Teranga november presentation 11 11 11 final

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PRODUCING

AND

EXPLORING

NOVEMBER 2011

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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 the prospectus of

Teranga, dated November 11, 2010 (the “Prospectus”). 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.

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CAPITALIZATION SUMMARY

Ticker symbol: TGZ: TSX/ASX

Shares outstanding(1): 245.6 million

Stock options outstanding: 15.4 million

Share price (as at November 8, 2011): C$2.43

Market capitalization: C$597 million

Cash position(2)(3): US$25.8 million

Debt position(2)(4): US$17.3 million

(1) As part of the demerger Mineral Deposits Ltd. retained 40 million TGZ shares and received C$50 million

from the IPO proceeds.

(2) As at September 30, 2011

(3) Includes short-term investments and restricted cash

(4) Drawn under the mining fleet finance lease facility with Societe Generale.

FOCUSED

ON GROWTH

FOCUSED ON:

GROWING

RESERVES

GROWING

PRODUCTION

FINANCIAL

STRENGTH

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ASSETS Large exploration land package in Senegal, W.A.

• 1,488km2 virtually unexplored land

surrounding operating mill

• An emerging world class gold district

Operating mine / mill

• Proven performance

• Only gold mining operation in the country

Strong balance sheet

• Able to self-fund exploration & development

Experienced management team

• Proven track record

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Sabodala is the only large scale gold

mine in Senegal

Senegal

• Mining Code passed in 2003

• Successful democracy

• Stable political environment

• Population of ~13.7M

• Mining friendly regime

• Government holds 10% free-carried

interest in Sabodala and 3% royalty

• Tax-free holiday that ends May 2015

SABODALA GOLD (SENEGAL)

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First gold pour in March 2009

• Approx. cost of $330M

Mill expansion from 2 MM tpa to ~4 MM

tpa underway

• Est. 140,000 oz Au production 2011 expanding

to >200,000 oz Au

• Expected to be completed early 2012 at a cost

of $60 MM

Well developed infrastructure

• Located 650 km east of the capital Dakar and 96

km north of the town Kedougou –

paved road within 56 km of mine site

• 30 MW heavy fuel oil power plant located on

site (36 MW with mill expansion)

SABODALA GOLD (OPERATIONS)

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FOCUSED ON GROWING RESERVES

1.5Moz currently to …

• Objective: 10-15+ year mine life

• Growth through exploration – extensive exploration program

on 1,455km2 Regional Land Package of virtually unexplored

prolific land

• Growth through regional opportunities – primary focus

Senegal

FOCUSED ON GROWING PRODUCTION

140,000oz currently to …

• Leveraging off our existing mill – land package all truckable

• Doubling mill capacity – could increase further

FOCUSED ON FINANCIAL STRENGTH

Maintaining strong balance sheet to self-fund exploration…

• Eliminating hedge book – quickly but prudently

• Margin expansion (eliminate hedge and lower costs)

• Significant free cash flow to self-fund exploration strategy

• Manageable capex requirements

GROWTH STRATEGY

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FOCUSED ON

GROWING PRODUCTION Calendar Year 2011

• Est. production 140,000 oz at

$850 - $875/oz

• Capex $83M (primarily for mill expansion, mobile

equipment and capitalized Mine License exploration)

Calendar Year 2012

• Est. production 220,000 oz at

$625-$675/oz

• Capex ~ $25M (primarily for exploration)(1)

(1) Excludes capital cost to develop regional deposits.

Assumes increased production from regional exploration

success

0

50

100

150

200

250

300

350

400

450

500

2011 2012 2013 2014

Production Profile („000 oz)

Production Exploration Success

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FOCUSED ON

FINANCIAL STRENGTH Maintain strong balance sheet to

self-fund exploration and development

• Eliminating hedge book – quickly but

prudently ~ 165,00oz at ~ $829/oz(2) year end

2011

• Margin expansion + increased production

profile = significant free cash flow to self-fund

exploration and development strategy

• Manageable capex requirements

(1) Assumes $1500/oz gold price and cash cost of $600/oz (2) Non-Deferred Hedge Schedule Appendix page 33

Rate of margin expansion is a function

of increasing production through regional

exploration success

0

100

200

300

400

500

600

700

800

900

1000

2011 2012 2013 2014

Cash Margin ($/oz)1

10

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FOCUSED ON

GROWING RESERVES

1,51 (@1.47 g/t)

