Dr. Adrian McArthur reports

MERIDIAN REPORTS SHALLOW HIGH-GRADE DRILL RESULTS AND 1KM STEP OUT FROM CABACAL

Meridian Mining U.K. Societas has provided an update on its programs at Cabacal, where CD-264 has returned further strong results from the Cabacal Northwest extension (CNWE). CD-264 has intersected a high-grade zone of 12.6 metres at 15.5 grams per tonne gold equivalent (15.3 g/t gold, 0.2 per cent copper and 0.6 g/t silver) from 43.3 m, representing a northern extension of similar high-grade results (CD-049, CD-072). This and additional results in the mine area show the potential to better define the projection of higher-grade trends across the deposit. In parallel with the resource development program, the company is advancing with exploration of near-mine extensions, with a copper gossan identified at surface, located 350 m southeast of CD-240's copper feeder zone. Drilling has also confirmed the mineralized position of the volcanogenic massive sulphide horizon in a one-kilometre stepout to the southeast of the Cabacal mine.

Highlights reported today:

• Cabacal Northwest extension returns more high-grade gold intersections:
  • CD-264 returned 12.6 m at 15.5 g/t AuEq (15.3 g/t Au, 0.2 per cent Cu and 0.6 g/t Ag) from 43.3 m.
  • New results consolidate domain of high-grade mineralization extending over 175 m.
• One-kilometre stepout along the Cabacal trend intersects a base metal horizon correlative with the Cabacal system:
  • CD-255 drill hole adds context for further exploration for volcanogenic massive sulphide mounds.
  • Arrival of Geonics down-hole probe to assist in targeting thicker copper-zinc-silver-gold zones.
• Preparations advance for mobilization of new Santa Helena drill rig:
  • A contractor representative is due on site this month to prepare for mobilization of regional drill rig, with the program to commence at Santa Helena.
  • Program targeting verification of historical drilling and exploratory holes into satellite zones surrounding the historical resource.
• Cabacal development studies are advancing in preparation for submission of the environmental impact assessment for the consideration of an expanded production scenario of up to 4.5 million tonnes per year.

Dr. Adrian McArthur, chief executive officer, commented: "The CD-264 high-grade result of 12.6 m at 15.5 g/t AuEq from 43.3 m shows the value of infill drilling in achieving better definition of shallow, high-grade trends within the Cabacal deposit. The result continues to build on the importance of the CNWE as a focal point for early production scenarios. We are advancing Cabacal vigorously on multiple fronts, with drilling, with geotechnical evaluation and with environmental studies to support expanded production scenarios to be evaluated in a PEA [preliminary economic assessment] update. Our goal remains to continue moving Cabacal on its pathway to development, whilst laying the foundation to realize the broader discovery potential of this underexplored belt."

Cabacal resource and extensions

The drilling program at Cabacal continues to follow recommendations arising from the PEA. The resource definition program aims to achieve better definition of the higher-grade trends within the broader mineralized halo. The projection of the high-grade trend at shallowing depths in CD-264 returning 12.6 m at 15.5 g/t AuEq from 43.3 m is encouraging. Further drilling is being scheduled to test for the projection of the trend within the broader footprint of Cu-Au mineralization, both to the northwest and southeast, where the drill spacing is currently more open.

Additional drilling has been conducted in the eastern copper zone (ECZ), where it was noted that the high-grade trends in the block model clustered around drill holes in areas of wider spacing, dropping off in between. The new drill results show that basal concentrations of high-grade mineralization continue in these intervening areas (CD-256 and CD-263; see an attached table). The cumulative effect of such results is expected to present a more-accurate depiction of the higher-grade population across the deposit as the drilling advances for the next resource update. The company is currently conducting a Mise-a-la-Masse survey to follow up on the geophysical response of stringer sulphide mineralization in the ECZ, with the survey currently targeting extensions to the CD-254 result of 17.7 m at 1.6 per cent copper equivalent (2.4 g/t AuEq) from 50 m.

