NEWSKreczmer to Chair Technical Committee Responsible for Tan Range Exploration Policy
TRADE SYMBOL TSX: TNX
VANCOUVER, Oct. 30 /CNW/ - Tan Range Exploration Corporation announces
that its President, Marek Kreczmer, will assume the position of Chairman of
the Technical Committee which will report directly to the Tan Range Board of
Directors. This Committee will set definitive technical exploration policy for
the Company. Mr. Kreczmer will formally relinquish his position as President
effective December 31, 2003.
Mr. James E. Sinclair, who has shared responsibility of running Tan
Range's day-to-day business as CEO, will continue in that role and as Chairman
of the Board of Directors.
Mr. Kreczmer founded Tan Range Exploration almost fourteen years ago and
has served as its President since that time. Last year, he negotiated the
acquisition of Tanzania American International Development Corporation
(Tanzam) and the amalgamation of its mineral assets and key people into Tan
Range Exploration. Under the terms of the merger agreement, the Sinclair
family became major shareholders in Tan Range Exploration.
In commenting on the change, Kreczmer observed: "When the amalgamation of
Tanzam was affected, I committed to remain as President until I was confident
that the groundwork had been laid to optimize the Company's asset base in
Tanzania to the fullest. I believe it has. Since that time, we have secured 17
new royalty agreements with two new partners including Ashanti Goldfields
Company Limited and we have broadened the scope of our exploration activities
to include base metals and diamonds."
"Without a doubt, the innovative policies that our Chairman and CEO, Jim
Sinclair, has implemented over the past year have garnered the Company new
market recognition and made Tan Range an even greater force to be reckoned
with in the Lake Victoria Greenstone Belt," he said.
Tan Range has 28 prospecting licenses in the Lake Victoria region that
are subject to royalty agreements with Barrick Gold, Ashanti, and Northern
Mining Explorations, a partner with Barrick on the Tulawaka Gold Project. A
grand total of 78 prospecting licenses are held by Tan Range in this prolific
belt which hosts a number of major gold producers including Barrick's
Bulyanhulu Mine and the Geita Project of Ashanti Goldfields. The Lake Victoria
Greenstone Belt is recognized as being among the most prospective in the world
for gold and other mineral commodities.
Mr. Sinclair expressed deep gratitude for "all the fine work Marek
Kreczmer has accomplished on the ground during our association. I firmly
support his commitment to continue with the Company in a prominent and
contributing role. Recent changes at the Board level will augment the
exceptional work he has done on behalf of the Company and its shareholders
during the period of our association."
Tan Range recently added two new members to its Board of Directors:
Rosalind Morrow, a partner with Borden Ladner Gervais LLP in Toronto with a
broad legal background in corporate governance, and geologist Ulrich Rath, a
26 year veteran of the minerals industry who spent 13 years working with the
Anglo-American Group including its Gold Division in South Africa.
Sinclair noted that "the Tan Range Board is now comprised of
predominantly outside Directors with strong technical and governance
credentials and will be a 'hands on' driving force for the Company's
exploration activities and corporate growth."
On behalf of the Board of Directors
"James Sinclair" "Marek Kreczmer"
JAMES E. SINCLAIR MAREK J. KRECZMER
Chairman and Chief Executive Officer President