Mr. Richard Young of Teranga reports

BARRICK AND TERANGA OBTAIN KEY APPROVALS FROM THE GOVERNMENT OF SENEGAL FOR TERANGA'S ACQUISITION OF THE MASSAWA GOLD PROJECT

Teranga Gold Corp. and Barrick Gold Corp. have obtained certain key approvals from the government of Senegal in order to proceed to close the previously announced acquisition of a 90-per-cent interest in the Massawa gold project from a wholly owned subsidiary of Barrick and its joint venture partner, Compagnie Senegalaise de Transports Transatlantiques Afrique de l'Ouest SA, with the government of Senegal holding the remaining 10-per-cent interest in Massawa.

The approvals received include a formal consent to Teranga's plans to integrate Massawa into its existing Sabodala gold mine, as well as a formal waiver by the government of Senegal of its equity participation right to elect, on its behalf or on behalf of the private sector, to purchase up to an additional 25 per cent of Massawa at market value. These approvals were key conditions precedent to closing of the transaction.

Barrick and Teranga expect to satisfy the remaining conditions precedent to closing of the transaction in the coming weeks, which include the granting by the government of Senegal of an exploitation licence and a residual exploration licence for Massawa.

The closing of the transaction, as well as the previously announced concurrent debt, prospectus and private placement financings is expected within the first quarter of 2020. The completion of the transaction and the concurrent financings are all interconditional and are subject to customary closing conditions for transactions of this nature.

About Teranga Gold Corp.

Teranga is a multijurisdictional West African gold company focused on production and development, as well as the exploration of approximately 5,500 square kilometres of land located on prospective gold belts. Since its initial public offering in 2010, Teranga has produced more than two million ounces of gold at its Sabodala operation in Senegal.

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