RNC Gold Closes Private Placement

On July 25, 2003 RNC Gold Inc., a private Ontario gold corporation, closed a $10 million private placement of special warrants through a syndicate of investment dealers led by Jennings Capital Inc. The special warrants were priced at $2, and upon completion of the proposed merger between RNC Gold and Tango Mineral Resources Inc., the warrants will convert into one common share and 1/2 of a common share purchase warrant of Tango.

RNC Gold was represented in Canada, by Charles Higgins, Gregory Ho Yuen, Janice Javier, Alan Schwartz, Mark Sills, Sean Morley, William Bies and Jeffrey Klan of Fasken Martineau DuMoulin LLP, and in the U.S., by Chris Barry and Chris Doerksen of Dorsey & Whitney LLP. Jennings Capital was represented by Richard Lachcik and Geoffrey Farr of Macleod Dixon LLP.