for early 2013.

Drill targets have been identified at the Papaya prospect with five drill 
holes planned to test geochemical anomalies and mineralised structures. Drill 
pad preparation is scheduled for early 2013.

Figure 7: Summary map of prospects worked on during Q4 2012 within the Didipio 
FTAA and adjacent exploration permits and applications.

FINANCIAL SUMMARY
The table below provides selected financial data comparing Q4 2012 with Q3 
2012 and Q4 2011 together with full years 2012, 2011 and 2010.


_______________________________________________________________________
|              |   Q4   |   Q3   |   Q4   |         |         |         |
|STATEMENT OF  | Dec 31 | Sep 30 |Dec 31  |   Year  |   Year  |   Year  |
|OPERATIONS    |  2012  |  2012  |  2011  |   2012  |   2011  |   2010  |
|              | $'000  | $'000  | $'000  |   $'000 |   $'000 |   $'000 |
|______________|________|________|________|_________|_________|_________|
|Gold sales    |119,018 | 91,153 |106,603 | 385,448 | 395,609 | 305,638 |
|______________|________|________|________|_________|_________|_________|
|Cost of sales,|        |        |        |         |         |         |
|excluding     |        |        |        |         |         |         |
|depreciation  |        |        |        |         |         |         |
|and           |        |        |        |         |         |         |
|amortisation  |(46,656)|(61,173)|(58,854)|(226,039)|(216,789)|(150,697)|
|______________|________|________|________|_________|_________|_________|
|General &     |        |        |        |         |         |         |
|Administration|(4,607) |(3,649) |(3,636) |(14,911) |(14,537) |(13,805) |
|______________|________|________|________|_________|_________|_________|
|Foreign       |        |        |        |         |         |         |
|Currency      |        |        |        |         |         |         |
|Exchange Gain/|        |        |        |         |         |         |
|(Loss)        |  (250) |   941  |   328  |   (961) |    320  |   (961) |
|______________|________|________|________|_________|_________|_________|
|Other income/ |        |        |        |         |         |         |
|(expense)     |  (405) |  1,342 |  (779) |   1,095 |   (680) |   (660) |
|______________|________|________|________|_________|_________|_________|
|Earnings      |        |        |        |         |         |         |
|before        |        |        |        |         |         |         |
|interest, tax,|        |        |        |         |         |         |
|depreciation &|        |        |        |         |         |         |
|amortisation  |        |        |        |         |         |         |
|(EBITDA)      |        |        |        |         |         |         |
|(excluding    |        |        |        |         |         |         |
|gain/(loss) on|        |        |        |         |         |         |
|undesignated  |        |        |        |         |         |         |
|hedges)       | 67,100 | 28,614 | 43,662 | 144,632 | 163,923 | 139,515 |
|______________|________|________|________|_________|_________|_________|
|Depreciation  |        |        |        |         |         |         |
|and           |        |        |        |         |         |         |
|amortisation  |(27,606)|(21,938)|(21,520)|(91,376) |(85,822) |(69,337) |
|______________|________|________|________|_________|_________|_________|
|Net interest  |        |        |        |         |         |         |
|expense and   |        |        |        |         |         |         |
|finance costs |(7,670) |(5,803) |(3,523) |(21,510) |(12,909) |(14,780) |
|______________|________|________|________|_________|_________|_________|
|Earnings/     |        |        |        |         |         |         |
|(loss) before |        |        |        |         |         |         |
|income tax and|        |        |        |         |         |         |
|gain/(loss) on|        |        |        |         |         |         |
|undesignated  |        |        |        |         |         |         |
|hedges        | 31,824 |   873  | 18,619 |  31,746 |  65,192 |  55,398 |
|______________|________|________|________|_________|_________|_________|
|Tax (expense)/|        |        |        |         |         |         |
|benefit on    |        |        |        |         |         |         |
|earnings/ loss|(8,704) |  (545) |(4,283) |(11,426) |(21,025) |(22,638) |
|______________|________|________|________|_________|_________|_________|
|Earnings/     |        |        |        |         |         |         |
|(loss) after  |        |        |        |         |         |         |
|income tax and|        |        |        |         |         |         |
|before gain/  |        |        |        |         |         |         |
|(loss) on     |        |        |        |         |         |         |
|undesignated  |        |        |        |         |         |         |
|hedges        | 23,120 |   328  | 14,336 |  20,320 |  44,167 |  32,760 |
|______________|________|________|________|_________|_________|_________|
|Gain/(loss) on|        |        |        |         |         |         |
|fair value of |        |        |        |         |         |         |
|undesignated  |        |        |        |         |         |         |
|hedges        |  1,539 |(1,036) |     -  |    503  |      -  |  16,215 |
|______________|________|________|________|_________|_________|_________|
|Tax (expense)/|        |        |        |         |         |         |
