Mineral Deposits Limited

Mineral Deposits Limited

November 24, 2010 18:20 ET

Mineral Deposits Limited: Ratio for Teranga in Specie Distribution

MELBOURNE, AUSTRALIA--(Marketwire - Nov. 24, 2010) - Mineral Deposits Limited (TSX:MDM)(ASX:MDL) wishes to advise that the ratio for the in specie distribution of common shares in Teranga Gold Corporation ("Teranga") to MDL shareholders (the "Teranga In Specie Distribution") will be approximately 0.2633 on a pre share consolidation basis and approximately 2.633 on a post share consolidation basis.

That is, for every 1 MDL share held on the Record Date – before the share consolidation of MDL's shares on a 1:10 basis (the "Share Consolidation") – MDL shareholders will receive approximately 0.2633 of a Teranga share, with allocations rounded up or down to the nearest whole number.

By way of example, an MDL shareholder holding 10,000 MDL shares before the Share Consolidation, will hold 1,000 MDL shares post the Share Consolidation, and will receive approximately 2,633 Teranga shares as part of the Teranga In Specie Distribution (assuming they remain a shareholder on the Record Date).

The final ratio will be calculated based on at least 160,000,080 Teranga shares being distributed on a pro rata basis across the entire issued ordinary shares of MDL at the Record Date, of which there are currently 607,691,673. The number of issued ordinary shares of MDL will only change if existing MDL options are exercised prior to the Record Date, however, this is considered unlikely.

The Record Date for the Teranga In Specie Distribution and Share Consolidation is Wednesday, 1 December 2010 (7.00pm Melbourne, Australia time).

ABN 19 064 377 420

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