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PRODUCING
AND
EXPLORING
Q1 2012 WEBCAST




                  1
CAUTIONARY STATEMENT
This presentation contains forward looking information, within the meaning of applicable Canadian securities legislation, and forward looking statements, within the
meaning of applicable United States securities legislation, which reflects management’s expectations regarding Teranga Gold Corporation’s (“Teranga” or the
“Company”) future growth, results of operations (including, without limitation, future production and capital expenditures), performance (both operational and
financial) and business prospects (including the timing and development of new deposits and the success of exploration activities) and opportunities. Wherever
possible, words such as “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”,
“intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have
been used to identify such forward looking information. Although the forward looking information contained in this presentation 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. A number of factors could cause actual results, performance or achievements to differ
materially from the results expressed or implied in the forward looking information, including those listed in the “Risk Factors” section of Teranga’s Annual
Information Form , dated March 28, 2012 (the “AIF”). These factors should be considered carefully and prospective investors should not place undue reliance on
the forward looking information. Forward looking information necessarily involves significant known and unknown risks, assumptions and uncertainties that may
cause Teranga’s actual results, performance, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward
looking information. Although Teranga has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially
from those described in the forward looking information, there may be other factors and risks that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that the forward looking information will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on such forward looking information.
Teranga expressly disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or
otherwise, except in accordance with applicable securities law.

Forward looking information and other information contained herein concerning mineral exploration and management’s general expectations concerning the
mineral exploration industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research
and industry analysis and on assumptions based on data and knowledge of this industry which management believes to be reasonable. However, this data is
inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While management is not aware of
any misstatements regarding any industry data presented herein, mineral exploration involves risks and uncertainties and industry data is subject to change based
on various factors.

In addition, please note that statements relating to “reserves” or “resources” are deemed to be forward looking information as they involve the implied assessment,
based on certain estimates and assumptions, that the resources and reserves described can be profitably mined in the future. While management has confidence
in its projections based on exploration work done to date, the potential quantity and grade disclosed herein is conceptual in nature, and there has been insufficient
exploration to define a mineral resource, therefore it is uncertain if further exploration will result in the targets being delineated as a mineral resource.

This presentation does not constitute in any way an offer or invitation to subscribe for securities in Teranga pursuant to the Corporations Act 2001 (Cth) and has
not been lodged with the Australian Securities and Investment Commission.




                                                                                                                                                                         2
2012 Q1 WEBCAST

                                    FOCUSED
                                    ON GROWTH
Alan R. Hill      Chairman & CEO
                                    FOCUSED ON:

Richard Young     President & CFO

                                    GROWING
                                    RESERVES

                                    GROWING
                                    PRODUCTION

                                    FINANCIAL
                                    STRENGTH




                                                  3
OPERATING HIGHLIGHTS
Q1 2012
    • 41,904 oz’s produced
        • 22% higher than Q1 2011
        • 14% higher than Q4 2011

    •   35,268 oz’s sold at cash cost of $673/oz
          • Cash cost 17% lower than Q4 2011
          • Mill expansion tie-in reduced
             capacity to pour gold
          • Increase to gold in circuit / gold
             bullion inventory to 13,262 oz’s




                                                   4
OPERATING HIGHLIGHTS
Q1 2012
    • Total tonnes mined 7% higher than Q1
       2011

        •   Improved productivity and
            efficiency in mining operations

        •   Drilling and loading – 3 new blast
            hole drill rigs

        •   Two new Gora haul trucks in use




                                                 5
OPERATING HIGHLIGHTS
Q1 2012
    • Unit mining cost
        • $2.50/t mined

    •   Mill throughput
         • Harder ore
         • Grades of 2.52 gpt grade

    •   Unit processing cost
         • $17.20/t milled

Q2 2012
    • Expect similar production to Q1

Guidance
    • 210,000 – 225,000 oz’s at cash costs of
      $600 - $650/oz

                                                6
FINANCIAL HIGHLIGHTS
Q1 2012:
    • Revenue of $60.5M
         • 10% higher than Q1 2011
         • Higher realized gold prices
         • All ounces sold in spot market