|benefit on    |        |        |        |         |         |         |
|gain/loss on  |        |        |        |         |         |         |
|undesignated  |        |        |        |         |         |         |
|hedges        |  (462) |   311  |     -  |   (151) |      -  | (4,540) |
|______________|________|________|________|_________|_________|_________|
|Net Profit/   |        |        |        |         |         |         |
|(Loss)        | 24,197 |  (397) | 14,336 |  20,672 |  44,167 |  44,435 |
|______________|________|________|________|_________|_________|_________|
|Basic /       |        |        |        |         |         |         |
|Diluted       |        |        |        |         |         |         |
|earnings per  |        |        |        |         |         |         |
|share         |  $0.09 |$(0.00) |  $0.05 |   $0.08 |   $0.17 |   $0.20 |
|______________|________|________|________|_________|_________|_________|
|              |        |        |        |         |         |         |
|______________|________|________|________|_________|_________|_________|
|CASH FLOWS                                                             |
|_______________________________________________________________________|
|Cash flows    |        |        |        |         |         |         |
|from Operating|        |        |        |         |         |         |
|Activities    | 60,218 | 13,306 | 56,010 | 115,253 | 154,555 |  52,260 |
|______________|________|________|________|_________|_________|_________|
|Cash flows    |        |        |        |         |         |         |
|used in       |        |        |        |         |         |         |
|Investing     |        |        |        |         |         |         |
|Activities    |(91,400)|(68,742)|(47,744)|(294,548)|(146,595)|(107,809)|
|______________|________|________|________|_________|_________|_________|
|Cash flows    |        |        |        |         |         |         |
|provided by / |        |        |        |         |         |         |
|(used in)     |        |        |        |         |         |         |
|Financing     |        |        |        |         |         |         |
|Activities    |110,275 |  6,820 |(4,595) | 108,919 |(16,110) | 186,798 |
|______________|________|________|________|_________|_________|_________| 
 ______________________________________________________________
|                          |   As at   |   As at   |   As at   |
|BALANCE SHEET             |Dec 31 2012|Dec 31 2011|Dec 31 2010|
|                          |   $'000   |   $'000   |   $'000   |
|__________________________|___________|___________|___________|
|Cash and cash equivalents |   96,502  |   169,989 |   181,328 |
|__________________________|___________|___________|___________|
|Other Current Assets      |   89,276  |   56,491  |   47,320  |
|__________________________|___________|___________|___________|
|Non Current Assets        |   845,878 |   591,155 |   477,568 |
|__________________________|___________|___________|___________|
|Total Assets              | 1,031,656 |   817,635 |   706,216 |
|__________________________|___________|___________|___________|
|Current Liabilities       |   199,413 |   123,623 |   63,091  |
|__________________________|___________|___________|___________|
|Non Current Liabilities   |   222,383 |   215,772 |   209,984 |
|__________________________|___________|___________|___________|
|Total Liabilities         |   421,796 |   339,395 |   273,075 |
|__________________________|___________|___________|___________|
|Total Shareholders' Equity|   609,860 |   478,240 |   433,141 |
|__________________________|___________|___________|___________| 
RESULTS OF OPERATIONS 
Net Earnings 
The Company reported a fourth quarter net profit of $24.2 million versus a net 
loss of $0.4 million in the third quarter 2012. This result was largely 
attributable to higher ounces of gold sold, higher average gold price received 
in the fourth quarter, and lower cost of sales reflecting lower royalties and 
increases in gold in circuit and ore stockpiles. This was partly offset by 
increases in net interest expense and consulting/general and administration 
expenses. 
Gold sold in the fourth quarter was 69,761 ounces, which represents a 27% 
increase from the previous quarter. This increase was attributable to improved 
ore mined and milled grades, and improved recoveries. The average price 
received was $1,706 versus $1,665 per ounce in the third quarter. 
Fourth quarter gold production of 76,844 ounces was up 55% on the previous 
quarter primarily due to higher grades and improved gold recoveries at all 
locations. The total production for 2012 was 232,909 ounces. 
The Company reported EBITDA (excluding gain/(loss) on undesignated hedge) of 
$67.1 million in the fourth quarter compared to $28.6 million in the third 
quarter of 2012. This was due to an increase in gold ounces sold, higher 
average gold price received and lower cost of sales. 
The net result before income tax and before gain/(loss) on undesignated hedges 
was a profit of $31.8 million for the fourth quarter 2012 compared to a profit 
of $0.9 million in the third quarter. 
In 2012, the net result before income tax and before gain/(loss) on 
undesignated hedges was $31.7 million compared with $65.2 million for 2011. 
The decrease was largely driven by lower ounces sold in 2012, especially in 
the first half of the year. 
Sales Revenue 
Gold Revenue of $385.4 million in 2012 was slightly lower than for 2011 of 
$395.6 million, due to lower ounces produced and sold, partly offset by higher 
