Meridian Gold Inc.

Meridian Gold Inc.

March 30, 2005 13:05 ET

Meridian Gold Acquires 100% Interest In Gold Fields Joint Venture Property




MARCH 30, 2005 - 13:05 ET

Meridian Gold Acquires 100% Interest In Gold Fields
Joint Venture Property

RENO, NEVADA--(CCNMatthews - March 30, 2005) - All dollar amounts in
U.S. currency

Meridian Gold (TSX:MNG)(NYSE:MDG) is pleased to announce that it has
agreed to purchase full control of the joint venture property previously
shared with Gold Fields. This transaction consolidates Meridian's
control of 720 square kilometers of contiguous land in the expanding El
Penon gold and silver district in northern Chile, which has already
yielded discoveries of over 4.6 million ounces of gold and 110 million
ounces of silver.

The Property

The property, which lies to the west and adjacent to the El Penon claim
block, extends Meridian's control of El Penon by 78 square kilometers.
It hosts the high-grade Fortuna Vein that Meridian geologists discovered
during 2004, which is located approximately 7 kilometers west of the El
Penon processing facilities. Drilling to date has identified the main
structure with several high-grade intercepts. Significant published
results from the latest phase of drilling can be found in the fourth
quarter 2004 earnings release issued on February 23, 2005, and a long
section of the Fortuna Vein with all the drill holes plotted can be
found on the Company's website at The vein remains
open along strike and at depth.

The Transaction

Minera Meridian Ltda, a wholly-owned subsidiary of Meridian Gold, Inc.
paid $7.5 million to Gold Fields Chile Ltda, a wholly-owned subsidiary
of Gold Fields Ltd. The purchase price also includes a 2% royalty on all
precious metals production.

The Strategy

Darcy Marud, Meridian's Vice President of Exploration, commented, "I am
delighted that we are entering this next chapter at El Penon. As a
company, we continue to focus on exploration and the El Penon district
plays a key role in our growth strategy. This transaction represents an
exciting opportunity for the Company and is consistent with our strategy
as we continue to expand our land position at El Penon and throughout
northern Chile. The early success we've had with the Fortuna Vein
provides excellent potential as we continue exploring this vein and
expanding our exploration efforts in the surrounding areas. The El Penon
district will receive the highest priority in Meridian's 2005
exploration program as the Company expands its four early-stage
discoveries made in 2004 of Dorada, Fortuna, Sorpresa and Providencia."

Meridian Gold Inc. is a different kind of gold company because we focus
on profitability, and the quality of the ounces we produce, not the
quantity of ounces produced. The quality of these ounces is measured by
the value we deliver to all stakeholders in the process, including our
shareholders, our employees and the communities and environment in which
we live and operate. Meridian Gold Inc.'s approximately 100 million
common shares are traded on the Toronto Stock Exchange (MNG) and the New
York Stock Exchange (MDG).


Contact Information