ASX Announcement 4 July 2013
Withdrawal of Director Nominations to the Board of Teranga Gold Corporation
Mineral Deposits Limited (“MDL”) advises that it is withdrawing its three proposed nominees for election to the board of
directors of Teranga Gold Corporation (“Teranga”) at Teranga’s Annual General and Special Meeting of Shareholders to be
held in Toronto on 18 July 2013.
Our objective was simple, to stop Teranga’s rapid erosion in shareholder value by strengthening management
accountability with effective and disciplined board oversight. Unfortunately, we believe our objective cannot be achieved
at this time. Teranga’s management, led by Executive Chairman Alan Hill, and the other director nominees on the “Teranga
management slate”, have done everything possible and spared no expense for the company to entrench their positions and
thwart our efforts.
We note that Nic Limb is one of the three MDL nominees being withdrawn for nomination. Teranga’s management have
included Mr Limb on the Teranga management slate and have attempted to portray it as a compromise with us – this was
despite Mr Limb’s prior outright objection to their proposal.
For further details please contact:
Rick Sharp, Managing Director
T: +61 3 9618 2500
E: rick.sharp@mineraldeposits.com.au