Tanqueray Resources Ltd. - News Release



    CALGARY, July 17 /CNW/ - TANQUERAY RE

SOURCES LTD. (TQY-TSX-V) (the "Company") is pleased to announce that it has closed the remainder of its brokered private placement and has today issued an aggregate of 4,146,000 Flow Through Shares at a price of $0.12 per share for aggregate gross proceeds of $497,520. 2,500,000 of the Flow-Through Shares were issued to the MineralFields Group. "We are very pleased to be entering into this relationship with MineralFields Group." said Mr. Alan Farmer, Chairman of the Board. This is an important milestone in the growth of Tanqueray Resources Ltd. and we look forward to working with MineralFields Group as we develop our holdings in the Kirkland Lake, Ontario region." The securities issued pursuant to the private placement are subject to a four month hold from the date hereof. The Flow-Through funds will be used for exploration on the Company's newly acquired Kirkland Lake Gold Properties. About MineralFields, Pathway and First Canadian Securities(R) MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities(R), a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard-dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within and outside of MineralFields Group. 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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