average gold prices received of $1,675 as compared with $1,587 for 2011. 
Gold revenue in the fourth quarter 2012 of $119.0 million is a 31% increase 
over the third quarter due to higher ounces of gold sold and higher average 
price of gold received. 
The average gold price received in the fourth quarter was $1,706 per ounce 
compared to $1,665 in the previous quarter. Gold sales for the fourth quarter 
2012 of 69,761 ounces were 27% higher than the previous quarter's sales of 
54,750 ounces. This increase was attributable to higher grade ore mined and 
milled grades, and better recovery. 
Operating Costs & Margins 
Cash costs per ounce sold were $638 for the fourth quarter, a decrease of 41% 
compared to third quarter 2012 costs of $1,081. This decrease was attributable 
to higher ounces of gold sold following better grades and recoveries, and 
lower cost of sales reflecting lower royalties and increases in gold in 
circuit and ore stockpiles. For 2012, the cash cost per ounce sold was $940 
compared with $875 for 2011. The increase resulted from lower overall ounces 
sold and a stronger New Zealand dollar. 
The average cash margin was $1,068 per ounce for the fourth quarter 2012, 
substantially above the $584 for the third quarter. This reflected the higher 
average gold price received per ounce and the lower cash cost per ounce sold. 
For 2012, the average cash margin was $735, slightly ahead of the 2011 margin 
of $712 per ounce. 
Depreciation and Amortisation 
Depreciation and amortisation charges include amortisation of mine 
development, deferred pre- stripping costs and depreciation on equipment. 
Depreciation and amortisation charges are calculated on a unit of production 
basis and totalled $27.6 million for the fourth quarter 2012 compared to $21.9 
million in the previous quarter. For 2012, depreciation and amortisation 
totalled $91.4 million compared with $85.8 million for 2011. 
Net Interest Expense and finance costs 
The net interest expense and finance costs of $21.5 million for the 2012 
increased from the previous year of $12.9 million, reflecting the drawdown of 
the working capital facility, the amortisation of transaction costs and 
establishment fees related to the banking facility obtained during the third 
quarter and the reduction in cash held. 
Undesignated Hedges Gains/Losses 
Unrealised gains and losses calculated as a fair value adjustment of the 
Company's undesignated hedges are brought to account at the end of each 
reporting period and reflect changes in the spot gold price and changes in 
market premiums of AUD forwards. These valuation adjustments as at December 
31, 2012, reflect a gain for 2012 of $0.5 million. 
Details of the derivative instruments held by the Company at year end are 
summarised below under "Derivative Assets/ Liabilities". 
DISCUSSION OF CASH FLOWS 
Operating Activities 
Cash inflows from operating activities were $115.3 million for 2012 compared 
to $154.6 million in 2011. The decrease reflected lower ounces sold and higher 
cost of sales. 
Investing Activities 
Investing activities comprised expenditures for pre-strip mining, sustaining 
capital and exploration expenditure at the New Zealand operations, plus 
capitalised development costs mainly associated with the construction of the 
Didipio Project in the Philippines. 
Cash used for investing activities totalled $294.5 million for 2012 compared 
to $146.6 million in 2011. The expenditure reflects mostly construction and 
capitalised operating costs for the Didipio Project of $182.0 million during 
2012. The Company also invested C$4.2 million in TSX listed explorer company 
Pacific Rim Mining Corporation. 
Financing Activities 
Financing net inflows for 2012 were $108.9 million compared to a net outflow 
of $16.1 million in 2011. This reflects mainly an equity raising conducted in 
December 2012 of $90.3 million, net of equity raising costs. Draw downs of 
$80.1 million were also made in the fourth quarter from the term and revolver 
banking facilities established during the year. The latter mainly were used to 
repay the convertible notes that matured in December, and also to provide 
additional working capital. Repayment of finance lease liabilities was mostly 
in line with prior year. 
DISCUSSION OF FINANCIAL POSITION AND LIQUIDITY 
Company's funding and capital requirements 
For the year ended December 31, 2012, the Company recorded a net profit of 
$20.7 million. As at that date, cash funds held were $96.5 million. Net 
current liabilities were $13.6 million at year end which includes a current 
liability of the convertible bonds repayment due in December 2013. 
During the third quarter, the Company announced it had signed documents for 
term and revolving credit facilities with a syndicate of six banks. Of the 
$225 million credit facility, $100.1 million was drawn down as at December 31, 
2012. A total of $60 million of these funds were applied to repay the 
convertible bonds that matured in December 2012 and $40 million was drawn for 
working capital purposes. Undrawn funds at December 31, 2012 were $122.2 
million which are available to cover the A$110 million convertible bonds 
maturing in December 2013. The Company also has available an additional $25 
million Convertible Revolving Credit Facility whereby it has the option to 
repay any drawn down funds with cash or the issuance of ordinary shares under 
this facility, subject to the ASX listing rules. 
Commitments 
OceanaGold's capital commitments as at December 31, 2012 are as follows: 
                      Dec 31, 2012 
                             $'000 
Within 1 year                   33,136 


