CALGARY, March 15 /CNW/ - Tanqueray Resources Ltd. (TQY-TSX Venture) is
pleased to announce that it has entered into a letter of intent with Cascadia
International Resources Inc. ("Cascadia") (TSX Venture: "CJ") whereby Cascadia
may earn a 50% interest in the Mum claims held by Tanqueray Resources Ltd in
the Baker Lake region of Nunavut.
Subject to all regulatory approvals, Cascadia will provide a cash payment
of $50,000 and will issues 100,000 common shares to Tanqueray and pledge to
spend a minimum of $200,000 on exploration in the first year. In the second
year, Cascadia will issue 200,000 common shares to Tanqueray and complete a
minimum 1,000 metre drill program to earn a 50% interest in the Mum claims.
Upon Cascadia earning a 50% interest, the parties have agreed to enter into a
Joint Venture Agreement.
Cascadia intends to fly an airborne electromagnetic, magnetic and
radiometric survey over the entire property this year as well as ground
reconnaissance in order to prepare for a 2008 summer drill program.
The Mum property, consisting of 55,382 acres on 22 claims and located
approximately 75 kilometers southwest of the Hamlet of Baker Lake, have a
komatiitic nickel, palladium, platinum potential and a Thelon Basin Uranium
potential and are located approximately 25 kilometers southeast of the
Kiggavik-Sissons Uranium project, the End Uranium project and the Andrew Lake
Uranium project on the Eastern side of the Thelon Sandstone basin.
The Company has also signed a Letter of Intent to enter into an Option
Agreement with Forum Uranium Corp. (FDC:TSX-V) and Superior Diamonds Inc.
(SUP:TSX-V) jointly, as to a 50% interest each, (the "North Thelon Joint
Venture") whereby the North Thelon Joint Venture may earn a 60% interest in
uranium and diamonds only, in approximately 65,000 hectares in the Baker Lake
Area of Nunavut by issuing 300,000 shares of Forum, 300,000 shares of Superior
and conducting $4 million in exploration over 5 years. The 50,000 shares each
of Forum and Superior will be issued upon signing of a formal option agreement
and the North Thelon Joint Venture will commit to a $200,000 exploration
program this year. The remaining share issuances and exploration expenditures
are at the option of the North Thelon Joint Venture. The North Thelon Joint
Venture also has the option to earn a further 10% interest in the property by
committing to the completion of a bankable feasibility study. The agreement is
subject to the parties executing a formal option agreement and acceptance of
the TSX Venture Exchange.
The Baker Lake project has several uranium showings associated with
meta-sedimentary and meta-volcanic rocks that are the host rocks for the
Kiggavik, End and Andrew Lake deposits which together host 131 million pounds
of open-pittable uranium deposits with grades ranging from 0.28% to 0.44% U3O8
as reported by AREVA Resources Canada(*). Uranium occurrences from assessment
records on Tanqueray's property report uranium values of 0.09% to 2.25% U3O8
in quartzite, quartzite breccia and graphitic schists, all of which are
considered favourable host rocks for economic uranium deposits in the area.
The Baker Lake project is located at the unconformity with the Thelon
sandstone in a favourable structural setting.
Tanqueray also wishes to announce a non brokered private placement
financing of up to 4,000,000 common shares of the Company at a purchase price
of $0.10 for aggregate gross proceeds of up to $400,000. Proceeds of the funds
will be used for general working capital. Subject to receipt of all regulatory
approvals, it is anticipated that the financing will close on April 15th,
Dr. Edward Schiller, PhD Geol., President and CEO, is the qualified
person under NI 43-101 that has reviewed the contents of this news release.
"Statements in this Press Release may constitute forward-looking
statements. Such forward-looking statements include risks, uncertainties and
other factors which may cause actual results, performance or achievements of
Tanqueray to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Tanqueray does not undertake to update any of such forward-looking
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
(*) This resource estimate is historic and Tanqueray has not verified
whether it is a National Instrument 43- 101 defined resource. Tanqueray
believes that the historic estimate is relevant because of the proximity
of the Kiggavik-Sissons Project to the Baker Lake Project area and the
presence within the area of uranium occurrences in similar host rocks.
AREVA is currently evaluating the future development of the Kiggavik-
For further information:
For further information: TANQUERAY RESOURCES LTD., Edward Schiller,
President or Linda Falkenberg, Tel: (403) 263-9055, Fax (403) 263-9061, Email: