In an exciting new development, OceanaGold has announced that results from the ongoing drilling at its Frasers Underground mine, which is located in the Macraes Goldfield in Otago, has led the company to identify some definite extensions to the area of gold mineralization.

The company has now officially published results from as many as five holes in a drilling program and while one hole has shown 6.78 grams of gold per ton in an area which is 13m thick, others have shown "very promising" discoveries as well.

"The results from the Frasers Underground surface program are very promising and an all important first step to extending the mine life of our underground operations," Chief Executive Paul Bibby said.

The company has shared that the discoveries were likely to result in the extension and development of the underground exploration drive which would lead to better access to the new area for infill drilling.

Shares of OceanaGold were down 13c, trading at $3.30 in the afternoon session. Shares of miners were generally down after the Rudd Government announced the imposing of a super tax on all mining firms.