                           

This includes mainly equipment for New Zealand operations and contracts 
supporting the operations of the Didipio Project.

Financial position

Current Assets

As at December 31, 2012 current assets were $185.8 million compared to $226.5 
million at the end of the prior year. Current assets have decreased by $40.7 
million primarily due to a decrease in cash, being used for construction of 
the Didipio Project, partly offset by increases in trade receivables, 
capitalised establishment costs of banking facilities, inventories and 
prepayments.

Non-Current Assets

At December 31, 2012 non-current assets were $845.9 million compared to $591.2 
million at December 31, 2011. The increase mainly reflects expenditure 
relating to the capitalised construction and operation costs of the Didipio 
Project, net additions to property, plant and equipment, and financial 
investment in a mining company during the year.

Current Liabilities

Current liabilities were $199.4 million at December 31, 2012 compared to 
$123.6 million as at the end of 2011. This increase was attributable mainly to 
the reclassification to current from non-current of $111.8 million of 
convertible notes maturing in December 2013, partly offset by the repayment of 
the $56.9 million of convertible note that matured in December 2012.

Non-Current Liabilities

Non-current liabilities were $222.4 million at December 31, 2012, compared 
with $215.8 million at December 31, 2011. The increase resulted from an 
increase in asset retirement obligations, net deferred tax liabilities, and 
$100.1 million drawdown of the banking facilities to repay convertible notes 
and provide working capital, offset by the reclassification to current 
liabilities of the remaining convertible notes maturing December 2013.

Derivative Assets / Liabilities

As part of satisfying the Conditions Precedent of the Credit Facility the 
Company entered into a contract for gold put options covering 82,998 ounces of 
gold from New Zealand production at a strike price of US$1,400 covering a 
period from October 2012 to June 2013. At December 31, 2012, put options for 
55,332 ounces remained outstanding. In addition, the Company purchased forward 
contracts as a hedge against foreign exchange movements to ensure that the 
potential USD denominated credit facility draw downs would be sufficient in 
the repayment of the AUD denominated convertible notes maturing in December 
2012 and December 2013. At December 31, 2012, a forward purchase contract for 
A$110.8 million remained outstanding, maturing December 2013. These hedges are 
undesignated and do not qualify for hedge accounting.

A summary of OceanaGold's marked to market derivatives is as per below:
                        Dec 31 2012 Dec 31 2011
                           $'000       $'000

Current Assets                              

Forward rate agreements       552          -

Gold put options              89           -
                              641          -

Non Current Assets                          

Forward rate agreements        -           -

Gold put options               -           -

Total Assets                  641          -
                        Dec 31 2012 Dec 31 2011
                           $'000       $'000

Current Liabilities                         

Forward rate agreements       151          -
                              151          -

Non Current Liabilities                     

Forward rate agreements        -           -
                               -           -

Total Liabilities             151          -
                                     

Shareholders' Equity

A summary of the movement in shareholders' equity is set out below:
                                               Year Ended
                                              Dec 31, 2012
                                                 $'000

Total equity at beginning of financial period    478,240

Profit/(loss) after income tax                    20,672

Movement in other comprehensive income            17,280

Movement in contributed surplus                    1,467

Movement in Other Reserves                             

Issue of shares (net of costs)                    92,201

Total equity at end of financial period          609,860
                                               

Shareholders' equity has increased by $131.6 million to $609.9 million at 
December 31, 2012 mainly as a result of an equity raising of $90.3 million net 
of costs, a net profit after tax for the year of $20.7 million, and currency 
translation differences reflected in "Other Comprehensive Income" that arise 
from the translation of entities with a functional currency other than USD.

Capital Resources

As at December 31, 2012, the share and securities summary was:

Shares outstanding                    293,517,918

Options and share rights outstanding  8,624,268
                                       

As at February 14, 2013 there was no change in shares and securities:

Shares outstanding                    293,517,918

Options and share rights outstanding  8,624,268
                                       

As at December 31, 2011, the share and securities summary was:

Shares outstanding                    262,642,606

Options and share rights outstanding  7,404,540
                                       

CRITICAL ACCOUNTING ESTIMATES AND ACCOUNTING POLICIES

The preparation of financial statements in conformity with IFRS requires 
management to make estimates and assumptions that affect the amounts reported 
in the consolidated financial statements and related notes.The accounting 
policies that involve significant management judgement and estimates are 
discussed in this section. For a list of the significant accounting 
policies, reference should be made to Note 2 of the December 31, 2012 audited 
consolidated financial statements of OceanaGold Corporation.

