ASX / Media Release 16 November 2010 Meridian confirms receipt of A$6.5M Placement funds from Cornerstone Investor BZ Minerals (Australia) Pty Ltd Key points: Meridian confirms receipt of A$6.5M in Placement funds from existing cornerstone industry investor, BZ Minerals (Australia) Pty Ltd, following receipt of all regulatory approvals; 62,151,691 new shares were issued to BZ Minerals (Australia) Pty Ltd increasing their holding in Meridian to 82,151,691 shares (currently an 18.9% interest in Meridian but which will decrease to 17.15% following receipt of funds from NWME); Meridians largest shareholder NWME, will contribute an additional A$4.6M into the placement, prior to 29 November 2010, to maintain a 41.34% interest in Meridian; The placement to BZ Minerals (Australia) Pty Ltd and NWME will raise in total A$11.1M; Placement funds will be used to accelerate the Emanuel Range Feasibility Study on the Lennard Shelf Project; Drilling continues at the Cadjebut Splay prospect as a part of the Emanuel Range Feasibility Study.
The Directors of Australian resources company Meridian Minerals Limited (Meridian or Company) (ASX: MII) are pleased to announce that A$6.5M in placement funds have been received from cornerstone shareholder BZ Minerals (Australia) Pty Ltd (BZ Minerals).

Meridians largest shareholder, North West Mining and Geology Group Co Ltd (NWME), have confirmed that they will contribute a further A$4.6M in order to maintain their existing 41.34% interest in Meridian.

Following receipt of the funds from NWME the placement will raise a total of A$11.1M, following which BZ Minerals will have a 17.15% interest in Meridian and NWME a 41.34% interest. Meridians Managing Director Mr Jeremy Read said, "Meridian continues to receive very strong support from our major shareholders and it is a vote of confidence in the Emanuel Range Feasibility Study that our major shareholders continue to provide significant funding for the advancement of the Project." "Currently Meridian is drilling out the extensions of the Cadjebut Splay Mineral Resources and we are on track to complete this drilling before the end of 2010," Mr Read said. Details of Placement BZ Minerals subscribed for 62,151,691 shares at A$0.105/share (which was a 22% premium to the closing share price on 4 October 2010, immediately prior to the announcement of the placement) for a total amount of A$6,525,928. The placement to BZ Minerals has now been approved by the Foreign Investment Review Board and the Reserve Bank of India. NWME have subscribed for 43,797,119 shares at A$0.105/share for a total amount of A$4,598,697 to maintain their 41.34% interest in Meridian.

NWMEs participation is subject to Chinese regulatory approvals, including the approval of the Chinese National Development and Reform Commission, by 29 November, 2010.

Following receipt of these approvals, NWME have to provide their placement funds to Meridian by 29 November, 2010. With NWME fully subscribing to their allocation of 43,797,113 shares, NWME will maintain their percentage interest in Meridian at 41.34% and BZ Minerals will have a 17.15% interest following final completion of the placement.

As a part of the placement agreement, BZ Minerals have the right to appoint a Director to the Board of Meridian. To download the full announcement click here: http://www.stocknessmonster.com/news-item?S=MII&E=ASX&N=515427
For further information please visit www.meridianminerals.com.au or contact: Mr Jeremy Read Managing Director Meridian Minerals Limited Tel: 07 3225 0400 Mob: 0409 484 322 Mr James Harris Professional Public Relations Tel: 08 9388 0944 Mob: 0400 296 547 Em:
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