Tan Range Exploration Corporation
Tan Range Announces Return of Itetemia and Katente Mineral Licenses From Barrick Gold
Vancouver, Canada, November 23 (ots/PRNewswire)
James E. Sinclair, Chairman of Tan Range Exploration Corporation, is pleased to announce that Barrick Gold has returned the Itetemia and Katente mineral licenses to the Company. Both projects are situated in the prospective Lake Victoria gold district of Tanzania.
Barrick informed Tan Range that gold resources from Itetemia were incompatible with Barrick's milling process at its nearby Bulyanhulu mill, and therefore would require development on a stand-alone basis.
"We are pleased by the return of Itetemia and Katente and the elimination of their percentage arrangements," said Mr. Sinclair. He noted that percentage joint venture arrangements often have gold derivatives imbedded in senior project financing that contain potential risks the junior partner must accept.
Tan Range plans to continue exploring both properties using our own drilling equipment and in-house biogeochemical techniques, which provide the ability to identify targets under the deep mbuga soils common to Tanzanian projects. The Company will seek a royalty transaction for future development of these properties, assuming ongoing success in expanding resources.
Barrick returned the Katente license, part of the company's larger Ushirombo project, as it also requires development on a stand-alone basis. Barrick identified a modest resource at Katente, but found it was not amenable for processing at the Bulyanhulu mill, which primarily treats copper-gold ores.
Tan Range will continue exploring Katente using its own biogeochemical methods and drilling equipment. The Company will also seek an arrangement with claim-holders within the license.
Barrick has expressed interest in the multiple-license Lunguya Project Area, and discussions with them are continuing.
"I take special pleasure in proceeding with exploration of both properties," Mr. Sinclair said. "We remain positive of their potential and welcome their return."
Tan Range is one of the largest landholders in Tanzania, with more than 120 prospecting licenses covering 8,100 square miles.
On Behalf of the Board of Directors
"James E. Sinclair"
James E. Sinclair
Chairman and Chief Executive Officer
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as "measured", "indicated", and "inferred" "resources" that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-50634, which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.
Contact:
For further information: please contact Investor Relations at
+1-604-669-5598; Visit the Tan Range website: www.tanrange.com; To
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to http://www.newswire.ca and click on reports@cnw.