2,254 (@1.33 g/t)

774 (@1.06 g/t)

0

300

600

900

1,200

1,500

1,800

2,100

2,400

Proven and Probable Measured andIndicated(1)(2)(3)

Inferred(1)(2)

Gold Reserves and Resources (‟000‟s oz)(1)

(1) See Appendix page 32 (2) M+I resources are inclusive of reserves (3) As at June 30, 2010, see Sabodala Technical Report

Kedougou-Kenieba Inlier – A Birimian Greenstone Belt

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Exploration Program (Calendar 2011)

1. Mine License Exploration:

$10 MM (~60,000m)

(YTD 43,000m)

7 Drill Rigs

2. Regional Exploration:

$25 MM (~80-90,000)

(YTD 78,000m)

11 Drill Rigs

TOTAL: $35 MM (140-150,000m)

(+180,000m RAB)

18 drill rigs

FOCUSED ON

GROWING RESERVES

Full drill results are posted at terangagold.com

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GOR

A

35 km radius

1. MINE LICENSE EXPLORATION 2. REGIONAL EXPLORATION

Budget: $25M

1,455km2 Budget: $10M

33km2

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1. SABODALA MINE

LICENSE EXPLORATION

• $10 MM exploration program is underway

on the Sabodala Mine License

• 10 targets identified for follow up

• Potential to expand proven and probable

reserves from 1.5 Moz gold to 3

Moz gold over the next 12 to 18 months

increasing the mine life to ~ 10 to

15 years

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“THE CORRIDOR” Continuation of the main Sabodala

structural trend to the north

MAIN FLAT EXTENSION One of the principal gold hosts of the

Sabodala deposit immediately adjacent to

the current ultimate pit

MASATO EXTENSION Continuation of Masato deposit

MINE LICENSE EXPLORATION

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MINE LICENSE EXPLORATION – MAIN FLAT EXTENSION (“MFE”)

• Main Flat Extension is one of the principal gold

hosts in the Sabodala pit

• Southern part of the deposit and dips shallowly to

the west, rolls flat, and then rolls to a moderate

northerly dip as it exits the ultimate pit

• MFE program is designed to test the continuity of

this structure to the north beginning with in-filling

holes

• Drilling targeting the MFE at a depth of 300m

confirms the continuation of the mineralized zone

with further drilling planned

• 5,400m of drilling completed in the September

quarter

• Long intervals of high grades seen

including:

• 131m at 3.45 g/t

• 87m at 3.11 g/t

• The goal is to reach 250,000 oz into open pit

mineable reserves in addition to a similar amount

in underground reserves in 2012

• The MFE remains open down plunge and to the

northwest


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MINE LICENSE EXPLORATION – “THE CORRIDOR” and AYOUB‟S

• Northerly trending extension of Sabodala pit

• Mineralization traced more than 200m north

of the existing pit along trend

• Drilling intersected wide widths of alteration similar

to Sabodala and Niakafiri

• 15m @ 1.34 g/t

• 20m @ 2.10 g/t

• The system is continuous and is showing Sabodala

style albitic alteration to the north where the target

remains open down dip and along strike

• The position of Ayoub‟s lends itself to sharing

stripping for including deeper MFE mineralization into

the ultimate pit

Mylonite

Shear Zone Ayoub‟s

Thrust

Sabodala Pit


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Sabodala Pit

Masato Extensions

Sambaya Hill

Masato Down Dip

MINE LICENSE EXPLORATION – MASATO

• Masato structural trend

strikes across onto our mine license

• Multiple mineralized zones have been identified

with high grade intervals apparent

• In the September quarter, a total of 6,100m of

drilling was completed at Masato confirming a

strike length of 500m and a dip extent of 200m

• Recent results from Masato Down Dip include:

• 37m at 4.5 g/t

• 44m at 2.0 g/t

• Expect to define mineable reserves at Masato in

2012


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GOR

A

35 km radius

1. MINE LICENSE EXPLORATION 2. REGIONAL EXPLORATION

Budget: $25M

1,455km2 Budget: $10M

33km2

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2. REGIONAL

EXPLORATION

• From 2007 – 2009, no significant drilling

was done on the 1,455 km2 Regional

Land Package due to cash constraints

• There are 28 drill targets identified; $25M

drilling program currently underway

• 56,000m of RC, 22,000m of DD, and

140,000m of RAB drilling completed

September 30, 2011

• 11 drill rigs are currently on the

Regional Land Package

• All targets in trucking distance

of the existing mill

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“THE DONUT”