    •   $1,712/oz – average realized price

    •   Loss of $1.8M

    •   Capital expenditure planned for 2012
        expected to be $50M
          • ~$25M remains to be spent in 2012




                                                7
FINANCIAL HIGHLIGHTS
 Cash position*:
     • $14.8M at March 31, 2012

          •     Sufficient cash + expected future cash
                flows + ability to modify hedge deliveries
                support minimum liquidity requirements

          •     Additional flexibility – deferred delivery of
                28,000 oz’s due in Q1 to second half 2012
                  • Rebuild cash balance
                  • Maintain cash balance of ~$20M

          •     2012 to deliver 108,500 oz’s into hedge
                book
                  • Year end balance expected to be
                    66,000 oz’s

*Cash and cash equivalents, including restricted cash


                                                                8
Cash Margin ($/oz)(1)
FOCUSED ON BUILDING                                        1200

FINANCIAL STRENGTH
                                                           1000


  •     Rising production, lowering costs
                                                            800
           •     Improved cash margins
                                                            600

  •     Expect to increase cash balance throughout
                                                            400
        2012

                                                            200



                                                              0
                                                                    2011         2012        2013*        2014


                                                                   Rate of margin expansion is a function
                                                                   of increasing production through regional
                                                                   exploration success

                                                                   *After eliminating hedge position



(1) Assumes $1600/oz gold price and cash cost of $625/oz
*Excluding Mine License exploration costs                                                                        9
FINANCIAL HIGHLIGHTS
Potential debt facility

     •   Provide working capital cushion

     •   Expand mining fleet to increase production
         rate

     •   Accelerate Mine License exploration
          • Conversion of resources to reserves




                                                      10
GOVERNMENT
RELATIONS
•   Senegalese elections
     • Smooth democratic process

•   New President – supportive of mining industry
     • Previously served as President of National Assembly, Prime Minister, and
        Minister of Mines

•   Teranga to work in Partnership with Senegal to help address Senegal’s
    immediate financial needs




                                                                                  11
MILL EXPANSION

   •   New mill and downstream plant
       commissioned in April

   •   Completion scheduled for end of Q2
        • Secondary crusher
        • New stockpile/reclaim facility

   •   Full capacity scheduled for end of Q2




                                               12
SABODALA MINE LICENSE
EXPLORATION

Q1 Highlights:
•   $7.1M spent in Q1

•   25,000m RC/DD drilling

•   Intersections of significant widths of high grade
    mineralization outside Sabodala ultimate pit

      •   Part of Main Flat Extension (MFE) drill program

      •   Lead to an expansion of final pit design and
          increased reserves

      •   Drilling of MFE and Lower Flat Zone (LFZ) confirm
          the continuation of the mineralized zone with further
          drilling planned

            •   MFE and LFZ remain open down plunge and
                to the northwest




                                                                  13
MINE LICENSE EXPLORATION
                                                               Main Flat Extension / Lower Flat Zone
                                                               (“MFE/LFZ”) – program:
                                                               • Convert inferred resources north of current
                                                                 ultimate pit

                                                               • Extend MFE zone M&I down dip to the west                                                 (1)


                                                               • Additional deep drilling to develop LFZ mineable
                                                                 resource to depth

                                                               • Test for extensions of the LFZ to the east

                                                               • Test for parallel zones beneath the Sabodala pit




                                                   (1) MFE - open pit mineable gold inventory at an average grade between 1.5 – 2.0 gpt, LFZ potentially a
                                                   similar amount to lower/underground at an average grade between 3.0 and 4.0 gpt, in 2012.
                                                   This “exploration target” is not a Mineral Resource. While management has confidence in its projections based
                                                   on exploration work done to date, the potential quantity and grade disclosed herein is conceptual in nature,
                                                   and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will
                                                   result in the determination of a Mineral Resource.
Full drill results are posted at terangagold.com                                                                                                                           14
MINE LICENSE EXPLORATION –
SABODALA PIT
 Q1 2012                                                                                                                                   FOCUSED
                                                                                                                                           ON GROWTH
 •       9,500m drilled at Sabodala
             •       Primarily MFE                                                                                                         FOCUSED ON:

