Offer Update

Brancote Holdings PLC
26 June 2002



26 June 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
                           (the 'OFFER')

                             Extension of the Offer

Meridian Gold Inc. ('Meridian') announces that its Offer for Brancote Holdings
Plc ('Brancote') has been extended and will remain open until 3.00 p.m. (London
Time) on 3 July 2002.  In accordance with the terms of the Offer, Meridian
reserves the right, but shall not be obliged, to extend or lapse the Offer if it
is not unconditional as to acceptances or in all respects at that time.


By 3.00 p.m. (London Time) on 26 June 2002, valid acceptances of the Offer had
been received in respect of 93,912,189 Brancote shares, representing
approximately 81 per cent of Brancote's issued share capital.



Of acceptances received, 17,119,411 Brancote shares or approximately 18 per cent
of the acceptances have been received from the directors of Brancote and
Consolidated Press International Limited, Brancote's largest shareholder, who
each gave irrevocable undertakings to Meridian to accept the Offer.



Jones Heward Investment Counsel, as discretionary fund manager of the BMO
Precious Metal Fund, being a person deemed acting in concert with Meridian for
the purposes of the Offer, held 400,000 Brancote shares prior to the offer
period, representing 0.0034 per cent of Brancote's issued share capital. These
shares are included in the level of acceptances stated above.



Save as set out above, neither Meridian nor any person acting in concert with
Meridian held any Brancote shares (or rights over such shares) on 7 March 2002,
the last dealing day prior to the commencement of the offer period, nor has any
such person acquired or agreed to acquire any such shares (or rights over such
shares) during the offer period which commenced on 8 March 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



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.



END.



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