EP 40338 - Sams Creek Exploration Activities Report - May 2012

Report outlines the exploration work completed by Oceana Gold (New Zealand) Limited at Sams Creek for EP40338 during the period between March 2008 and March 2012. Work completed has included a LIDAR and high-resolution aerial photography, an aerial magnetic survey, stream and soil geochemistry surveys, field mapping and rock chip sampling and a 9 hole diamond drilling programme totaling 2334 m at the 'Main Zone' prospect. The aerial magnetic and geochemical surveys have identified a number of new anomalies that require further investigation. Drilling program have indicated that the current model grade estimate is conservative with holes drilled at a high angle to the dyke but sub-parallel to the mineralized veins having too much influence. Notable intersections were from 47m @ 1.37g/t in SCDDH059, 9m @ 3.17g/t and 12m @ 2.11g/t in SCDDH060, 29m @ 2.32g/t in SCDDH61, 9m @ 4.01g/t in SCDDH063 and 3.2m @ 6.5g/t in SCDDH064.