Tanqueray Resources Ltd. - News Release



    CALGARY, July 16 /CNW/ - TANQUERAY RE

SOURCES LTD. (TQY-TSX-V) (the "Company") is pleased to announce that it has closed a portion of its brokered private placement and has issued an aggregate of 8,978,999 Flow Through Shares at a price of $0.12 per share and 5,000,000 Common Share Units at a price of $0.10 per unit for aggregate gross proceeds of $1,577,480. 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 hereof. The securities issued pursuant to the private placement are subject to a four month hold from the date hereof. The Company expects to issue up to an additional 4,146,001 Flow Through Shares under the brokered private placement in the next few days. 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, Chairman
of the Board, 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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