 •       Recent results include:
             •       43m at 2.4 gpt from 123m                                                                                              GROWING
             •       19m at 2.5 gpt from 177m                                                                                              RESERVES
             Deeper (~300m level):
             •       12m at 7.5 gpt
             •       29m at 3.6 gpt
             •       11m at 4.2 gpt


 •       New open pit objective (MFE/LFZ) by mid-year
         2013
           • To add 500,000 – 1,000,000 oz’s* (1)

•    At grades of between 1.5 to 2.0 gpt to gold inventory
(1) Proximate Statement: This “exploration target” is not a Mineral Resource. While management has confidence in its projections
based on exploration work done to date, the potential quantity and grade disclosed herein is conceptual in nature, and there has
been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a
Mineral Resource.
                                                                                                                                                         15
MINE LICENSE EXPLORATION – MASATO


                                               2011
                                               • Confirmed strike length of 500m and dip extent of
                                                 200m
 Main Flat Extension

                                               Q1 2012
                                               • Strike length extended to 1,600m and dip extent
                             Masato Down Dip
                                                 expanded to 300m
  Sabodala Pit
                                               • Masato remains opens to depth and along strike
                                               • Drill testing in both directions
            Sambaya Hill
                                               • 10,000m drilled, assays being compiled, geologic
                                                 interpretation in progress

                           Masato Extensions   2012 Objectives
                                               • Infilling 200m x 500m zone identified in 2011 in
                                                 preparation for resource estimate
                                               • Further definition drilling on the high grade pod of
                                                 gold mineralization
                                               • Locate southern extension of Masato that strikes
                                                 toward our ML




                                                                  Full drill results are posted at terangagold.com
                                                                                                                     16
MINE LICENSE EXPLORATION – NIAKAFIRI


                               • Deposit remains open at depth

                               • Drilling planned for second half of the year pending
                                 community discussions

                               • Expect gold inventory to increase




                                                  Full drill results are posted at terangagold.com
                                                                                                     17
MINE LICENSE EXPLORATION



                                           SOUKHOTO




                           • Infill and extending the current resources
                                  • Separated by 500m of undrilled strike length

                           • Soukhoto drilling is scheduled to begin in Q2

                           • Updated resource expected at end of year


                            NIAKAFIRI WEST




                                            Full drill results are posted at terangagold.com
                                                                                               18
MINE LICENSE EXPLORATION

                           Located 1 km north of Niakafiri, 1 km south of
                           Sambaya Hill and on the Niakafiri shear system

                           Q1 2012

                           •   600m of drilling

                           •   With new information, plan to drill but also
                               reinterpret previous drilling

                           •   Potentially add gold inventory in 2012




                                       DINKOKHONO




                                             Full drill results are posted at terangagold.com
                                                                                                19
MINE LICENSE EXPLORATION -
2012                                       FOCUSED
                                           ON GROWTH

•   Minimum 8 drill rigs testing targets   FOCUSED ON:

•   2012 Budget of $20M
      • 77,000m RR/DD drilling             GROWING
                                           RESERVES
•   10 drill rigs currently operating
      • 8 DD rigs
      • 2 RC rigs




                                                         20
1. MINE LICENSE EXPLORATION   2. REGIONAL EXPLORATION



                33km2                        1,465km2




                                             35 km radius




                                                            21
REGIONAL EXPLORATION

•   1,465km2 Regional Land Package


•   ~40 drill targets to be drill tested in
    2012/2013
     •   All truckable to mill
     •   Further 20 targets to be evaluated
         with surface sampling or trenching




                                              22
Q1 2012 – REGIONAL
EXPLORATION
•   4 rigs
      •      RAB – 31,500m
      •      RC – 26,000m
               •   RC focused on Tourokhoto, Saiensoutou,
                   Jam, KB
      •      DD – 2,400m


