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Gold/Mining/Energy : SOUTHERNERA (t.SUF) -- Ignore unavailable to you. Want to Upgrade?

To: VAUGHN who wrote (1945)	8/19/1998 10:01:00 AM
From: VAUGHN	Read Replies (3) \| Respond to of 7235

Hello All *NEWS RELEASE* YAMBA LAKE DIAMOND CLAIMS OPTIONED TO SOUTHERNERA RESOURCES LTD. CALGARY, Aug. 19 /CNW/ - Tanqueray Resources Ltd. (''Tanqueray'') (TQY-ASE), announces that it, together with Mill City Gold International Inc. (''Mill City'') (MIY-VSE) (MIYNF-OTC) and Cypango Ventures Ltd. (''Cypango'') (CAV-VSE) have entered into a Letter of Intent with SouthernEra Resources Ltd. (''SouthernEra'') pursuant to which SouthernEra has the right to acquire a 51% undivided interest in the 152,506 acres Yamba Lake claim block, which claims are located adjacent to the northern boundary of the DiaMet/BHP property in the Northwest Territories. SouthernEra can earn its 51% undivided interest by expending $10,000,000 on or before December 31, 2002 and is required to spend $250,000 this year, $750,000 on or before December 31, 1999 with the additional $9,000,000 to be spent on or before December 31, 2002. The Yamba Lake claims were previously under option to Cypango, which has agreed to terminate its option upon receipt of regulatory approval from the Vancouver Stock Exchange, in return for receiving an 11% undivided interest. Upon SouthernEra earning its 51% undivided interest, Cypango will have a further option (exercisable within 60 days of SouthernEra being vested) to acquire an additional 2 1/2% undivided interest by paying to Tanqueray and Mill City $2,500,000 for each additional 1% undivided interest. At the time of SouthernEra earning its 51% undivided interest and prior to Cypango exercising its option to acquire an additional 2 1/2% undivided interest, each of Tanqueray and Mill City will own a 19% undivided interest in the Yamba Lake claims. The parties are extremely pleased to have entered into this Letter of Intent with SouthernEra as all of the companies involved in this property remain convinced that the property merits further exploration in this diamond rich area of the Northwest Territories. It is anticipated that SouthernEra will begin immediately to review the extensive geological data covering at least a portion of the Claims and implement a further sampling program prior to the end of 1998. Neither the Alberta Stock Exchange nor the Vancouver Stock exchange have approved or disapproved the information contained herein. -30- For further information: Linda Falkenberg, Director, Tanqueray Resources Ltd., (403) 263-9055, Fax: (403) 263-9061; Larry D. Revitt, President, Mill City Gold International Inc., (403) 640-0110, Fax: (403) 640-4024; Michael Sweetman, Cypango Ventures Ltd., (604) 688-6306, Fax: (604) 688-9519 *********** Lets see if SUF can find the goods here? Its the right country. I have been convinced this is one of the most strategic and prospective properties up here for years. Now that HB and SUF have it, I am very optimistic about economic pipes being found. The downside is that the EM is very confused here as well but if company can figure it out, I believe SUF can. Regards