Exploration and Evaluation Expenditure

Exploration and evaluation expenditure is stated at cost and is accumulated in 
respect of each identifiable area of interest.

Such costs are only carried forward to the extent that they are expected to be 
recouped through the successful development of the area of interest (or 
alternatively by its sale), or where activities in the area have not yet 
reached a stage which permits a reasonable assessment of the existence or 
otherwise of economically recoverable resources, and active work is continuing.

Accumulated costs in relation to an abandoned area are written off to the 
Statement of Operations in the period in which the decision to abandon the 
area is made.

A regular review is undertaken of each area of interest to determine the 
appropriateness of continuing to carry forward costs in relation to that area 
of interest.

Mining Properties in Production or Under Development

Expenditure relating to mining properties in production and development are 
accumulated and brought to account at cost less accumulated amortisation in 
respect of each identifiable area of interest. Amortisation of capitalised 
costs, including the estimated future capital costs over the life of the area 
of interest, is provided on the production output basis, proportional to the 
depletion of the mineral resource of each area of interest expected to be 
ultimately economically recoverable.

Costs associated with the removal of overburden and other mine waste materials 
that are incurred in the production phase of mining operations are included in 
the costs of inventory in the period in which they are incurred, except when 
the charges represent a betterment to the mineral property.

Charges represent a betterment to the mineral property when the stripping 
activity provides access to reserves that will be produced in future periods 
that would not have been accessible without the stripping activity. When 
charges are deferred in relation to a betterment, the charges are amortised 
over the reserve in the betterment accessed by the stripping activity using 
the units of production method.

A regular review is undertaken of each area of interest to determine the 
appropriateness of continuing to carry forward costs in relation to that area 
of interest. Should the carrying value of expenditure not yet amortised 
exceed its estimated recoverable amount, the excess is written off to the 
Statement of Comprehensive Income.

Asset Retirement Obligations

OceanaGold recognises the present value of future asset retirement obligations 
as a liability in the period in which it incurs a legal obligation associated 
with the retirement of long-lived assets that results from the acquisition, 
construction, development and/or normal use of the assets. OceanaGold 
concurrently recognises a corresponding increase in the carrying amount of the 
related long-lived asset that is depreciated over the life of the asset.

The key assumptions on which the present value of the asset retirement 
obligations are based include the estimated risk-adjusted future cash 
flows, the timing of those cash flows and the risk-free rate or rates on which 
the estimated cash flows have been discounted. Subsequent to the initial 
measurement, the liability is accreted over time through periodic charges to 
earnings. The amount of the liability is subject to re-measurement at each 
reporting period if there has been a change to the key assumptions.

Asset Impairment Evaluations

The carrying values of exploration, evaluation, mining properties in 
production or under development and plant and equipment are reviewed for 
impairment when events or changes in circumstances indicate the carrying value 
may not be recoverable. If any such indication exists and where the carrying 
value exceeds the discounted future cash flows from these assets, the assets 
are written down to the fair value of the estimated future cash flows based on 
OceanaGold's discount rate for the asset.

Derivative Financial Instruments/Hedge Accounting

The consolidated entity has used derivative financial instruments to manage 
commodity price and foreign currency exposures from time to time. Derivative 
financial instruments are initially recognised in the balance sheet at fair 
value and are subsequently re- measured at their fair values at each reporting 
date.

The fair value of gold hedging instruments is calculated by discounting the 
future value of the hedge contract at the appropriate prevailing quoted market 
rates at the reporting date. The fair value of forward exchange contracts is 
calculated by reference to the current forward exchange rate for contracts 
with similar maturity profiles.

Stock Option Pricing Model

Stock options granted to employees or external parties are measured by 
reference to the fair value at grant date and are recognised as an expense in 
equal instalments over the vesting period and credited to the contributed 
surplus account. The expense is determined using an option pricing model that 
takes into account the exercise price, the term of the option, the impact of 
dilution, the non-tradable nature of the option, the current price and 
expected volatility of the underlying share, the expected dividend yield and 
the risk free interest rate for the term of the option.

Income Tax

The Group follows the liability method of income tax allocation. Under this 
method, future tax assets and liabilities are determined based on differences 
between the financial reporting and tax bases of assets and liabilities and 
are measured using the substantially enacted tax rates and laws that will be 
in effect when the differences are expected to reverse. Deferred tax assets 
including tax losses are recognised to the extent that it is probable that the 
company will generate future taxable income. Utilisation of the tax losses 
also depends on the ability of the entities to satisfy certain tests at the 
time the losses are recouped.

Foreign Currency Translation

The consolidated financial statements are expressed in United States dollars 
("USD") and have been translated to USD using the current rate method 
described below. The controlled entities of OceanaGold have either Australian 
dollars ("AUD"), New Zealand dollars ("NZD"), Philippine Pesos ("PHP") or 
United States dollars ("USD") as their functional currency.