•   Several RAB programs

•   $8.5M spent during Q1

      •      Including $1.6M for Gora

•   2012 Budget of $20M

      •      90,000m RC/DD

      •      140,000m RAB



                                                            23
TOUMBOUMBA – NEWEST TARGET
• Shear vein system, potential for a small, oxide
deposit

• Located 10 km from the Sabodala mill

• 18 close trending gold anomalous zones identified
from RAB drilling during 2011

Q1 2012
• Potential for near surface oxide deposit on main
  Toumboumba mineralized zone

• In April, commenced a 10,000m RC program on a
  25m x 25m grid
      • Numerous high grade intersections including
         4m at 33.9 gpt

• At minimum, potential for economic mill feed




                                                      Full drill results are posted at terangagold.com

                                                                                                         24
TOUROKHOTO                   Q1 2012

         Sabodala Ore Body   • RC program

                                   • 50 holes, 10,000m completed

                             • Confirmed several zones of sub-parallel
                               mineralization with results up to 2m at 4.5 gpt
                                  • Also wider zones at lower grades

                             • Majority of samples pending




                                                 Full drill results are posted at terangagold.com




                                                                                                    25
DIEGOUN NORTH – “THE DONUT”
                                                   Q1 2012
                                                   Cinnamon – northern portion of Donut
          Sabodala Ore Body
                                                   • 14 RC holes, 2,500m
                                                   • Encouraging results at >0.2 gpt gold level
                                                   • Many samples, assays pending




                                                   Jam – southern portion of Donut
                                                   • 14 RC holes, 2,700m, 9 DD holes, 2,100m
                                                         • Designed to test NW trending structures defined
                                                           and follow-up on previous anomalous RC holes
                                                   • Additional 13,000m of RAB drilling completed
                                                         • Awaiting final assay


Full drill results are posted at terangagold.com
                                                                                                             26
SUMMARY –
FOCUSED ON
DELIVERING



• Growing production


• Reducing costs


• Executing on our vision to grow the company



                                                27
PRODUCING
AND
EXPLORING
Q1 2012 WEBCAST




                  28
COMPETENT PERSONS STATEMENT

The technical information in this presentation that relates to mineral resource estimates within the Mining License is based on
information compiled by Mr. Bruce Van Brunt, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Van Brunt is
a full time employee of Teranga and not independent. Mr. Van Brunt has sufficient experience relevant to the style of mineralisation
and type of deposit under consideration and to the activity he is undertaking to qualify as a "Competent Person" as defined in the
2004 Edition of the “Australasian Code of Reporting of exploration Results, Mineral Resources and Ore Reserves”. Mr. Van Brunt is a
"Qualified Person" in accordance with National Instrument 43-101 and he consents to the inclusion of this information in the form and
context in which it appears in this announcement.

The technical information in this presentation that relates to the exploration results and targets within the regional exploration program
are based on information compiled by Mr. Martin Pawlitschek, who is a member of the Australian Institute of Geoscientists. Mr.
Pawlitschek is our full time employee and is not “independent” within the meaning of National Instrument 43-101. Mr. Pawlitschek
has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity he is
undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves”. Mr. Pawlitschek is a “Qualified Person” in accordance with NI 43-101 and he
consents to the inclusion of this information in the form and context in which it appears in this offering memorandum.




                                                                                                                                             29

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First Quarter 2012 Conference Call & Webcast

