AMENDED AND RESTATED
                        INVESTMENT ADVISORY AGREEMENT

      AGREEMENT made as of the 1st day of January, 2005, by and between
OPPENHEIMER GOLD & SPECIAL MINERALS FUND (hereinafter referred to as the
"Fund"), and OPPENHEIMERFUNDS, INC. (hereinafter referred to as "OFI").

      WHEREAS, the Fund is an open-end, diversified management investment
company registered as such with the Securities and Exchange Commission (the
"Commission") pursuant to the Investment Company Act of 1940 (the "Investment
Company Act"), and OFI is a registered investment adviser;

      WHEREAS, the Fund desires that OFI shall act as its investment adviser
pursuant to this Agreement, which amends and restates the Investment Advisory
Agreement dated June 6, 1991, by and between the Fund and OFI;

      NOW, THEREFORE, in consideration of the mutual promises and covenants
hereinafter set forth, it is agreed by and between the parties, as follows:

1.    General Provision.

      The Fund hereby employs OFI and OFI hereby undertakes to act as the
investment adviser of the Fund and to perform for the Fund such other duties
and functions as are hereinafter set forth. OFI shall, in all matters, give
to the Fund and its Board of Trustees the benefit of its best judgment,
effort, advice and recommendations and shall, at all times conform to, and
use its best efforts to enable the Fund to conform to (i) the provisions of
the Investment Company Act and any rules or regulations thereunder; (ii) any
other applicable provisions of state or federal law; (iii) the provisions of
the Declaration of Trust and By-Laws of the Fund as amended from time to
time; (iv) policies and determinations of the Board of Trustees of the Fund;
(v) the fundamental policies and investment restrictions of the Fund as
reflected in its registration statement under the Investment Company Act or
as such policies may, from time to time, be amended by the Fund's
shareholders; and (vi) the Prospectus and Statement of Additional Information
of the Fund in effect from time to time. The appropriate officers and
employees of OFI shall be available upon reasonable notice for consultation
with any of the Trustees and officers of the Fund with respect to any matters
dealing with the business and affairs of the Fund including the valuation of
any of the Fund's portfolio securities which are either not registered for
public sale or not being traded on any securities market.

2.    Investment Management.

      (a)   OFI shall, subject to the direction and control by the Fund's
Board of Trustees, (i) regularly provide investment advice and
recommendations to the Fund with respect to its investment policies and the
purchase and sale of securities; (ii) supervise continuously the investment
program of the Fund and the composition of its portfolio and determine what
securities shall be purchased or sold by the Fund; and (iii) arrange, subject
to the provisions of paragraph "8" hereof, for the purchase of securities and
other investments for the Fund and the sale of securities and other
investments held in the portfolio of the Fund.

      (b)   Provided that the Fund shall not be required to pay any
compensation other than as provided by the terms of this Agreement and
subject to the provisions of paragraph "8" hereof, OFI may obtain investment
information,  research or assistance from any other person, firm or
corporation to supplement, update or otherwise improve its investment
management services.

      (c)   So long as it shall have acted with due care and in good faith,
OFI shall not be liable for any loss sustained by reason of any investment,
the adoption of any investment policy, or the purchase, sale or retention of
any security irrespective of whether the determinations of OFI relative
thereto shall have been based, wholly or partly, upon the investigation or
research of any other individual, firm or corporation believed by it to be
reliable. Nothing herein contained shall, however, be construed to protect
OFI against any liability to the Fund or its security holders by reason of
willful misfeasance, bad faith or gross negligence in the performance of its
duties, or by reason of its reckless disregard of its obligations and duties
under this Agreement.

3.    Acting as Adviser for Others.

      Nothing in this Agreement shall prevent OFI or any officer thereof from
acting as investment adviser for any other person, firm or corporation and
shall not in any way limit or restrict OFI or any of its directors, officers,
stockholders or employees from buying, selling or trading any securities for
its or their own account or for the account of others for whom it or they may
be acting, provided that such activities will not adversely affect or
otherwise impair the performance by OFI of its duties and obligations under
this Agreement.

4.    Other Duties of OFI.

      OFI shall, at its own expense, provide and supervise the activities of
all administrative and clerical personnel as shall be required to provide
effective administration for the Fund, including the compilation and
maintenance of such records with respect to its operations as may reasonably
be required; the preparation and filing of such reports with respect thereto
as shall be required by the Commission; composition of periodic reports with
respect to its operations for the shareholders of the Fund;  composition of
proxy materials for meetings of the Fund's shareholders and the composition
of such registration statements as may be required by federal securities laws
for continuous public sale of shares of the Fund. OFI shall, as its own cost
and expense, also provide the Fund with adequate office space, facilities and
equipment.

