Sydney, 28 March 2006 - Deutsche Bank today announced that global gold analyst Peter Rose has initiated coverage of Oceana Gold Limited, (OGD.AX) a gold exploration and production company whose exploration activities are located in New Zealand.

Deutsche Bank is initiating coverage with a Buy rating and a target price of $1.01/share

Rose says “We see this as an exciting opportunity to gain exposure to a small but expanding gold producer whose costs are expected to drop as gold production ramps up and economies of scale are realised.”

Rose believes that there are still opportunities in the Australian gold market for investors to participate in the cycle, and that Oceana Gold represents one such opportunity. Gold production is forecast to ramp up over the next two years, realizing economies of scale. Rose expects that profitability will come from increasing gold production, underpinned by rising gold prices.

For further information contact:

Kate Abrahams
Head of Communications
(02) 8258 2416

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