Mineral Deposits Limited: Record Date for Teranga in Specie Distribution and Share Consolidation

MELBOURNE, AUSTRALIA -- (Marketwire) -- 11/22/10 -- Mineral Deposits Limited (TSX: MDM) (ASX: MDL) is pleased to confirm the record date and timetable in respect of the proposed:

-- in specie distribution of common shares in Teranga Gold Corporation ('Teranga') to MDL shareholders ('Teranga In Specie Distribution'); and
-- share consolidation of MDL's shares on a 1:10 basis ('Share Consolidation'),

as approved by shareholders at MDL's Special and Annual General Meeting on 9 November 2010 (the 'Meeting').

The record date for the Teranga In Specie Distribution and the Share Consolidation ('Record Date') will be 7.00pm (Melbourne, Australia time) on Wednesday, 1 December 2010.

MDL shareholders registered on MDL's share register as at the Record Date will participate in the Teranga In Specie Distribution on a pro rata basis in accordance with the resolutions the subject of the Meeting.

The proposed timetable is as follows:

----------------------------------------------------------------------------
Tuesday, 23 November 2010 (Australia) Announcement of the Record Date for
Monday, 22 November 2010 (Canada)     Teranga In Specie Distribution and the
                                      Share Consolidation
----------------------------------------------------------------------------
Wednesday, 24 November 2010           Last day of trading of MDL shares on a
                                      pre-consolidation basis on ASX and
                                      last day to acquire MDL shares on ASX
                                      to be eligible to participate in the
                                      Teranga In Specie Distribution
----------------------------------------------------------------------------
Thursday, 25 November 2010            Ex Date for ASX

                                      - MDL Shares acquired on and from this
                                      date on ASX will not be eligible to
                                      participate in the Teranga In Specie
                                      Distribution
                                      - First day of trading the
                                      'consolidated' MDL shares on a
                                      deferred settlement basis on ASX
----------------------------------------------------------------------------
Friday, 26 November 2010              Ex Date for TSX

                                      - MDL Shares acquired on and from this
                                      date on TSX will not be eligible to
                                      participate in the Teranga In Specie
                                      Distribution
                                      - First day of trading the
                                      'consolidated' MDL shares on TSX
----------------------------------------------------------------------------
Wednesday, 1 December 2010            Record Date for Teranga In Specie
(7.00pm Melbourne, Australia time)    Distribution and Share Consolidation
----------------------------------------------------------------------------
Friday, 3 December 2010               Despatch date for Teranga In Specie
                                      Distribution and Share Consolidation
----------------------------------------------------------------------------
Monday, 6 December 2010               Normal T+3 trading in the consolidated
                                      MDL shares commences on ASX
----------------------------------------------------------------------------
Tuesday, 7 December 2010              Teranga expected to commence trading
                                      on TSX
----------------------------------------------------------------------------
Friday, 10 December 2010              Teranga expected to commence trading
                                      on ASX
----------------------------------------------------------------------------

Forward Looking Statements

Certain information contained in this release, including any information on MDL's plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute forward-looking statements. Such statements are based on a number of estimates and assumptions that, while considered reasonable by management at the time, are subject to significant business, economic and competitive uncertainties. MDL cautions that such statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of MDL to be materially different from the company's estimated future results, performance or achievements expressed or implied by those forward-looking statements. These factors include the inherent risks involved in exploration and development of mineral properties, changes in economic conditions, changes in the worldwide price of gold and other key inputs, changes in mine plans and other factors, such as project execution delays, many of which are beyond the control of MDL. Nothing in this release should be construed as either an offer to sell or a solicitation to buy or sell MDL or any other securities.

ABN 19 064 377 420



Contacts:

Mineral Deposits Limited
Kathryn Davies
Company Secretary
+61 3 9909 7633
kathryn.davies@mineraldeposits.com.au

Mineral Deposits Limited
Rick Sharp
Chief Financial Officer
+61 3 9909 7689
rick.sharp@mineraldeposits.com.au
www.mineraldeposits.com.au