  • 2. CAUTIONARY STATEMENT This presentation contains forward looking information, within the meaning of applicable Canadian securities legislation, and forward looking statements, within the meaning of applicable United States securities legislation, which reflects management’s expectations regarding Teranga Gold Corporation’s (“Teranga” or the “Company”) future growth, results of operations (including, without limitation, future production and capital expenditures), performance (both operational and financial) and business prospects (including the timing and development of new deposits and the success of exploration activities) and opportunities. Wherever possible, words such as “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have been used to identify such forward looking information. Although the forward looking information contained in this presentation 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. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in the forward looking information, including those listed in the “Risk Factors” section of Teranga’s Annual Information Form , dated March 28, 2012 (the “AIF”). These factors should be considered carefully and prospective investors should not place undue reliance on the forward looking information. Forward looking information necessarily involves significant known and unknown risks, assumptions and uncertainties that may cause Teranga’s actual results, performance, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward looking information. Although Teranga has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in the forward looking information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that the forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on such forward looking information. Teranga expressly disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities law. Forward looking information and other information contained herein concerning mineral exploration and management’s general expectations concerning the mineral exploration industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which management believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While management is not aware of any misstatements regarding any industry data presented herein, mineral exploration involves risks and uncertainties and industry data is subject to change based on various factors. In addition, please note that statements relating to “reserves” or “resources” are deemed to be forward looking information as they involve the implied assessment, based on certain estimates and assumptions, that the resources and reserves described can be profitably mined in the future. While management has confidence in its projections based on exploration work done to date, the potential quantity and grade disclosed herein is conceptual in nature, and there has been insufficient exploration to define a mineral resource, therefore it is uncertain if further exploration will result in the targets being delineated as a mineral resource. This presentation does not constitute in any way an offer or invitation to subscribe for securities in Teranga pursuant to the Corporations Act 2001 (Cth) and has not been lodged with the Australian Securities and Investment Commission. 2
  • 3. 2012 Q1 WEBCAST FOCUSED ON GROWTH Alan R. Hill Chairman & CEO FOCUSED ON: Richard Young President & CFO GROWING RESERVES GROWING PRODUCTION FINANCIAL STRENGTH 3
  • 4. OPERATING HIGHLIGHTS Q1 2012 • 41,904 oz’s produced • 22% higher than Q1 2011 • 14% higher than Q4 2011 • 35,268 oz’s sold at cash cost of $673/oz • Cash cost 17% lower than Q4 2011 • Mill expansion tie-in reduced capacity to pour gold • Increase to gold in circuit / gold bullion inventory to 13,262 oz’s 4
  • 5. OPERATING HIGHLIGHTS Q1 2012 • Total tonnes mined 7% higher than Q1 2011 • Improved productivity and efficiency in mining operations • Drilling and loading – 3 new blast hole drill rigs • Two new Gora haul trucks in use 5
  • 6. OPERATING HIGHLIGHTS Q1 2012 • Unit mining cost • $2.50/t mined • Mill throughput • Harder ore • Grades of 2.52 gpt grade • Unit processing cost • $17.20/t milled Q2 2012 • Expect similar production to Q1 Guidance • 210,000 – 225,000 oz’s at cash costs of $600 - $650/oz 6
  • 7. FINANCIAL HIGHLIGHTS Q1 2012: • Revenue of $60.5M • 10% higher than Q1 2011 • Higher realized gold prices • All ounces sold in spot market • $1,712/oz – average realized price • Loss of $1.8M • Capital expenditure planned for 2012 expected to be $50M • ~$25M remains to be spent in 2012 7
