Figure 1

Afema Property - Location in Cote d’Ivoire

Figure 2

Afema Property – Prospect Location Plan Map

Figure 3

Woulo Woulo Prospect – Compilation Plan Map

Figure 4

Woulo Woulo Prospect – Representative Section A – A’ (0+80 S)

Figure 5

Wolulo Woulo Prospect – Representative Section B – B’ (0+80 N)

Figure 6

Woulo Woulo Prospect – Representative Section C – C’ (1+60 S)

Woulo Woulo prospect returns 1.64 g/t gold over 80.5 metres and 1.97 g/t gold over 41 metres

(All amounts are in U.S. dollars unless otherwise stated)

TORONTO, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Teranga Gold Corporation ("Teranga" or the "Company") (TSX: TGZ, OTCQX:TGCDF) is pleased to announce extensive gold mineralization starting at surface, numerous high-grade gold intercepts and a new discovery at the Woulo Woulo prospect from Teranga’s initial drill results at its Afema exploration project (“Afema”) in southeastern Côte d’Ivoire (Figure 1 in Appendix B).

Afema covers more than 1,400 km², consisting of the Afema mining license and three exploration permits – Ayame, Mafere and Aboisso (Figure 2 in Appendix B). The Afema mine license has a historical near-surface oxide and sulphide resource within an area hosting several gold mineralized structures on extensions from prolific gold belts in Ghana.

Teranga holds a 51% joint venture with the private investment company Sodim Limited, and has the right to earn a 70% interest in Afema through the completion of a three-year, $11-million exploration and community relations work program on the Afema mine license and exploration permits and the delivery of a positive feasibility study.

A listing of all the Woulo Woulo drill results received to date including 17 diamond drill (“DD”) holes and 23 reverse circulation (“RC”) holes is presented as Table 1 in Appendix A.

Drilling Highlights

• 80.5 m @ 1.64 g/t gold, including 21 m @ 2.79 g/t gold and 13 m @ 2.75 g/t gold from 48.5 m down hole depth (DHD) in WWDD-007
  
  

• 41 m @ 1.97 g/t gold, including 11 m @ 3.96 g/t gold from 119 m DHD in WWDD-005
  
  

• 35 m @ 1.64 g/t gold, including 15 m @ 2.23 g/t gold from 18 m DHD in WWDD-025
  
  

• 20 m @ 1.59 g/t gold, including 7 m @ 2.52 g/t gold from 0 m DHD in WWDD-037
  
  

• 83 m @ 1.10 g/t gold, including 10 m @ 1.77 g/t gold and 15 m @ 1.70 g/t gold from 10 m DHD in WWRC-001

“With the discovery of the Woulo Woulo prospect and widespread results returned from recent drilling, we can now add a third shear zone for priority exploration activities to this already promising project,” noted David Mallo, Vice President, Exploration. “We are seeing solid grades at surface in our trenching results, which is correlating extremely well with mineralization intersected at depth across the majority of the area drilled. We are also encouraged to see the width of the mineralized felsic unit staying consistent or increasing in width at depth within many of our drill holes completed thus far. The results to date suggest that Woulo Woulo could be a large mineralized system worthy of a significant exploration and drilling evaluation.”

“Côte d’Ivoire is a promising gold jurisdiction, with more than one-third of the West African Birimian Greenstone Belt located within the country’s borders,” said Richard Young, President and Chief Executive Officer. “We are on track to complete the current five drill, $10-million Afema exploration and drill campaign in the coming months. Based on the early stage results, we expect that Afema will become an increasing focus of the Company as we move this promising project forward. We expect, based on the early results, that Afema will further enhance our growth pipeline that already includes Massawa and Golden Hill.”

Woulo Woulo Prospect Overview

The Woulo Woulo prospect is currently comprised of four parts: North, Central, South and East. They each exhibit a unique geologic host displaying very similar alteration, structure, veining and mineralization over a presently defined minimum strike extent approaching 3,000 metres (Figure 3 in Appendix B).

The new discovery at the Woulo Woulo prospect has been outlined utilizing coincident field mapping/prospecting observations, gold-in-soil geochemistry, airborne magnetics/radiometrics imagery and excavator trenching results, all of which have culminated in an ongoing systematic RC and DD drilling evaluation. To date, we have drilled 66 DD holes and 23 RC holes at the Woulo Woulo prospect totaling 10,750 metres.

The host rock geology of the gold mineralization at the Woulo Woulo prospect is an altered felsic intrusive unit within a mixed sedimentary and mafic volcanic sequence. Two distinct types of alteration have been observed, one dominated by hematite and the second dominated by sericite, both of which display similar brittle shear fracturing, occasionally brecciated, and multiple oriented fracture-controlled quartz veining with minor pyrite. The mineralized felsic unit is exposed at surface and drilling to-date has not identified a lower depth limit. In addition, the felsic unit remains open to further extension along trend both to the north and south.

Three representative sections have been included as Figures 4, 5 and 6 in Appendix B that outline the excellent correlation observed from surface to drilled depths across the majority of the area successfully drill tested to-date.

