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

To: BLZBub who wrote (109)	11/15/1999 2:03:00 PM
From: Link Lady	Read Replies (1) \| Respond to of 122

newswire.ca Tan Range and Barrick sign joint venture agreement on Itetemia property VANCOUVER, Nov. 15 /CNW/ - Tan Range Exploration Corporation Alberta Stock Exchange Symbol: TNX Tan Range Exploration Corporation (''Tan Range'') and Barrick Gold Corporation (''Barrick'') have signed a joint venture agreement under which Barrick will provide $1,000,000 and subscribe for 1,428,571 Tan Range shares @ $0.70 per share. Barrick has the right to subscribe to three additional placements: 1,176,471 shares @ $0.85 per share within six months; and 1,000,000 shares @ $1.00 per share within twelve months. Barrick will have the option to subscribe for an additional 740,741 shares @ $1.35 within 18 months and will have the right to maintain its interest in Tan Range through additional private placements. Tan Range will expend 80% of the funds from the placements to develop the Itetemia property. Barrick will have the right to increase the level of funding of the project directly in order to accelerate its development. Upon arranging project financing, Barrick will be granted an exclusive option to earn a 60% interest in the Itetemia property subject to certain terms and conditions which are outlined in a Tan Range press release dated June 2, 1999. Barrick also has the exclusive right to purchase State Mining Corporation's (Stamico) 10% interest in the property in exchange for payment of all of Tan Range's portion of all NSR Royalties due to the Government of Tanzania. 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. The Agreement is subject to all necessary corporate, regulatory and government approvals. ON BEHALF OF THE BOARD OF DIRECTORS (signed by) ------------------ ''Marek Kreczmer'' 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.