  • 8. FINANCIAL HIGHLIGHTS Cash position*: • $14.8M at March 31, 2012 • Sufficient cash + expected future cash flows + ability to modify hedge deliveries support minimum liquidity requirements • Additional flexibility – deferred delivery of 28,000 oz’s due in Q1 to second half 2012 • Rebuild cash balance • Maintain cash balance of ~$20M • 2012 to deliver 108,500 oz’s into hedge book • Year end balance expected to be 66,000 oz’s *Cash and cash equivalents, including restricted cash 8
  • 9. Cash Margin ($/oz)(1) FOCUSED ON BUILDING 1200 FINANCIAL STRENGTH 1000 • Rising production, lowering costs 800 • Improved cash margins 600 • Expect to increase cash balance throughout 400 2012 200 0 2011 2012 2013* 2014 Rate of margin expansion is a function of increasing production through regional exploration success *After eliminating hedge position (1) Assumes $1600/oz gold price and cash cost of $625/oz *Excluding Mine License exploration costs 9
  • 10. FINANCIAL HIGHLIGHTS Potential debt facility • Provide working capital cushion • Expand mining fleet to increase production rate • Accelerate Mine License exploration • Conversion of resources to reserves 10
  • 11. GOVERNMENT RELATIONS • Senegalese elections • Smooth democratic process • New President – supportive of mining industry • Previously served as President of National Assembly, Prime Minister, and Minister of Mines • Teranga to work in Partnership with Senegal to help address Senegal’s immediate financial needs 11
  • 12. MILL EXPANSION • New mill and downstream plant commissioned in April • Completion scheduled for end of Q2 • Secondary crusher • New stockpile/reclaim facility • Full capacity scheduled for end of Q2 12
  • 13. SABODALA MINE LICENSE EXPLORATION Q1 Highlights: • $7.1M spent in Q1 • 25,000m RC/DD drilling • Intersections of significant widths of high grade mineralization outside Sabodala ultimate pit • Part of Main Flat Extension (MFE) drill program • Lead to an expansion of final pit design and increased reserves • Drilling of MFE and Lower Flat Zone (LFZ) confirm the continuation of the mineralized zone with further drilling planned • MFE and LFZ remain open down plunge and to the northwest 13
  • 14. MINE LICENSE EXPLORATION Main Flat Extension / Lower Flat Zone (“MFE/LFZ”) – program: • Convert inferred resources north of current ultimate pit • Extend MFE zone M&I down dip to the west (1) • Additional deep drilling to develop LFZ mineable resource to depth • Test for extensions of the LFZ to the east • Test for parallel zones beneath the Sabodala pit (1) MFE - open pit mineable gold inventory at an average grade between 1.5 – 2.0 gpt, LFZ potentially a similar amount to lower/underground at an average grade between 3.0 and 4.0 gpt, in 2012. This “exploration target” is not a Mineral Resource. While management has confidence in its projections based on exploration work done to date, the potential quantity and grade disclosed herein is conceptual in nature, and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource. Full drill results are posted at terangagold.com 14
  • 15. MINE LICENSE EXPLORATION – SABODALA PIT Q1 2012 FOCUSED ON GROWTH • 9,500m drilled at Sabodala • Primarily MFE FOCUSED ON: • Recent results include: • 43m at 2.4 gpt from 123m GROWING • 19m at 2.5 gpt from 177m RESERVES Deeper (~300m level): • 12m at 7.5 gpt • 29m at 3.6 gpt • 11m at 4.2 gpt • New open pit objective (MFE/LFZ) by mid-year 2013 • To add 500,000 – 1,000,000 oz’s* (1) • At grades of between 1.5 to 2.0 gpt to gold inventory (1) Proximate Statement: This “exploration target” is not a Mineral Resource. While management has confidence in its projections based on exploration work done to date, the potential quantity and grade disclosed herein is conceptual in nature, and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource. 15
  • 16. MINE LICENSE EXPLORATION – MASATO 2011 • Confirmed strike length of 500m and dip extent of 200m Main Flat Extension Q1 2012 • Strike length extended to 1,600m and dip extent Masato Down Dip expanded to 300m Sabodala Pit • Masato remains opens to depth and along strike • Drill testing in both directions Sambaya Hill • 10,000m drilled, assays being compiled, geologic interpretation in progress Masato Extensions 2012 Objectives • Infilling 200m x 500m zone identified in 2011 in preparation for resource estimate • Further definition drilling on the high grade pod of gold mineralization • Locate southern extension of Masato that strikes toward our ML Full drill results are posted at terangagold.com 16
