Teranga Gold Corporation (“Teranga”) confirms that Mineral Deposits Limited (“MDL”) has announced a record date of 3:00 am (Toronto time) / 7:00 pm

(Melbourne time) on Wednesday, December 1, 2010 in respect of the

in-specie distribution of common shares of Teranga (“Common Shares”) to be distributed to the shareholders of MDL under the previously

announced de-merger transaction.

The transfer of the Gold Assets (as defined in the Restructure and

Demerger Deed among MDL, MDL Gold Limited and Teranga, dated November

11, 2010 (the “Demerger Deed”)) to Teranga is expected to be completed no later than November 25,

2010.

In addition, the previously announced Canadian and Australian offerings

of Teranga are currently expected to be completed on or about December

7, 2010.  The closing of the offerings are subject to certain

conditions, following which the Common Shares are expected to commence

trading on the Toronto Stock Exchange and Australian Securities

Exchange under the symbol “TGZ”.

The securities offered have not been registered under the U.S.

Securities Act of 1933, as amended, and may not be offered or sold in

the United States absent registration or any applicable exemption from

the registration requirements. This press release does not constitute

an offer to sell or the solicitation of an offer to buy nor will there

be any sale of the securities in any state in which such offer,

solicitation or sale would be unlawful.

Teranga Gold Corporation Profile

Upon completion of the de-merger, Teranga Gold Corporation will be a

Canadian-based gold company operating the Sabodala gold project in

Senegal, West Africa.

Confirmation regarding Oromin Shares for Regulatory Purposes

The assets to be transferred to Teranga today pursuant to the Demerger

Deed include 18,699,500 common shares (the “Oromin Shares”) in Oromin Explorations Ltd. (“Oromin”), representing approximately 13.85% of the issued and outstanding

common shares of Oromin. The Oromin Shares will be acquired by Teranga

for investment purposes.  It is the intention of Teranga to evaluate

its investment in Oromin on a continuing basis and may, from time to

time, increase or decrease its holding of Oromin securities, depending

on market conditions and other relevant factors.