Tan Range plans takeover of Tanzam

Vancouver-based Tan Range Exploration (TNX-T), which holds a large portfolio of interests in the Lake Victoria gold camp of northwestern Tanzania, has signed a letter of intent to buy privately owned Tanzanian American International Development (Tanzam).

Tanzam, owned by a group of investors led by former Sutton Resources director James Sinclair, holds 51 exploration concessions in the Lake Victoria area. Barrick Gold (ABX-T), which bought out Sutton in March 1999 and has brought the Bulyanhulu deposit into production, optioned 12 properties from Tanzam in January. Sinclair would become the largest shareholder in Tan Range.

Meanwhile, Lakota Resources (YLA-V) has arranged to buy out a 10% interest in its two Tanzanian-based subsidiaries, giving it a 95% interest in each. Lakota’s subsidiaries hold a large number of properties in the Lake Victoria greenstone belt, including the Ikina property, which adjoins the Bulyanhulu deposit.