Consolidated Tanager Limited



    TORONTO, Aug. 15 /CNW/ - Consolidated Tanager Limited ("Tanager")
announces that it has concluded an agreement with CIP Coal Pty Ltd. ("CIPC")
wherein CIPC has agreed to acquire Tanager's rights in five coal leases near
Hinton, Alberta. Subject to completion by CIPC of its due diligence
investigations and the approval of the shareholders of Tanager, the
consideration payable by CIPC consists of $8 million cash payable at closing,
$5 million cash payable on completion of a positive feasibility study,
$7 million cash payable on achievement of production at a rate of 90,000
tonnes per day and a 1% royalty on gross sales revenue from sales of coal
produced from the property.





For further information:

For further information: C.A. Burns, President, (416) 422-5321, Toronto,
Ontario, Canada

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Consolidated Tanager Limited

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