Foreign currency transactions are translated into the functional currency 
using the exchange rates prevailing at the dates of the transactions. 
Generally, foreign exchange gains and losses resulting from the settlement of 
foreign currency transactions and from the translation at year-end exchange 
rates of monetary assets and liabilities denominated in currencies other than 
an operation's functional currency are recognised in the statement of income.

ACCOUNTING ESTIMATES

Significant areas where management's judgment is applied include ore reserve 
and resource determinations, exploration and evaluation assets, mine 
development costs, plant and equipment lives, contingent liabilities, current 
tax provisions and future tax balances and asset retirement obligations. 
Actual results may differ from those estimates.

RISKS AND UNCERTAINTIES

This document contains some forward looking statements that involve risks, 
uncertainties and other factors that could cause actual results, performance, 
prospects and opportunities to differ materially from those expressed or 
implied by those forward looking statements. Factors that could cause actual 
results or events to differ materially from current expectations include, 
among other things: volatility and sensitivity to market prices for gold; 
replacement of reserves; possible variations of ore grade or recovery rates; 
changes in project parameters; procurement of required capital equipment and 
operating parts and supplies; equipment failures; unexpected geological 
conditions; political risks arising from operating in certain developing 
countries; inability to enforce legal rights; defects in title; imprecision in 
reserve estimates; success of future exploration and development initiatives; 
operating performance of current operations; ability to secure long term 
financing and capital, water management, environmental and safety risks; 
seismic activity, weather and other natural phenomena; failure to obtain 
necessary permits and approvals from government authorities; changes in 
government regulations and policies including tax and trade laws and policies; 
ability to maintain and further improve labour relations; general business, 
economic, competitive, political and social uncertainties and other 
development and operating risks.

For further detail and discussion of risks and uncertainties refer to the 
Annual Information Form available on the Company's website.

CHANGES IN ACCOUNTING POLICIES INCLUDING INITIAL ADOPTION

Adoption of new accounting policies

The accounting policies adopted during the quarter are consistent with those 
of the previous financial year and corresponding interim reporting period, 
except for the below new accounting policies adopted in line with the 
requirements of new transactions in the quarter.

Stock-based compensation
Performance Share Rights Plan ("PSRP")

The company has introduced a new plan which provides benefits to such 
directors and employees (participants) of the Group as designated by the Board 
of Directors, in the form of share-based compensation, whereby the 
designated participants render services and are compensated in part through 
grants of rights over shares ("equity settled transactions").

The cost of these equity-settled transactions with participants is measured by 
reference to the fair value of the compensation at the date at which they are 
granted. The fair value is determined by an external valuer using Monte Carlo 
simulation (using the Black-Scholes framework) to model the Company's future 
security price and TSR performance against the comparator group at vesting 
date.

The cost of equity-settled transactions is recognised, together with a 
corresponding increase in equity, over the period between the grant date and 
the date on which the relevant participants become fully entitled to the award 
("vesting date").

The cumulative expense recognised for equity-settled transactions at each 
reporting date until vesting date reflects:

(a)      the extent to which the vesting period has expired, and

(b)      the number of awards that, in the opinion of the directors of
         the consolidated entity, may ultimately vest.
          

No adjustment is made for the likelihood of market performance conditions 
being met as the effect of these conditions are included in the determination 
of fair value at grant date.

Interests in Jointly Controlled Operations

Where the Company's activities are conducted through an unincorporated joint 
ventures that are jointly controlled operations, its proportionate share of 
the assets, liabilities, production and related operating costs are included 
in the financial statements.

Interests in Jointly Controlled Assets

Where the Company's activities are conducted through unincorporated joint 
ventures that are jointly controlled assets, its proportionate share of the 
assets, liabilities, production and related operating costs are included in 
the financial statements.

Non-derivative financial assets
Available-for-sale financial assets

Available-for-sale assets are non-derivative financial assets that are 
designated as available for sale or are not classified as: Financial assets at 
fair value through profit or loss; Held-to-maturity financial assets; Loans 
and receivables; or Cash and cash equivalents. Available-for-sale financial 
assets are recognised initially at fair value plus any directly attributable 
transaction costs.

Subsequent to initial recognition, they are measured at fair value and changes 
therein, other than impairment losses, and foreign currency differences on 
available-for-sale debt instruments, are recognised in other comprehensive 
income and presented in the available-for-sale equity reserve (which forms 
part of other reserves). When an investment is derecognised, the cumulative 
gain or loss in equity is reclassified to profit or loss.

Accounting policies effective for future periods

IFRS 9 - "Financial instruments - classification and measurement"
This is the first part of a new standard on classification and measurement of 
financial assets that will replace IAS 39, Financial Instruments: Recognition 
and Measurement. IFRS 9 has two Measurement categories: amortised cost and 
fair value. All equity instruments are measured at fair value.

