OceanaGold finds new gold deposits at Fraser mine   3 May 2010

Highlights included intercepts of 13 metres at 6.78 grams of gold per tonne and six metres at 5.08 g/t had been discovered during a surface diamond drilling programme, in a downdip extension of current underground mining operations.

OceanaGold shares were down 3.79% shortly after the announcement at $3.30, with the Melbourne-based company possibly suffering negative Australian investor sentiment following the Rudd government's imposition of a super-tax of 40% on extraordinary mining company profits.

The miner said the latest discoveries also appeared to extend beyond the Panel 2 resource boundary, which is currently being mined.

The finds were "likely to result in a development extension to the underground exploration drive for better access to these new areas for infill drilling."

(BusinessWire)

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