5.    Allocation of Expenses.

      All other costs and expenses not expressly assumed by OFI under this
Agreement, or to be paid by the General Distributor of the shares of the
Fund, shall be paid by the Fund, including, but not limited to (i) interest
and taxes; (ii) brokerage commissions; (iii)  insurance premiums for fidelity
and other coverage requisite to its operations; (iv)  compensation and
expenses of its trustees other than those associated or affiliated with OFI;
(v) legal and audit expenses; (vi) custodian and transfer agent fees and
expenses;  (vii) expenses incident to the redemption of its shares; (viii)
expenses incident to the issuance of its shares against payment therefor by
or on behalf of the subscribers thereto;  (ix) fees and expenses, other then
as hereinabove provided, incident to the registration under federal
securities laws of shares of the Fund for public sale; (x) expenses of
printing and mailing reports, notices and proxy materials to shareholders of
the Fund; (xi) except as noted above,  all other expenses incidental to
holding meetings of the Fund's shareholders; and (xii) such extraordinary
non-recurring expenses as may arise, including litigation, affecting the Fund
and the legal obligation which the Fund may have to indemnify its officers
and directors with respect thereto. Any officers or employees of OFI or any
entity controlling, controlled by or under common control with OFI, who may
also serve as officers, trustees or employees of the Fund shall not receive
any compensation by the Fund for their services.

6.    Compensation of OFI.

      The Fund agrees to pay OFI and OFI agrees to accept as full
compensation for the performance of all functions and duties on its part to
be performed pursuant to the provisions hereof, a fee computed on the
aggregate net assets of the Fund as of the close of each business day and
payable monthly at the following annual rates:

            July 1, 1991 thru June 30, 1992
            -------------------------------

            .90% of the first $200 million of aggregate net assets;
            .80% on next $200 million;
            .69% on next $200 million;
            .66% on next $200 million; and
            .60% of aggregate net assets over $800 million.

            July 1, 1992 thru June 30, 1993
            -------------------------------

            .85% of the first $200 million of aggregate net assets;
            .75% on next $200 million;
            .69% on next $200 million;
            .66% on next $200 million; and
            .60% of aggregate net assets over $800 million.

            July 1, 1993 thru June 30, 1994
            -------------------------------

            .80% of the first $200 million of aggregate net assets;
            .75% on next $200 million;
            .69% on next $200 million;
            .66% on next $200 million; and
            .60% of aggregate net assets over $800 million.

            July 1, 1994 and thereafter
            ---------------------------

            .75% of the first $200 million of aggregate net assets;
            .72% on next $200 million;
            .69% on next $200 million;
            .66% on next $200 million; and
            .60% of aggregate net assets over $800 million.

7.    Use of Name "Oppenheimer."

      OFI hereby grants to the Fund a royalty-free, non-exclusive license to
use the name "Oppenheimer" in the name of the Fund for the duration of this
Agreement and any extensions or renewals thereof. Such license may, upon
termination of this Agreement, be terminated by OFI, in which event the Fund
shall promptly take whatever action may be necessary to change its name and
discontinue any further use of the name "Oppenheimer"  in the name of the
Fund or otherwise. The name "Oppenheimer" may be used or licensed by OFI in
connection with any of its activities or licensed by OFI to any other party.

8.    Portfolio Transactions and Brokerage.

      (a)   OFI is authorized, in arranging the purchase and sale of the
Fund's portfolio securities, to employ or deal with such members of
securities exchanges, brokers or dealers, including "affiliated"
broker-dealers (as that term is defined in the Investment Company Act),
(hereinafter "broker-dealers"), as may, in its best judgment, implement the
policy of the Fund to obtain, at reasonable expense, the "best execution"
(prompt and reliable execution at the most favorable security price
obtainable) of the Fund's portfolio transactions as well as to obtain,
consistent with the provisions of subparagraph "(c)" of this paragraph "8,"
the benefit of such investment information or research as will be of
significant assistance to the performance by OFI of its investment management
functions.

      (b)   OFI shall select broker-dealers to effect the Fund's portfolio
transactions on the basis of its estimate of their ability to obtain best
execution of particular and related portfolio transactions.  The abilities of
a broker-dealer to obtain best execution of particular portfolio
transaction(s) will be judged by OFI on the basis of all relevant factors and
considerations including, insofar as feasible, the execution capabilities
required by the transaction or transactions; the ability and willingness of
the broker-dealer to facilitate the Fund's portfolio transactions by
participating therein for its own account; the importance to the Fund of
speed, efficiency or confidentiality; the broker-dealer's apparent
familiarity with sources from or to whom particular securities might be
purchased or sold; as well as any other matters relevant to the selection of
a broker-dealer for particular and related transactions of the Fund.