A debt instrument is at amortised cost only if the entity is holding it to 
collect contractual cash flows and the cash flows represent principal and 
interest. Otherwise it is at fair value through profit or loss. Effective for 
years beginning on/after January 1, 2015. Not expected to have a material 
impact on the Company.

IFRS 9 - "Financial instruments - classification and measurement"
Updated to include guidance on financial liabilities and de-recognition of 
financial instruments. Effective for years beginning on/after January 1, 2015. 
The Company has not assessed the impact of this new standard.

IAS 1 - "Presentation of items of other comprehensive income ("OCI")"
Change to the disclosure in OCI, including a requirement to separate items 
presented into two groups based on whether or not they may be recycled to 
profit or loss in the future. Effective for years beginning on/after July 1, 
2012.

IAS 19 - "Employee benefits"
Amended for (i) changes to recognition and measurement of defined benefit 
pension expense and termination benefits, and (ii) expanded disclosure. 
Effective for years beginning on/after January 1, 2013. Not expected to have 
a material impact on the Company.

IFRS 13 - "Fair value measurement and disclosure requirements"
Provides a single source of guidance on how to measure fair value and enhances 
disclosure requirements for fair value measurements. Effective for years 
beginning on/after January 1, 2013.Not expected to have a material effect on 
the Company.

"New standards addressing scope of reporting entity"

IFRS 10, - "Consolidated Financial Statements",
IAS 27, - "Consolidated and Separate Financial Statements", and
SIC-12, - "Consolidation - Special Purpose Entities"
IFRS 11, - "Joint Arrangements"
Entities in joint operations will follow accounting for jointly controlled 
assets and jointly controlled operations under IAS 31.
IFRS 12, - "Disclosure of Interests in Other Entities", Effective for years 
beginning on/after January 1, 2013.
Not expected to have a material effect on the Company disclosure.

IFRIC 20 - "Stripping costs in the production phase of a surface mine"

Provides guidance on the accounting for overburden (pre-strip) in the 
production phase. Costs can only be recognised as an asset if they can be 
attributed to an identifiable component of the ore body. Effective January 1, 
2013. The Company is looking at any possible finetuning/simplification of 
its current estimation methodology in line with the guidance. Impact will be 
assessed but not expected to be material.

IFRS 7 - "Financial instruments" - disclosures
Amended to enhance disclosure requirements relating to offsetting of financial 
assets and financial liabilities. Effective for annual periods beginning 
on/after January 1, 2013. Not expected to affect the accounting of offsetting 
arrangements or have a material effect on the Company.

IAS 32 - "Financial instruments" - presentation
Amended to clarify requirements for offsetting of financial assets and 
financial liabilities. Effective for annual periods beginning on/after January 
1, 2014. Not expected to affect the treatment of offsetting arrangements or 
have a material effect on the Company.

SUMMARY OF QUARTERLY RESULTS OF OPERATIONS

The following table sets forth unaudited information for each of the eight 
quarters ended March 31, 2011 through to December 31, 2012. This information 
has been derived from our unaudited consolidated financial statements which, 
in the opinion of management, have been prepared on a basis consistent with 
the audited consolidated financial statements and include all adjustments, 
consisting only of normal recurring adjustments, necessary for fair 
presentation of our financial position and results of operations for those 
periods. On adoption to IFRS there were no material differences to the 
income statements and management believes the results are comparable as they 
were prepared on a consistent basis.
                                                                      

STATEMENT OF Dec 31  Sep 30 Jun 30 Mar 31  Dec 31  Sep 30  Jun 30 Mar 31
OPERATIONS    2012    2012   2012   2012    2011    2011    2011   2011
              $'000  $'000  $'000   $'000   $'000   $'000  $'000  $'000

Gold sales   119,018 91,153 86,719 88,558  106,603 103,455 94,805 90,746

EBITDA
(excluding
gain/(loss)
on
undesignated
hedges)      67,100  28,614 25,632 23,285  43,622  43,270  32,994 43,998

Earnings/
(loss) after
income tax
and before
gain/(loss)
on
undesignated
hedges (net
of tax)      23,120    328    735  (3,863) 14,336  10,912  4,147  14,772

Net Profit/
(Loss)       24,197  (397)    735  (3,863) 14,336  10,912  4,147  14,772

Net
earnings/
(loss) per             $
share                (0.00)
Basic         $0.09    $    $0.00  $(0.01)  $0.05   $0.04  $0.02  $0.06
Diluted       $0.09  (0.00) $0.00  $(0.01)  $0.05   $0.04  $0.02  $0.06
                                                                      

The most significant factors causing variation in the results are the 
variability in the grade of ore mined from the Macraes and Reefton Open Pit 
mines and variability of cash cost of sales due to the timing of waste 
stripping activities. The volatility of the gold price has a significant 
impact both in terms of its influence upon gold revenue and returns. Adding 
to the variation are large movements in foreign exchange rates between the USD 
and the NZD.

