Teranga Gold Corporation reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of $113,815,000 compared to $60,526,000 a year ago. Profit before income taxes was $50,574,000 compared to loss before income taxes of $1,038,000 a year ago. Profit attributable to shareholders of the company was $44,983,000 or $0.18 per basic and diluted share compared to loss attributable to shareholders of the company of $2,074,000 or $0.01 per basic and diluted share a year ago. The increase in profit and earnings per share were primarily due to an increase in gross profit from an increase in revenues and a significant loss on gold hedge contracts in the prior year. Net cash provided by operating activities was $23,640,000 compared to $35,927,000 a year ago. The decrease in operating cash flow was mainly due to delivery of 45,289 ounces into the hedge book during the first quarter of 2013 and the timing of working capital receipts and payments. Capital expenditures were $22.2 million for the first quarter of 2013, which was $9.3 million lower than the same prior year period. The decrease in capital expenditures was mainly due to higher expenditures in 2012 related to the mill expansion which was completed in second quarter 2012, partially offset by higher capitalized deferred stripping expenditures in first quarter 2013. Gold production increased 63% to 68,301 ounces of gold compared to 41,904 ounces a year ago. Total mined was 8,848,000 tonnes compared to 7,433,000 tonnes a year ago, were 19% higher compared to the same prior year period due to the increase in hauling and drilling capacity of the mining fleet during 2012 and first quarter 2013. Ore mined was 1,312,000 tonnes compared to 1,117,000 tonnes a year ago. Ore tonnes milled for the three months ended March 31, 2013 were 21% higher than the same prior year period due to an increase in mill capacity as a result of the completion of the mill expansion in the second quarter of 2012. Ore tonnes mined were 17% higher compared to the prior year period while grades mined were 36% higher resulting in an increase in ounces mined of about 60%. The company reported Impairment of available for sale financial asset was $962,000 for the first quarter ended March 31, 2013. The company revised capital expenditure guidance and reaffirmed production guidance for the year 2013. The company expects total capital expenditures will be $70 million compared to previous guidance range of $105 million to $125 million. The company reaffirmed production guidance of 190,000 oz to 210,000 oz for the year 2013. Mining rates are expected to decrease by about 2% in the second quarter through the balance of the year despite the commissioning of 3 haul trucks and 1 shovel as the Company lowers its mining rate to maximize free cash flow in 2013 but maintain production guidance.

Teranga Gold Corporation announced that it will change its auditor from Deloitte LLP, Chartered Accountants to Ernst & Young LLP effective as of the date hereof. The Audit Committee of the Board of Directors made the recommendation for the change of auditors. The change of auditor and the recommendation to appoint the successor auditor was approved by the audit committee and the board of directors of the Corporation.

Teranga Gold Corporation announced the appointment of Jeff Williams to the Board of Directors of the Company. Mr. Williams played an integral role in building Sabodala Gold Mine and has more than 40 years of experience in the mining industry including over 10 years of experience in the resource industry in Senegal. With a Mining Engineering and Business Administration background, Mr. Williams has spent over three decades playing significant roles in the financing and business development strategies of Australian based resource companies. He has significant experience as a senior corporate executive and currently holds Non-Executive Director positions on a number of Australian public companies. Mr. Williams also remains an Advisor to Mineral Deposits Limited.