Offer Update

Brancote Holdings PLC
21 June 2002


21 June 2002



   Not for release, publication or distribution in or into Australia or Japan
   (DEL:  :DEL)

RECOMMENDED SHARE EXCHANGE OFFER BY MERIDIAN GOlD INC. FOR BRANCOTE HOLDINGS PLC
                                (the 'OFFER')

     Completion of the acquisition by Brancote of the minority interest in

                         Minera El Desquite SA ('MED')



Meridian Gold Inc. ('Meridian') and Brancote Holdings PLC ('Brancote') are
pleased to announce the completion of the acquisition by Brancote of the
minority interests in MED. In accordance with the terms of the sale and purchase
agreement, valid acceptances of the Offer in respect of the 27,377,806 Brancote
shares issued as consideration have been received by Meridian from the sellers
of the minority interests in MED, representing approximately 24 per cent of the
enlarged issued share capital of Brancote.


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, telephonicallyor 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.







                      This information is provided by RNS
            The company news service from the London Stock Exchange