NON-GAAP MEASURES
Throughout this document, we have provided measures prepared according to IFRS 
("GAAP"), as well as some non-GAAP performance measures. As non-GAAP 
performance measures do not have a standardised meaning prescribed by GAAP, 
they are unlikely to be comparable to similar measures presented by other 
companies.

We provide these non-GAAP measures as they are used by some investors to 
evaluate OceanaGold's performance. Accordingly, such non-GAAP measures are 
intended to provide additional information and should not be considered in 
isolation, or a substitute for measures of performance in accordance with GAAP.

Earnings before interest, tax, depreciation and amortisation (EBITDA) is one 
such non-GAAP measure and a reconciliation of this measure to net Profit 
/(Loss) is provided on page 18.

Cash and non cash costs per ounce are other such non-GAAP measures and a 
reconciliation of these measures to cost of sales, including depreciation and 
amortisation, is provided on the next page.
                                                                   


             Q4       Q3          Q4       Year    Year    Year
STATEMENT OF   Dec 31 Sep 30 2012 Dec 31 2011  2012    2011    2010
OPERATIONS      2012     $'000       $'000     $'000   $'000   $'000 
           $'000 
Cost of sales,
excluding
depreciation   46,656    61,173      58,854   226,039 216,798 150,697
and
amortisation 
Depreciation
and            27,606    21,938      21,520   91,376  85,822  69,337
amortisation 
                                                                
Total cost of  74,262    83,111      80,374   317,415 302,611 220,034
sales 
Add sundry
general &        159        131         358      520   1,402   2,049
administration 
Add non cash &   169        285         311      790   1,412     470
selling costs 
                                                                
Total
operating cost 74,590    83,527      81,043   318,725 305,425 222,553
of sales 
Gold Sales
from operating 69,761    54,750      62,515   230,119 249,261 268,087
mines (ounces) 
                                                                
Total
Operating Cost 1,069      1,526       1,296    1,385   1,225     830
($/ounce) 
Less Non-Cash
Cost and 2012
Corporate        431        445         349      445     350     260
Admin
adjustment
($/ounce) 
Cash Operating
Costs           638*     1,081*         947     940*     875     570
($/ounce) 
                                                            
ADDITIONAL INFORMATION 
Additional information referring to the Company, including the Company's 
Annual Information Form, is available on SEDAR at www.sedar.com and the 
Company's website at www.oceanagold.com. 
DISCLOSURE CONTROLS AND PROCEDURES 
The Chief Executive Officer and Chief Financial Officer evaluated the 
effectiveness of the Company's disclosure controls and procedures as at 
December 31, 2012. Based on that evaluation, the Chief Executive Officer and 
the Chief Financial Officer concluded that the design and operation of these 
disclosure controls and procedures were effective as at December 31, 2012 to 
provide reasonable assurance that material information relating to the 
Company, including its consolidated subsidiaries, would be made known to them 
by others within those entities. 
INTERNAL CONTROL OVER FINANCIAL REPORTING 
Management of OceanaGold, including the Chief Executive Officer and Chief 
Financial Officer, have evaluated the effectiveness of the design and 
operation of the Company's of the internal controls over financial reporting 
and disclosure controls and procedures as of December 31, 2012. 
Based on this evaluation, the Chief Executive Officer and Chief Financial 
Officer have concluded that they were effective at a reasonable assurance 
level. 
There were no significant changes in the Company's internal controls, or in 
other factors that could significantly affect those controls subsequent to the 
date the Chief Executive Officer and Chief Financial Officer completed their 
evaluation, nor were there any significant deficiencies or material weaknesses 
in the Company's internal controls requiring corrective actions. 
The Company's management, including the Chief Executive Officer and the Chief 
Financial Officer, does not expect that its disclosure controls and internal 
controls over financial reporting will prevent all errors and fraud. A cost 
effective system of internal controls, no matter how well conceived or 
operated, can provide only reasonable not absolute, assurance that the 
objectives of the internal controls over financial reporting are achieved. 
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OR TO US PERSONS 
AND NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICE 
OceanaGold Corporation 
Investor Relations - Melbourne Nova Young or Darren Klinck Tel: +61(3) 9656 
5300 
Investor Relations - Toronto Sam Pazuki Tel: +1 416 915 3123 
info@oceanagold.com |www.oceanagold.com 
SOURCE: OceanaGold Corporation 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2013/14/c5516.html 
CO: OceanaGold Corporation
NI: MNG PCS ERN CONF  
-0- Feb/14/2013 05:30 GMT
 
 
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