      (c)   OFI shall have discretion, in the interests of the Fund, to
allocate brokerage on the Fund's portfolio transactions to broker-dealers,
other than affiliated broker-dealers, qualified to obtain best execution of
such transactions who provide brokerage and/or research services (as such
services are defined in Section 28(e)(3) of the Securities Exchange Act of
1934) for the Fund and/or other accounts for which OFI exercises "investment
discretion" (as that term is defined in Section 3(a)(35) of the Securities
Exchange Act of 1934) and to cause the Fund to pay such broker-dealers a
commission for effecting a portfolio transaction for the Fund that is in
excess of the amount of commission another broker-dealer adequately qualified
to effect such transaction would have charged for effecting that transaction,
if OFI determines, in good faith, that such commission is reasonable in
relation to the value of the brokerage and/or research services provided by
such broker-dealer, viewed in terms of either that particular transaction or
OFI's overall responsibilities with respect to the accounts as to which it
exercises investment discretion. In reaching such determination, OFI will not
be required to place or attempt to place a specific dollar value on the
brokerage and/or research services provided or being provided by such
broker-dealer. In demonstrating that such determinations were made in good
faith, OFI shall be prepared to show that all commissions were allocated for
purposes contemplated by this Agreement and that the total commissions paid
by the Fund over a representative period selected by the Fund's trustees were
reasonable in relation to the benefits to the Fund.

      (d)   OFI shall have no duty or obligation to seek advance competitive
bidding for the most favorable commission rate applicable to any particular
transactions or to select any broker-dealer on the basis of its purported or
"posted" commission rate but will, to the best of its ability, endeavor to be
aware of the current level of the charges of eligible broker-dealers and to
minimize the expense incurred by the Fund for effecting its portfolio
transactions to the extent consistent with the interests and policies of the
Fund as established by the determinations of its Board of Trustees and the
provisions of this paragraph "8."

      (e)   The Fund recognizes that an affiliated broker-dealer (i) may act
as one of the Fund's regular brokers so long as it is lawful for it so to
act; (ii) may be a major recipient of brokerage commissions paid by the Fund;
and (iii) may effect portfolio transactions for the Fund only if the
commissions, fees or other remuneration received or to be received by it are
determined in accordance with procedures contemplated by any rule, regulation
or order adopted under the Investment Company Act for determining the
permissible level of such commissions.

9.    Duration.

      This Agreement will take effect on the date set forth above and will
continue in effect from year to year, so long as such continuance shall be
approved at least annually by the Fund's Board of Trustees, including the
vote of the majority of the trustees of the Fund who are not parties to this
Agreement or "interested persons" (as defined in the Investment Company Act)
of any such party, cast in person at a meeting called for the purpose of
voting on such approval, or by the holders of a "majority" (as defined in the
Investment Company Act) of the outstanding voting securities of the Fund and
by such a vote of the Fund's Board of Trustees.

10.   Termination.

      This Agreement may be terminated (i) by OFI at any time without penalty
upon giving the Fund sixty days' written notice (which notice may be waived
by the Fund); or (ii) by the Fund at any time without penalty upon sixty
days' written notice to OFI (which notice may be waived by OFI) provided that
such termination by the Fund shall be directed or approved by the vote of a
"majority" of all of the trustees of the Fund then in office or by the vote
of the holders of a "majority" (as defined in the Investment Company Act) of
the outstanding voting securities of the Fund.

11.   Assignment or Amendment.

      This Agreement may not be amended or the rights of OFI hereunder sold,
transferred, pledged or otherwise in any manner encumbered without the
affirmative vote or written consent of the holders of the majority of the
outstanding voting securities of the Fund; this Agreement shall
automatically  and immediately terminate in the event of its "assignment," as
defined as stated below.

12.   Shareholder Liability.

      OFI understands and agrees that the obligations of the Fund under this
Agreement are not binding upon any Trustee or shareholder of the Fund
personally, but bind only the Fund and the Fund's property; OFI represents
that it has notice of the provisions of the Declaration of Trust of the Fund
disclaiming shareholder liability for acts or obligations of the Fund.

13.   Definitions.

      The terms and provisions of this Agreement shall be interpreted and
defined in a manner consistent with the provisions and definitions of the
Investment Company Act.

                           OPPENHEIMER GOLD & SPECIAL MINERALS FUND



                           By: /s/ Robert G. Zack
                                   ------------------
                                   Robert G. Zack, Secretary


                           OPPENHEIMERFUNDS, INC.



                           By: /s/ John V. Murphy
                                ------------------
                                    John V. Murphy
                                    Chairman, President and
                                    Chief Executive Officer