Geophysical survey underway at Itetemia Property
VANCOUVER, Nov. 1 /CNW/ - Tan Range Exploration Corporation
Alberta Stock Exchange Symbol: TNX
Tan Range Exploration Corporation reports that Barrick Gold Corporation
has entered into an agreement with Geoterrex-Dighem, to undertake and perform
a combined airborne Geotem electromagnetic and magnetic survey program on the
Itetemia property in the Lake Victoria goldfields region of Tanzania. The same
type of survey will be conducted over the adjoining Bulyankhulu property
operated by Barrick. Results from the surveys for both properties will be
interpreted and combined to form a single data base. The Itetemia property is
approximately triple the size of Bulyankhulu.
The survey at Itetemia will involve flying approximately 2,153
line-kilometers and the traverse line spacing will be 150 meters. The terrain
clearance of the aircraft will be maintained at 120 meters. This low-level,
close-spaced grid is expected to provide a discreet geophysical signature for
the known deposits on both properties and to allow comparison with other
prospective targets which may be delineated by the survey.
Tan Range and Barrick are completing a joint venture agreement to explore
and develop the Itetemia property. The initial part of the agreement requires
Barrick to subscribe for 1,428,571 common shares of Tan Range at $0.70 per
share. Tan Range common shares have recently traded in the $0.35 to $0.55
range.
The Itetemia property hosts the Golden Horseshoe Reef (GHR), a gold
deposit within a sulphide rich horizon at the contact of felsic and mafic
volcanic rocks. The deposit is approximately 400 meters long and has been
drill tested to a depth of 150 meters. A RAB drilling program has confirmed
the presence of gold values coincident with a geophysical anomaly which is
interpreted to form the extension of the GHR. Mineralized intercepts
previously reported include intercepts of 13.4 meters grading 9.07
grams/tonne, 20.1 meters grading 5.05 grams/tonne and 18.4 meters grading
6.25 grams/tonne. The GHR remains open to depth and has not been diamond
drill tested along the interpreted extension.
TAN RANGE EXPLORATION CORPORATION
''signed''
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MAREK J. KRECZMER, M.Sc., P.Eng.
President and Chief Executive Officer
The Alberta Stock Exchange has neither approved nor disapproved of the
information contained herein
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For further information: Investor Relations (800) 811-3855,
www.tanrange.com
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