GORA

TOUROKHOTO

TOUMBOUMBA

REGIONAL EXPLORATION

Budget: $25M

1,455km2

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GORA – HIGH-GRADE QUARTZ VEIN

SYSTEM

• Most advanced target: moving from exploration to

development

• Inferred resource of 106,000 oz @ 6 g/t (May 2, 2011)

• 22 km from Sabodala mill

• 5 drill rigs (2 DD, 3 RC)

• 3m @ 14.58 g/t

• 5m @ 11.58 g/t

• 1m @ 48.50 g/t

• High grade-drill intersections continue to expand the

potential footprint of the deposit

• Running number of processes in parallel to efficiently

develop Gora as quickly as possible including

exploration, permitting, and feasibility level economic

analysis

• Production objective: late 2012

• Deposit open in all directions

Trace of blind veins from RC holes

Projected to surface – high correlation with

IP trends.


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TOUMBOUMBA – NEWEST TARGET

• Latest discovery, potential to become second

regional deposit through the mill

• Located 10km NW from Sabodala mill

• At minimum, potential for heap leaching

• Alteration hosted mostly in granite (laterite

cover)

• Oxide mineralization of up to 60m in depth


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TOUMBOUMBA – NEWEST

TARGET

• RAB drilling program commenced

in April

• Expanded to encompass

entire structural domain

• Complete: 1,150 RAB holes,

49,000m

• 6m @ 18.54 g/t

• 4m @ 3.31 g/t

• 8m @ 5.46 g/t

• Subsequent RC program

• 49 RC holes, 8,748m

completed

• 1m @ 5.20 g/t

• 2m @ 21.45 g/t

• 4m @ 6.32 g/t

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DIEGOUN NORTH – “THE DONUT” • 7 km x 4 km complex of gold anomalism

• Contrasting rock types, porphyries, granites,

dolerite & sediments

• Rock samples to 80 g/t Au

• RAB drilling has defined gold mineralization in bedrock

• First pass RC program at Jam and Honey; 51 holes

completed for just under 8,800m (51 holes anomalous

levels of gold > 0.1 g/t)

• Recognition of a well-developed, auriferous north-east

trending structure

Sabodala Ore Body


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• Cinnamon

• Newly defined gold anomalies (RAB)

• 19,000m RAB drill program completed,

663 holes

• Structure defined as continuous through to Jam

(aeromagnetics)

• Several kms of structure


HONEY

JAM

CINNAMON

DIEGOUN NORTH – “THE DONUT”

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• >5 km long, up to 1 km wide gold anomaly defined

by termite sampling

• Parallels NE trending shears of the MTZ

• 3 Moz Massawa deposit hosted on MTZ about

25 km south

• Zone 1: large area of surface gold anomalism defined

from 2011 termite mound geochemistry

• Coincides with a structural intersection of the

MTZ and a N070 trend

• Zone 2 & 3: sit on a NE trend paralleling the MTZ and

are weak surface gold anomalies with coincident

arsenic anomalism defined by recent XRF multi-

element geochemistry

• All three zones highlighted by the RAB gold results

to date will be subject to RC drilling in the coming

dry season

• Targets up to 700m in strike length

• Follow up geophysical, RC and DD testing required

TOUROKHOTO

Sabodala Ore Body


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FOCUSED ON

GROWTH Kedougou-Kenieba Inlier – A Birimian Greenstone Belt

An emerging world class gold district.

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SUMMARY – FOCUSED ON GROWTH

1. Experienced Management Team

2. Largest land position in Senegal

3. Only mill in Senegal

4. Planned mill expansion

5. Extensive exploration program

– ~18 drill rigs

6. Strong Balance sheet

– increasing free cash flow with margin expansion

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PRODUCING

AND

EXPLORING NOVEMBER 2011

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APPENDICES Competent Persons Statement

The scientific and technical information contained in this release relating to exploration activities within the mining license is based on information

compiled by Mr. Bruce Van Brunt, who is a Fellow with The Australasian Institute of Mining and Metallurgy and is also a registered professional

geologist in the State of Washington, USA. He is qualified as a Competent Person as defined in the 2004 Edition of the "Australasian Code for

Reporting of Exploration Results, Mineral Resources and Ore Reserves" and as defined in NI43- 101. Mr. Van Brunt has consented to the inclusion

of this information in the form and context in which it appears in this release. Mr. Van Brunt is a full-time employee of Teranga and not independent

of Teranga within the meaning of NI43-101.

