To: Claude Cormier who wrote (985 ) 5/14/2001 6:19:48 PM From: russwinter Read Replies (1) | Respond to of 4051 Tan Range is warming up, but like the others we've been discussed, investors are slow to connect the dots on how these discoveries affect valuation. Just too many playing this sector who want to dump into every little rally, regardless. Pangea people are on board, and I have fond memories of them. Also see:biz.yahoo.com from Minesite.com Features Luhala Project Could Be the Trump Card In Tan Range's Tanzanian Hand Not a lot has been heard from Tan Range, the Canadian listed explorer with three fascinating projects in Tanzania, since its board of directors changed radically at the beginning of the year. Only Frank Hallam and Marek Kreczmer of the old guard remained and the new boys all came from Pangea Goldfields which was itself taken over by Barrick Gold last year. Norman Hardie, a vastly experienced man, is now chairman and chief executive and it is interesting that Pangea had assets in Tanzania and Barrick is in joint venture on the Itetemia property with Tan Range, so he knows his way around. Tan Range is also in joint venture with Ashanti Goldfields on its East Geita property which is not far from the big Geita deposit acquired by AngloGold last year. And Itetemia is also close to Barrick's Bulyanhulu deposit so the company is really helping both majors to increase their resources and its value to them will be measured in the cost of finding ounces of gold in the ground. Until last year Tan Range was also in a joint venture with Newmont, but the giant North American walked away from the Luhala project, also in Tanzania, only three months after the joint venture announced a gold discovery of several wide zones of gold associated with gold veins. As a result of this discovery the RAB drilling programme had been doubled in size. Clearly Newmont's head office in the States had made a strategic decision to withdraw from Tanzania regardless of the potential of the project. Such a move could have wrecked a lot of junior companies which tend to vest such ventures with a degree of permanence and cannot see that majors are in such partnerships solely for their own purposes and for as long as it suits them. Tan Range was not phased, however, and it now looks as if it was for the best as the Luhala project has been returned to it , plus all the exploration data obtained at Newmont's expense including an initial resource calculation of 300,000 ozs. Since then the exploration work on Luhala has continued and the latest assay results from an expanded trenching programme on the Shilalo South Hill at its Luhala property in Tanzania are intriguing.. The previous exploration focus at Luhala was at Kisunge Hill where a 300,000 oz. gold resource was identified. Shilalo South Hill is a new discovery situated 1.2 km southwest of Kisunge Hill. Here there is a similar banded iron formation to that which hosts the Kukuluma deposit at Geita.. At Kukuluma, surface leaching is pronounced and the grade of the deposit increased with depth. On Kisunge a gold resource of 9,390,000 tonnes averaging 1.0 g/t gold has been established from a detailed rotary airblast drilling programme. The gold is hosted within highly oxidised rock, and the resource has only been tested to a depth of 50 metres. A review of the drilling at Kisunge to date shows that the grade of the mineralised zones tends to increase with depth. . It is early days, but Frank Hallam is willing to hazard a guess that Luhala could prove to have more potential than its other two joint venture projects. This would be good for Tan Range and one in the eye for Newmont. Meanwhile at Itetemia drilling has confirmed that the Golden Horseshoe Reef extends to a vertical depth of 440 metres with good continuity of the gold zone along strike and with depth. A mineralised envelope with a width of 50 metres has been identified containing two discrete gold zones, and the discovery of a high grade zone outside the envelope is encouraging. Copper content appears to increase with depth as at Bulyanhulu. The new team now has its feet under the table having successfully raised C$2.35 million from a private placement of special warrants. This will be used to accelerate exploration at its three projects and further news can be expected shortly. 14 May 2001