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Gold/Mining/Energy : TANQUERAY RESOURCES - Many different plays
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To: knowledge sharer who wrote ()3/19/1997 2:53:00 AM
From: White Shoes   of 34
 
Just so everyone knows here is the news release of March 17 (interesting timing in starting up a thread). This is a very diamondiferous region and there are more targets to be drilled...looks like things could be heating up...and like the Ashton play in Alberta this is a MAYBE for real big time diamond play.

I'd like to hear the word from plugged in people on this...looks like Cypango Ventures could have itself 70% of this play if it turns out to be good...they of course would have to come up with the money for a final feasibility study...next stop, looking for info on Cypango Ventures.

Thinking I might steal a few shares at current prices.

CALGARY, March 17 /CNW/ - Tanqueray Resources Ltd. (TQY-ASE) together
with joint venture partners Mill City Gold Mining Corp (MIY-VSE) and Cypango Ventures Ltd. (CAV-VSE) are pleased to announce that the drill on the Yamba Lake Property in the Lac de Gras area of the Northwest Territories has intersected a kimberlite pipe (T-10). The Yamba Lake property is located approximately 45 kilometers northwest of the BHP/Dia Met diamond discovery which is scheduled for production next year. Drilling is continuing to delineate the parameters of the T-10 pipe. The T-10 pipe is one of nine (9) well defined targets in the area directly east of the Torrie, Sputnik and Sue diamondiferous kimberlite pipes previously discovered on the property in 1993. These targets were defined as a result of an integrated work program which included an extensive bulk mineral till sampling program combined with
airborne geophysical surveys. The drill program on the remaining eight (8)targets is ongoing.

Cypango Ventures, through a Joint Venture Agreement, has the right to
acquire a 51% interest on the Yamba Lake Property from Mill City Gold Mining Corp. and Tanqueray Resources Ltd. by incurring $5,000,000 in exploration expenditures on the Property and the issuance of up to 300,000 shares by October 31, 1999. The interest may be increased to 70% by completing a Feasibility Study on the property by December 31, 2001.
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