cnw


/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR
DISTRIBUTION TO US NEWSWIRE SERVICES/


MELBOURNE, Australia, Feb. 15 /CNW/ - OceanaGold Corporation (ASX: OGC)
(TSX: OGC) (NZX: OGC) ("the Company" or "OceanaGold") is pleased to
announce the updated Resource & Reserve statement as at December 31,
2010.


Highlights



Measured & indicated resources in New Zealand increase by 22% over 2009
to 4.61 million oz Au (net of 2010 mine depletion)


Total proven & probable reserves in New Zealand increase to 2.15 million
oz Au (net of 2010 mine depletion)


Proven & probable reserves at Reefton increase by 28% to 470,000 oz Au
over 2009 (net of 2010 mine depletion)


Total Company measured & indicated resources are 6.61 million oz Au and
270,000 t Cu. Total company inferred resources are 2.86 million oz Au
and 55,000 t Cu



Over the past 18 months, OceanaGold has maintained a steady focus on
exploration across the New Zealand operations, with an objective of
replacing and expanding gold reserves. For the second year in a row,
OceanaGold has expanded mineral reserves, and at the same time,
replaced ounces mined in the previous year.


Using a US$950 per ounce gold price, the total proven and probable
mineral reserves for the Company are 3.56 million ounces of gold and
170,000 tonnes of copper. Detailed summary tables are provided below.


Mick Wilkes, CEO commented, "Two years ago, OceanaGold had a reported
average reserve life of just 3.5 years at its New Zealand operations.
Today, the open cut operations are demonstrating 7-8 years of mine life
with a respectable amount of reserves still growing at the Frasers
underground operation and tremendous blue sky opportunities at Reefton.
This transformation will underpin the solid operational base in New
Zealand for some years to come as we pursue other growth
opportunities."


Mr Wilkes went on to comment, "We are spending at least $9 million this
year on exploration in New Zealand and are upbeat about the prospects
of continuing to unlock organic value in these operations for our
stakeholders."


Table A - OceanaGold Reserve Statement as at December 31, 2010


Table B - OceanaGold Resource Statement as at December 31, 2010


To view the full company release, including images please refer to the
company's website >www.sedar.com under the Company's name: (a) "Technical
Report for the Macraes Project located in the Province of Otago, New
Zealand" dated February 12th, 2010, prepared by R. Redden and J. G.
Moore, both of Oceana Gold (New Zealand) Limited; (b) "Independent
Technical Report for the Reefton Project located in the Province of
Westland, New Zealand" dated May 9, 2007, prepared by J. S. McIntyre,
I. R. White and R. S. Frew of Behre Dolbear Australia Pty Limited, B.
L. Gossage of RSG Global Pty Limited and R. R. Penter of GHD Limited;
and (c) "Technical Report for the Didipio Gold-Copper Project located
in Luzon, Philippines" dated October 29, 2010, prepared by J. McIntyre
of Behre Dolbear Australia Pty Limited, J. G. Moore of Oceana Gold (New
Zealand) Limited and J. Wyche of Australian Mine Design and Development
Proprietary Limited. Each of the authors of the Technical Reports is a
"qualified person" for the purposes of NI 43-101.


Cautionary Note Regarding Mineral Resources and Mineral Reserves

The Company's disclosure of mineral reserve and mineral resource
information is governed by NI 43-101 under the guidelines set out in
the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM")
Standards on Mineral Resources and Mineral Reserves, adopted by the CIM
Council, as may be amended from time to time by the CIM ("CIM
Standards"). The disclosure of mineral reserve and mineral resource
information for properties held by the Company is based on the
reporting requirements of the JORC Code.


CIM definitions of the terms "mineral reserve", "proven mineral
reserve", "probable mineral reserve", "mineral resource", "measured
mineral resource", "indicated mineral resource" and "inferred mineral
resource", are substantially similar to the JORC Code corresponding
definitions of the terms "ore reserve", "proved ore reserve", "probable
ore reserve", "mineral resource", "measured mineral resource",
"indicated mineral resource" and "inferred mineral resource",
respectively. Estimates of mineral resources and mineral reserves
prepared in accordance with the JORC Code would not be materially
different if prepared in accordance with the CIM definitions applicable
under NI 43-101.


There can be no assurance that those portions of such mineral resources
that are not mineral reserves will ultimately be converted into mineral
reserves. Mineral resources are not mineral reserves and do not have
demonstrated economic viability.


About OceanaGold

OceanaGold Corporation is a significant Pacific Rim gold producer with
projects located on the South Island of New Zealand and in the
Philippines. The Company's assets encompass New Zealand's largest gold
mining operation at the Macraes goldfield in Otago which is made up of
the Macraes open pit and the Frasers Underground mines. Additionally on
the west coast of the South Island, the Company operates the Reefton
open-pit mine. OceanaGold produces between 260,000 - 280,000 ounces of
gold per annum from the New Zealand operations. The Company also owns
the Didipio Project in northern Luzon, Philippines where construction
is scheduled to re-commence in mid 2011.


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. Such forward-looking statements include, without
limitation, statements with respect to any future reserves attributable
to the Macraes, Reefton, Sams Creek and Didipio projects and estimated
production from the Company's existing properties. Forward-looking
statements are subject to a variety of risks and uncertainties which
could cause actual events or results to differ from those reflected in
the forward-looking statements including, 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 Annual Information Form prepared and filed with securities
regulators. 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. It is also noted that mineral
resources that are not mineral reserves do not have demonstrated
economic viability.




For further information:

Mr Darren Klinck Vice President, Corporate and Investor Relations Tel: +61(3) 9656 5300