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Gold/Mining/Energy : Tan Range -- Ignore unavailable to you. Want to Upgrade?

To: jim who wrote (104)	11/2/1999 7:37:00 PM
From: BLZBub	Read Replies (1) \| Respond to of 122

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'' ------------------------------------- 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 -30- For further information: Investor Relations (800) 811-3855, www.tanrange.com To request a free copy of this organization's annual report, please go to www.newswire.ca and click on reports@cnw