Offer Update

Brancote Holdings PLC
5 April 2002


5 April 2002


   Not for release, publication or distribution in or into Australia or Japan


         MERIDIAN GOLD INC. AND BRANCOTE HOLDINGS PLC ANNOUNCE A MERGER

                 TO FORM THE LEADING INTERMEDIATE GOLD PRODUCER


Further to the announcement yesterday made by Standard Bank London Limited and
BMO Nesbitt Burns Inc. in connection with the pre-conditional offer by Meridian
Gold Inc. for the entire issued and to be issued share capital of Brancote
Holdings PLC (the 'Press Announcement'), it should be noted that any person who,
alone or acting together with any other person(s) pursuant to an agreement or
understanding (whether formal or informal) to acquire or control securities of
Brancote or Meridian, owns or controls, or becomes the owner or controller,
directly or indirectly, of one per cent. or more of any class of securities of
Brancote or Meridian is generally required under the provisions of Rule 8 of the
Code to notify the Company Announcements Office of the London Stock Exchange by
fax or electronic delivery on the appropriate form by not later than 12.00 noon
(London time) on the business day following the date of the transaction of every
dealing in such securities during the period to the date on which the Offer
becomes or is declared unconditional as to acceptances or lapses or is
withdrawn. A copy of such notification on the appropriate form should also be
faxed to the Panel by that time on [phone]. In the event of any doubt
as to the application of these requirements, the Panel should be consulted on
[phone]. Dealings by Brancote, by Meridian or by their respective
'associates' (within the definition set out in the Code) in any class of
securities of Brancote or Meridian or referable thereto until the end of such
period must also be so disclosed.

This announcement, which is published on behalf of Meridian and for which the
directors of Meridian accept responsibility has been approved by Standard Bank
solely for the purposes of Section 21 of the Financial Services and Markets Act
2000.

Standard Bank, which is regulated in the United Kingdom by the Financial
Services Authority, is acting for Meridian and no one else in connection with
the Offer and will not be responsible to anyone other than Meridian for
providing the protections afforded to customers of Standard Bank nor for
providing advice in relation to the Offer, or any matter referred to herein.

Defined terms shall have the meaning ascribed to them in the Press Announcement.



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