Michy, you could try emailing Col. Klinck about your concerns. I...

Michy, you could try emailing Col. Klinck about your concerns. I did, but I think I got Sgt. Schultz.

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Dr. nonic,

Thank you for email.

There was 1.5M shares that were sold into the market in the last 3 hrs of trading in Australia yesterday that pushed the stock down 30%. No news was released on Wednesday to provide a basis and to the ebest of my knowledge I am not aware of any other pending event or informtation that would be an explanation. The TSX market actually was much stronger after
opening up well down due to the Australian pullback.

OGC is a compelling value story that is delivering on growth by adding new mines and out project in the Philippines while it will cost more then originally indicated on account of the inflationary environment and some scope changes, it is still a very compelling project that will transform OGC into a mid tier producer. Sometimes the market overreacts but it is perplexing that 2.5 trading days after we announced the higher capital at Didipio that someone would purposely push the stock down losing money along the way unless there is someone playing games with the stock.

These circumstances are tough, I recognize that. I have attached a BMO Capital markets note from Tuesday that further speaks to the value in the company and the importance of staying focused on our business to grow the company through the development of our next mine in the
Philippines.

Best regards,


Darren Klinck
Vice President, Corporate and Investor Relations Oceana Gold
Corporation

Dear Mr Klinck

Thank you for your letter. As you seem to be at a loss for an explanation for yesterday's price fall, I will share with you three theories I have heard advanced as the possible cause:

1. Some kind of concerted short-selling attack
2. Investor concerns about a supposed imminent capital raising by the company
3. Media reports that a cease-and-desist order was issued by the governor of Vizcaya in relation to the company's Didipio project, causing a halt to operations there.

I would request that you advise me of your opinion about the veracity of these various theories. I would suggest also that it would be advisable for the company to provide an announcement to the ASX about these matters outlining what it knows about these and other possible causes of the unexplained and sudden fall in the share price of OGC.

thank you for your assistance

Dr nonic