Offer Update

Brancote Holdings PLC
24 May 2002



24 May 2002

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


RECOMMENDED SHARE EXCHANGE OFFER BY MERIDIAN GOlD inc. FOR BRANCOTE HOLDINGS PLC

                             Offer Document Posted


Meridian Gold Inc. ('Meridian') announces that the formal offer document
containing details of the recommended exchange offer (the 'Offer') by Meridian
outside the United Kingdom and by Standard Bank and BMO Nesbitt Burns on its
behalf in the United Kingdom for the entire issued and to be issued share
capital of Brancote Holdings PLC ('Brancote') was posted to Brancote's
shareholders today. The first closing date of the offer is 3.00 p.m. on 26 June
2002.


Meridian has filed a registration statement on Form F-4 with the SEC that
includes the offer document/prospectus relating to the exchange offer. Brancote
shareholders are urged to read the offer document/prospectus before they make
any decision with respect to the exchange offer. Brancote shareholders and
Meridian shareholders may obtain a free copy of the offer document/prospectus
and other documents filed by Meridian with the SEC at the SEC's website at
www.sec.gov. The offer document/prospectus and other documents may also be
obtained for free upon written or oral request from Meridian, 9670 Gateway
Drive, Suite 200, Reno, Nevada 89511-8953 USA, attention Heather Fatzer,
telephone [phone].

PRESS ENQUIRIES

Meridian                         Tel: [phone]

Wayne Hubert

Standard Bank London Limited     Tel: [phone]

Andrew King

BMO Nesbitt Burns Inc.           Tel: [phone]

Egizio Bianchini

Brancote                         Tel: [phone]

Richard Prickett

Bill Humphries

Brown, Shipley & Co. Limited     Tel: [phone]

William Staple

Holborn                          Tel: [phone]

David Bick

The Offer is not being made, directly or indirectly, in or into Australia or
Japan, or by the use of, the mails of or by any means or instrumentality
(including, without limitation, telephonically or electronically) of interstate
or foreign commerce of, or of any facility of a national securities exchange of,
Australia or Japan. Accordingly, copies of this announcement are not being, and
must not be, mailed or otherwise distributed or sent in or into Australia or
Japan.


Standard Bank, which is regulated in the UK 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 clients of Standard Bank nor for providing advice in relation to the
Offer.

Brown Shipley, which is regulated in the UK by the Financial Services Authority,
is acting for Brancote and no one else in connection with the Offer and will not
be responsible to anyone other than Brancote for providing the protections
afforded to clients of Brown Shipley nor for providing advice in relation to the
Offer.

END.

                      This information is provided by RNS
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