Woulo Woulo Prospect Trenching Highlights (Figure 2 in Appendix B)

One of the primary exploration tools utilized is excavator trenching which enables lithologic and structural mapping as well as analysis prior to drilling with either RC or DC drilling. The trenching results returned from our exploration program at the Woulo Woulo prospect suggest that a broad mineralization system is present and these surface trenching results correlate extremely well with our drilling results. Highlights of the trenching program include:

• At WW North – 41 m @ 1.62 g/t gold, including 30 m @ 2.08 g/t gold in WWTR-002
  
  

• At WW North – 58 m @ 1.98 g/t gold in WWTR-005
  
  

• At WW Central – 11 m @ 2.13 g/t gold, including 6 m @ 2.79 g/t gold in WWTR - 009
  
  

• At WW South – 39 m @ 1.54 g/t gold, including 19 m @ 2.78 g/t gold in WWTR-011
  
  

• At WW East – 30 m @ 1.34 g/t gold, including 6 m @ 3.99 g/t gold in WWTR-024

A comprehensive listing for the 30 currently available Woulo Woulo trench results is presented as Table 2 in Appendix A.

Next Steps for Afema Property

• Continue the 2020 $10 million multi-drill exploration campaign at the Woulo Woulo prospect, the Niamienlessa structural trend and the Afema shear (Figure 2 in Appendix B).
  
  

• Expand trenching and drilling to new areas of interest within both the Afema mining license as well as outward onto the three regional exploration permits.
  
  

• Conduct early-stage metallurgical test work as well as environmental and social assessments.
  
  

• Update the Afema Shear oxide-resource estimate.
  
  

• Evaluate the assay results from the 49 current holes remaining for analysis from Woulo Woulo, plus ongoing drill results as we expand our drill program at Woulo Woulo, Afema Shear and Niamienlessa.

Qualified Persons Statement

Patti Nakai-Lajoie, P.Geo. has reviewed Teranga’s Afema exploration program data, including the drill holes and trenching results reported herein. Ms. Nakai-Lajoie is a full-time employee of Teranga, and is not “independent" within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Ms. Nakai-Lajoie has sufficient experience that is relevant to the style of mineralization under consideration and to the activity, which she is undertaking to qualify as a "Qualified Person" under NI 43-101. Ms. Nakai-Lajoie has verified and approved the technical information disclosed in this release, including the sampling, analytical and test data underlying such information in the form and context in which it appears herein. The excavator trenching, reverse circulation and diamond core samples are assayed at the Bureau Veritas Laboratory in Abidjan, Côte d’Ivoire.

Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Teranga's future growth and business prospects and opportunities. Forward-looking statements include, without limitation, all disclosure regarding possible events, conditions or results of operations, future economic conditions expectations and anticipated courses of action. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration potential of Afema and the Woulo Woulo prospect in particular and the costs and timing in respect thereof, proposed operational changes and the timing thereof, future opportunities for enhancing development at Afema, and timing for the release of the Company's disclosure in connection with the foregoing. Although the forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward-looking statements are based upon assumptions, opinions and analysis that management believes to be reasonable and relevant but that may prove to be incorrect. Teranga cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of gold and other key inputs, changes in mine plans and other factors, such as project execution delays, many of which are beyond the control of Teranga, as well as other risks and uncertainties which are more fully described in Teranga's 2019 Annual Information Form dated March 30, 2020, and in other filings of Teranga with securities and regulatory authorities which are available on SEDAR at www.sedar.com.Teranga does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities. All references to Teranga include its subsidiaries unless the context requires otherwise.

About Teranga

Teranga Gold is transitioning into a mid-tier gold producer operating long-life, low-cost mines and advancing prospective exploration properties across West Africa, one of the world’s fastest growing gold jurisdictions. The top-tier gold complex created by integrating the recently acquired high-grade Massawa project with the Company’s Sabodala mine, the successful commissioning of Wahgnion, Teranga’s second gold mine and a strong pipeline of early to advanced-stage exploration assets support the continued growth of Teranga’s reserves, production and cash flow. Through its continued success and commitment to responsible mining, Teranga creates sustainable value for all stakeholders and acts as a catalyst for social, economic, and environmental development. To learn more, visit www.terangagold.com.

Contact Information

Appendix A

Table 1: Selected Drill Highlights (Minimum 2-metre widths and 0.90 g/t Au grade included)

Table 2: Selected Trench Highlights (Minimum 5-metre widths and 0.50 g/t Au grade included)

Appendix B

Figure 1: Afema Property - Location in Côte d’Ivoire
https://www.globenewswire.com/NewsRoom/AttachmentNg/8eebb4fe-8af3-4bcb-be29-72ef36aa568e

Figure 2: Afema Property – Prospect Location Plan Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/b5b54be6-54f9-477b-a9be-8aeb3717b7c3

Figure 3: Woulo Woulo Prospect – Compilation Plan Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/b98a5514-53d7-4da6-876c-c59c80702912

Figure 4: Woulo Woulo Prospect – Representative Section A – A’ (0+80 S)
https://www.globenewswire.com/NewsRoom/AttachmentNg/ba4fed59-a784-497b-9406-9d2c9d6a4113

Figure 5: Wolulo Woulo Prospect – Representative Section B – B’ (0+80 N)
https://www.globenewswire.com/NewsRoom/AttachmentNg/6d02c48d-d4cb-4390-b06f-345ad43c2541

Figure 6: Woulo Woulo Prospect – Representative Section C – C’ (1+60 S)
https://www.globenewswire.com/NewsRoom/AttachmentNg/2105dc51-418a-404b-91f9-cafe90c6d726