Exploratory evaluation of the extensions of the Cabacal system continues. CD-255 was a one-kilometre stepout along the Cabacal trend. It intersected a base metal horizon interpreted to be correlative with the Cabacal system (5.3 per cent zinc, 0.1 per cent Cu, 0.2 g/t Au and 32.4 g/t Ag over 0.3 m from 119.9 m). The drill hole adds useful context for further planning of exploration for VMS mounds over time. The company awaits the arrival of a down-hole probe from Geonics to assist in targeting thicker Cu-Zn-Ag-Au sulphide accumulations, which are less conductive than the copper-dominant end member.

Recent prospecting by the geological team has also located some copper gossan at the southwest flank of the resource area. Drilling in this area is sparse, with wide-spaced historical BP holes not sampled systematically from surface. The gossan is located approximately 350 m southeast of CD-240's copper feeder zone, possibly in an up-dip position to the Cabacal South FLTEM conductivity anomaly, where the company has drilled just one hole. Following recognition of the gossan, trenching will be undertaken to guide further drilling and evaluate possible links to the feeder system.

Santa Helena

Preparations continue at Santa Helena in advance of the arrival of the fourth drill rig. The objective of the drilling program will be to conduct both validation drilling on historical resource holes and a first phase of exploratory drilling on satellite drill targets marked by geophysical responses for potential discoveries satellite to the main resource.

Project development

Project development studies are advancing in preparation for submission of the environmental impact assessment, positioning the project for the consideration of an expanded production scenario of up to 4.5 million tonnes per year. Project development studies under way also include a 12-hole geotechnical drilling program. The PEA utilized default assumptions for pit wall angles. Based on the PEA pit shell, a series of holes is being drilled to now gather specific data for the next phase of evaluation. If data support a steepening of pit wall angles in a competent rock mass, results will have a positive impact on the stripping ratio.

About Meridian Mining U.K. Societas

Meridian Mining is focused on:

• The development and exploration of the advanced-stage Cabacal volcanogenic massive sulphide gold-copper project;
• Regional-scale exploration of the Cabacal VMS belt;
• Exploration in the Jauru and Araputanga greenstone belts (the above all located in the state of Mato Grosso, Brazil);
• Exploring the Espigao polymetallic project in the state of Rondonia, Brazil.

Cabacal is a gold-copper-silver-rich volcanogenic massive sulphide deposit with the potential to be a stand-alone mine within the 50-kilometre VMS belt. Cabacal's base-metal- and precious-metal-rich mineralization is hosted by volcanogenic-type, massive, semi-massive, stringer and disseminated sulphides within deformed metavolcanic-sedimentary rocks. A later-stage subvertical gold overprint event has emplaced high-grade gold mineralization crosscutting the dipping VMS layers.

Technical notes

Samples have been analyzed at the accredited ALS laboratory in Lima, Peru. Samples are dried, crushed (with 70 per cent passing fewer than two millimetres), split off to give a mass of approximately 250 g and pulverized to greater than 85 per cent passing 200 mesh. Routine gold analyses have been conducted by Au-AA23 (fire assay of a 30 g charge with AAS finish). High-grade samples (greater than 10 g/t Au) are repeated with a gravimetric finish (Au-GRA21). Samples with visible gold identified during logging are analyzed by screen fire assay method Au-SCR21. Samples are held in the company's secure facilities until dispatched and delivered by staff and commercial couriers to the laboratory. Pulps are retained for umpire testwork, and ultimately returned to the company for storage. The company submits a range of quality control samples, including blanks and gold/polymetallic standards supplied by Rocklabs, ITAK and OREAS, supplementing laboratory quality control procedures. In BP sampling, gold was analyzed historically by fire assay and base metals by three-acid digest and ICP finish at the Nomos laboratory in Rio de Janeiro. Silver samples were analyzed by aqua regia digest with an atomic absorption finish. True width is considered to be 90 per cent to 97 per cent of intersection width.

The Mise-a-la-Masse survey is being conducted using the company's in-house team, utilizing its GDD GRx8-16c receiver and 5000W-2400-15A transmitter. Data are processed by the company's independent consultancy, Core Geophysics. Geophysical and geochemical exploration targets are preliminary in nature and not conclusive evidence of the likelihood of a mineral deposit.

Qualified person

Dr. Adrian McArthur, BSc (honours), PhD, FAusIMM, chief executive officer of Meridian, a qualified person as defined by National Instrument 43-101, has supervised the preparation of the technical information in this news release.

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