Tanqueray Resources Ltd. - News Release



    CALGARY, July 14 /CNW/ - TANQUERAY RE

SOURCES LTD. (TQY-TSX-V) announces that it has increased its brokered private placement previously announced on June 10, 2008 by $75,000 and has now agreed to issue up to a maximum of 13,125,000 Flow Through Shares at a price of $0.12 per Share (for aggregate gross proceeds of up to $1,575,000) and up to a maximum of 5,000,000 Common Share Units at a price of $0.10 per Common Unit (for aggregate gross proceeds of up to $500,000) for total gross proceeds of up to $2,075,000. Each Common Share Unit consists of one Common Share and one non-transferable Common Share Purchase Warrant. Each Common Share Purchase Warrant will entitle the purchaser to acquire an additional Common Share at a price of $0.15 for a period of 12 months from the date of closing of the Financing. The securities issued pursuant to the private placement will be subject to a four month hold from the date of closing, currently scheduled for July 16, 2008. The transaction is subject to the receipt of all necessary regulatory and stock exchange approvals. The Flow-Through funds will be used for exploration on the Company's gold property in Baker Lake, Nunavut and the newly acquired Kirkland Lake Gold Properties. The proceeds from the Common Shares will be used for general working capital. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

For further information:

For further information: TANQUERAY RESOURCES LTD., ALAN FARMER,
President, Phone: (403) 263-9055, Fax: (403) 263-9061; STEPHEN AVENUE
SECURITIES INC., TERRY FALKENBERG, President, Phone: (403) 777-2442, Fax:
(403) 777-2469

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TANQUERAY RESOURCES LTD.

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