The scientific and technical information contained in this release relating to the regional exploration is based on information compiled by

Mr. Martin Pawlitschek, who is a member of the Australian Institute of Geoscientists. Mr. Pawlitschek is qualified as a Competent Person as defined

in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and as a Qualified Person

as defined in NI43-101. Mr. Pawlitschek has consented to the inclusion of this information in the form and context in which it appears in this

release. Mr. Pawlitschek is a full-time employee of Teranga and not independent of Teranga within the meaning of NI43-101.

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SABODALA GOLD PROJECT: RESERVES & RESOURCES

Ore

(000 tonnes)

Grade

(g/t Au)

Contained Gold

(000 oz Au)

Proven & Probable

Sabodala 24,350 1.57 1,231

Niakafiri 7,623 1.15 281

Total 31,973 1.47 1,512

Measured & Indicated

Sabodala 41,892 1.39 1,869

Niakafiri 10,741 1.12 386

Total 52,633 1.33 2,254(1)

Inferred Resources

Sabodala 7,310 1.22 287

Niakafiri 7,248 .88 205

Niakafiri West 7,144 .82 188

Soukhoto 566 1.32 24

Gora(2) 387 5.6 70

Total 22,655 1.06 774(1)

(1) See the Sabodala Technical Report ; #‟s as at June 30, 2010

(2) Gora inferred resource updated to 543,000 tonnes at 6.08 g/t containing 106,000 oz. Please see May 2, 2011 Press Release for further information.

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NON-DEFERRED HEDGE SCHEDULE

Delivery Date Price US$/oz Ounces

17-Nov-2011 846.00 7,355

17-Feb-2012 846.00 28,000

17-May-2012 846.00 28,000

15-Aug-2012 846.00 27,500

21-Nov-2012 832.92 25,000

20-Feb-2013 832.92 25,000

17-May-2013 790.66 25,000

21-Aug-2013 791.50 16,000

Total 181,855

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MANAGEMENT

Alan R. Hill

Executive Chairman & CEO

• Mining engineer with over 20 years experience globally in project evaluations, acquisitions and mine

development as Executive VP of Barrick Gold

• Currently a Director of Gold Fields

• Former President and CEO of Gabriel Resources (2005 – 2009) and non-Executive Chairman of Alamos Gold

(2004 – 2007)

Richard S. Young

President & CFO

• Over 10 years experience in mining finance, development, corporate development, and investor relations with

Barrick Gold

• Former VP and CFO of Gabriel Resources (2005 – 2010)

Yani Roditis

Vice President, Operations

• Over 10 years experience in mine development and operations with Barrick Gold

• Former Chief Operating Officer of Gabriel Resources

Kathy Sipos

Vice President, Investor Relations

• 10 years experience in Corporate Communications and Investor Relations with Barrick Gold

• Former VP of Corporate Communications and Investor Relations of Gabriel Resources

David Savarie

Vice President, Legal & Corporate

Secretary

• Over 10 years experience in the legal industry

• Former Deputy General Counsel and Corporate Secretary of Gabriel Resources

• Previously in private practice at Miller Thomson LLP

Bruce Van Brunt

Business Development Manager

• Mining engineer and geologist with over 20 years experience

• Previously worked in a number of technical capacities with Placer Dome and Echo Bay Mines

• Joined Mineral Deposits Ltd. in March 2006

Martin Pawlitschek

Regional Exploration Manager

• Geologist with over 15 years experience in the mining industry

• Previously spent 11 years at BHP and a number of smaller exploration companies, working in Australia, South

East Asia and Africa

• Joined Mineral Deposits Ltd. in July 2007

Mark English

General Manager

• Over 24 years experience in the gold mining industry

• Previously worked for several companies in Australia, East and West Africa being involved in operating mines

and development, inclusive of greenfield start-ups

• Joined Mineral Deposits Ltd. in June 2006