Teranga Gold Reports Strong Initial Drill Results at Afema, With Widespread Gold Mineralization at New Woulo Woulo Discovery

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 Highlights80.5 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-00741 m @ 1.97 g/t gold, including 11 m @ 3.96 g/t gold from 119 m DHD in WWDD-005