Teranga Gold Corp. Acknowledges Discussions

TORONTO, Nov. 10, 2020 - Teranga Gold Corp. ("Teranga" or the "Company") (TSX: TGZ) (OTCQX: TGCDF) acknowledges that it is in discussions with Endeavour Mining Corp. regarding a potential merger of equals structured transaction (the “Proposal”).

There can be no assurance that the Proposal will ultimately result in a completed transaction. Teranga intends to provide updates if and when necessary in accordance with applicable securities laws.

Teranga remains focused on the development of its strong growth pipeline of assets, as the Company strengthens its position as a low-cost, mid-tier gold producer in West Africa. Teranga’s strategy is to maximize shareholder value by increasing sustainable long-term free cash flow through diversification and growth while remaining fiscally conservative.


Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Teranga’s future growth opportunities, results of operations, performance (both operational and financial) and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Forward-looking statements include, without limitation, possibility of completion of a transaction and all disclosure regarding possible events, conditions and anticipated courses of action.

Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Teranga cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. Teranga cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of gold and other key inputs, changes in mine plans and other factors, such as project execution delays, many of which are beyond the control of Teranga, as well as other risks and uncertainties which are more fully described in Teranga's 2019 Annual Information Form dated March 30, 2020, and in other filings of Teranga with securities and regulatory authorities which are available on SEDAR at www.sedar.com. Teranga does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities. All references to Teranga include its subsidiaries unless the context requires otherwise.


About Teranga

Teranga Gold is transitioning into a mid-tier gold producer operating long-life, low-cost mines and advancing prospective exploration properties across West Africa, one of the world’s fastest growing gold jurisdictions. The top-tier gold complex created by integrating the recently acquired high-grade Massawa project with the Company’s Sabodala mine, the successful commissioning of Wahgnion, Teranga’s second gold mine and a strong pipeline of early to advanced-stage exploration assets support the continued growth of Teranga’s reserves, production and cash flow. Through its continued success and commitment to responsible mining, Teranga creates sustainable value for all stakeholders and acts as a catalyst for social, economic, and environmental development. To learn more, visit www.terangagold.com.



Contact Information

Teranga Gold Corp.
Richard Young, President & CEO
T: +1 416-594-0000
E: ryoung@terangagold.com

Trish Moran, VP, Investor Relations & Corporate Communications
T: +1 416-607-4507
E: tmoran@terangagold.com