  • 17. MINE LICENSE EXPLORATION – NIAKAFIRI • Deposit remains open at depth • Drilling planned for second half of the year pending community discussions • Expect gold inventory to increase Full drill results are posted at terangagold.com 17
  • 18. MINE LICENSE EXPLORATION SOUKHOTO • Infill and extending the current resources • Separated by 500m of undrilled strike length • Soukhoto drilling is scheduled to begin in Q2 • Updated resource expected at end of year NIAKAFIRI WEST Full drill results are posted at terangagold.com 18
  • 19. MINE LICENSE EXPLORATION Located 1 km north of Niakafiri, 1 km south of Sambaya Hill and on the Niakafiri shear system Q1 2012 • 600m of drilling • With new information, plan to drill but also reinterpret previous drilling • Potentially add gold inventory in 2012 DINKOKHONO Full drill results are posted at terangagold.com 19
  • 20. MINE LICENSE EXPLORATION - 2012 FOCUSED ON GROWTH • Minimum 8 drill rigs testing targets FOCUSED ON: • 2012 Budget of $20M • 77,000m RR/DD drilling GROWING RESERVES • 10 drill rigs currently operating • 8 DD rigs • 2 RC rigs 20
  • 21. 1. MINE LICENSE EXPLORATION 2. REGIONAL EXPLORATION 33km2 1,465km2 35 km radius 21
  • 22. REGIONAL EXPLORATION • 1,465km2 Regional Land Package • ~40 drill targets to be drill tested in 2012/2013 • All truckable to mill • Further 20 targets to be evaluated with surface sampling or trenching 22
  • 23. Q1 2012 – REGIONAL EXPLORATION • 4 rigs • RAB – 31,500m • RC – 26,000m • RC focused on Tourokhoto, Saiensoutou, Jam, KB • DD – 2,400m • Several RAB programs • $8.5M spent during Q1 • Including $1.6M for Gora • 2012 Budget of $20M • 90,000m RC/DD • 140,000m RAB 23
  • 24. TOUMBOUMBA – NEWEST TARGET • Shear vein system, potential for a small, oxide deposit • Located 10 km from the Sabodala mill • 18 close trending gold anomalous zones identified from RAB drilling during 2011 Q1 2012 • Potential for near surface oxide deposit on main Toumboumba mineralized zone • In April, commenced a 10,000m RC program on a 25m x 25m grid • Numerous high grade intersections including 4m at 33.9 gpt • At minimum, potential for economic mill feed Full drill results are posted at terangagold.com 24
  • 25. TOUROKHOTO Q1 2012 Sabodala Ore Body • RC program • 50 holes, 10,000m completed • Confirmed several zones of sub-parallel mineralization with results up to 2m at 4.5 gpt • Also wider zones at lower grades • Majority of samples pending Full drill results are posted at terangagold.com 25
  • 26. DIEGOUN NORTH – “THE DONUT” Q1 2012 Cinnamon – northern portion of Donut Sabodala Ore Body • 14 RC holes, 2,500m • Encouraging results at >0.2 gpt gold level • Many samples, assays pending Jam – southern portion of Donut • 14 RC holes, 2,700m, 9 DD holes, 2,100m • Designed to test NW trending structures defined and follow-up on previous anomalous RC holes • Additional 13,000m of RAB drilling completed • Awaiting final assay Full drill results are posted at terangagold.com 26
  • 27. SUMMARY – FOCUSED ON DELIVERING • Growing production • Reducing costs • Executing on our vision to grow the company 27
  • 29. COMPETENT PERSONS STATEMENT The technical information in this presentation that relates to mineral resource estimates within the Mining License is based on information compiled by Mr. Bruce Van Brunt, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Van Brunt is a full time employee of Teranga and not independent. Mr. Van Brunt has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a "Competent Person" as defined in the 2004 Edition of the “Australasian Code of Reporting of exploration Results, Mineral Resources and Ore Reserves”. Mr. Van Brunt is a "Qualified Person" in accordance with National Instrument 43-101 and he consents to the inclusion of this information in the form and context in which it appears in this announcement. The technical information in this presentation that relates to the exploration results and targets within the regional exploration program are based on information compiled by Mr. Martin Pawlitschek, who is a member of the Australian Institute of Geoscientists. Mr. Pawlitschek is our full time employee and is not “independent” within the meaning of National Instrument 43-101. Mr. Pawlitschek has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Pawlitschek is a “Qualified Person” in accordance with NI 43-101 and he consents to the inclusion of this information in the form and context in which it appears in this offering memorandum. 29