Ann: Tangiers Wins Bid for Strategic Project, page-2

TANGIERS WINS BID FOR SIGNIFICANT INTEREST IN US OIL AND GAS PROJECT
Successful bid for large acreage position (86,950 net acres of a gross 400km2) onshore Alaska in prolific liquids-rich area
Significant working interest in strategic asset with world class potential
Excellent fiscal terms with cash rebate of up to 85% of exploration expenditure
Experience US partner to work with Tangiers on the ground
Long primary term leases (10 years), Operatorship and high working interest (87.5%) provide maximum financial flexibility to Tangiers.