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
"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
ots Originaltext: Tan Range Exploration Corporation
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