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Gold/Mining/Energy : Pangea Goldfields T.PGD -- Ignore unavailable to you. Want to Upgrade?

To: Syncrude who wrote (473)	11/15/1999 10:12:00 AM
From: Syncrude	Read Replies (1) \| Respond to of 1178

Correction: In my last post, the preference for Tan Range was stated by Haywood Securities and NOT CIBC. Sorry for the error.

To: Syncrude who wrote (473)	11/15/1999 10:22:00 AM
From: Syncrude	Read Replies (1) \| Respond to of 1178

Update: biz.yahoo.com NOVEMBER 15, 1999 Barrick Gold To Make Private Placement In Pangea Goldfields TORONTO, CANADA-- - $4 million investment represents 4.6% interest in Pangea - Pangea Goldfields Inc. announced today that Barrick Gold Corporation will purchase one million units to be issued by Pangea at a price of Cdn. $4.00 per unit for total proceeds to Pangea of four million dollars. Each unit consists of one common share and 1.2 warrants of Pangea which would entitle Barrick to purchase one common share of Pangea at a price of Cdn. $6.00, for a period of 24 months from the date of closing. This transaction which is expected to close on November 24, 1999, is subject to regulatory approval. This investment by Barrick Gold represents 4.6% of the outstanding shares of Pangea and 8.2% on a fully diluted basis and will increase Pangea's current cash position to nearly $11 million. As part of this transaction, Pangea has granted Barrick Gold a right of first refusal to match any third party offer received by Pangea for the purchase of its interest in the Tulawaka project in Tanzania where a drill program is in progress. Pangea said this investment by Barrick Gold is a further endorsement of the potential of the Tulawaka project where drilling over the past year has identified extensive high-grade gold mineralization over a one kilometre strike length. Pangea will use part of the proceeds from this financing to commence a feasibility study on the project. The Tulawaka project is a 70/30 joint venture between Pangea Goldfields Inc. and Explorations Minieres du Nord Ltee of Montreal, with Pangea acting as the operator. Pangea also has drilling underway in Tanzania at Golden Ridge, where joint-venture partner Barrick Gold has contracted three rigs to complete a 20,000-meter diamond drill program, and at the Kakindu project located east of Tulawaka. In addition, an initial RAB drill program has been completed at the recently acquired, 100% owned Imwero project in the Geita camp and results will be released shortly. Access previous PANGEA press releases on our Website: www.pangeagoldfields.com FOR FURTHER INFORMATION PLEASE CONTACT: PANGEA Jean-Charles Potvin President (416) 350-3781 ext. 227 or Claude Britt VP Exploration (416) 350-3781 ext. 225 or Bill Cavalluzzo Manager, Investor Relations (416) 350-3781 ext. 230 (416) 350-3782 (FAX) bcavalluzzo@pangeagoldfields.com