MDL Medallion Resources Ltd

Teranga Gold Corporation ("Teranga") (TSX:TGZ)(ASX:TGZ) acknowledges the press
release issued of today's date by Mineral Deposits Limited ("MDL") noting the
withdrawal of all its nominees for election as directors to the board of Teranga
at its upcoming annual and special meeting scheduled for 9:30am EST on Thursday
July 18, 2013 (the "Meeting").


In the MDL press release, Mr. Limb confirms that he has withdrawn his consent to
act as a director of Teranga. Therefore, shareholders will be voting on the
remaining six nominees proposed by Management in its Amended and Restated
Management Proxy Circular. 


"Management's primary focus remains on creating shareholder value by leveraging
our existing infrastructure through exploration and consolidation of nearby
satellite deposits, with the Oromin bid being the next step in this long-term
strategy. The withdrawal of director nominees by MDL allows us to solely focus
on this value-creating acquisition for all shareholders. The concerns expressed
by many shareholders around cash conservation in a low gold price environment
are well understood and are a central part of our near and long-term planning,"
said Mr. Alan Hill, Teranga's Executive Chairman. 


Mr. Alan Hill went on to say, "We are also very pleased to confirm that ISS
Proxy Advisory Services have announced today that they are in support of all of
the Board recommendations set out within the Amended and Restated Management
Proxy Circular, including recommending that shareholders vote 'FOR' all of the
remaining Teranga board nominees and recommending that shareholders vote 'FOR'
the issuance of the Teranga common shares in connection with the proposed
acquisition of Oromin Explorations Ltd."


The form of proxy and voting instruction form previously mailed to shareholders
in connection with the Meeting may continue to be used by shareholders and will
continue to be valid, with any votes for Mr. Limb being not counted given he has
withdrawn his consent to act as a director of Teranga. 


About TERANGA 

Teranga is a Canadian-based gold company listed on the Toronto Stock Exchange
(TSX:TGZ) and Australian Securities Exchange (ASX:TGZ). Teranga is principally
engaged in the production and sale of gold, as well as related activities such
as exploration and mine development. 


Teranga's mission is to create value for all of its stakeholders through
responsible mining. Its vision is to explore, discover and develop gold mines in
West Africa, in accordance with the highest international standards, and to be a
catalyst for sustainable economic, environmental and community development. All
of its actions from exploration, through development, operations and closure
will be based on the best available techniques. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Teranga Gold Corporation
Kathy Sipos
Vice-President, Investor & Stakeholder Relations
+1 416-594-0000
+1 416-594-0088 (FAX)
ksipos@terangagold.com
www.terangagold.com

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