NewsTORONTO, ONTARIO, Sep 26, 2002 (CCNMatthews via COMTEX) --
"Tango Mineral Resources Inc. ("Company") announces that it has filed a statement of claim against New Meridian Mining Corp. ("New Meridian") seeking, among other things, a declaration that New Meridian no longer holds an interest in the Picachos property in Mexico. New Meridian had an option to acquire an interest on the Picachos property through an agreement (the "Terminated Agreement") executed in 1999 with the Mexican land owner, Minera Camargo ("Camargo"). The Terminated Agreement obligated New Meridian to incur Can. $300,000 in expenditures by June 31, 2001. New Meridian failed to comply with the expenditure obligation and was granted an extension to January 31, 2002. New Meridian acknowledged its failure in a public statement filed in August, 2002 as follows:
"At January 31, 2002, the Company (New Meridian) had not
completed exploration and development expenditures totaling
$300,000 as required under the (Terminated Agreement) terms
and, to date, the optionor (Camargo) has not provided a notice
of default pursuant to the terms of the agreement."
The Company refutes the position of New Meridian and relies upon a termination notice delivered by Camargo on March 5, 2002. The Company intends to pursue the litigation with vigor.
The Picachos property is a highly prospective area in the state of Durango, Mexico, near the Sinaloa state border, featuring several silver/gold-rich vein breccia systems. We refer to press releases of the Company dated July 15, June 12, May 29 and April 8, 2002. The Picachos property now consists of 6,725 ha after recent acquisitions and property restorations, and covers approximately 20% of the Espinazo del Diablo volcanic center. The area is scattered with historical mine workings from the time of the Spanish Conquistadors. Mining activity declined substantially in the early 1900's at the Time of the Mexican revolution. In August 2002, the Company initiated a first phase exploration program on the El Pino sector of the Picachos property where Tango obtained assays of up to 558 g/t silver and 6.98 g/t gold over 3.0 meters on the Breccia Madre/Catalina vein system confirming previous assays by Minera Camargo and assays up to 1,216 g/t silver and 4.0 g/t gold over 1.6 meters on the Guadalupe North vein located 3.4 km to the south-southwest of El Pino where the records of previous assaying were not available for examination. The purpose of this work is to better define surface grade and continuity of the veins in preparation for diamond drilling while prospecting for parallel vein systems. Results will be released on completion of the program.
Tango Mineral Resources Inc. is a junior exploration company based in Burlington, Ontario with exploration projects in Quebec and Mexico, as well as a resource of 800,000 tonnes of 10% zinc, 1.5% copper and 14 g/t silver (Roscoe Postle Associates, 1999) at its 100% owned Caber deposit, in Quebec. Tango presently has 25.1 million shares outstanding (33.1 mil. shares on a fully-diluted basis) and C$320,000 in working capital.
THE PRESS RELEASE WAS PREPARED BY TANGO MINERAL RESOURCES INC. WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. NO STOCK EXCHANGE OR ANY REGULATORY AUTHORITIES OR SIMILAR BODY, HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
Tango Mineral Resources Inc.
Denis Francoeur
President and C.E.O.
(905) 319-8016
(905) 319-3527 (FAX)
tgo@tangomineralresources.net
KC