Private Placement with Tanzanian Royalty Closes

Tanzanian Royalty Exploration Corporation advises that the private placement announced on July 9, 2010 has closed.

The placement consists of a $1,095,000 three-year promissory note bearing interest at 3% per annum, convertible into 255,484 common shares. The conversion price of $4.286 per share represents the five-day weighted average trading price of the common shares on the Toronto Stock Exchange for the period ended July 9, 2010, less a discount of 15%. Following closing, $95,000 of the outstanding principal will be converted into 22,166 common shares, which shares will be refundable to the Corporation if the remaining principal is not fully converted by December 9, 2011.

Respectfully Submitted,

“James Sinclair”James E. SinclairChairman and Chief Executive Officer

For further information, please contact Investor Relations at 1-800-811-3855Visit our website: www.TanzanianRoyaltyExploration.com

The Toronto Stock Exchange and NYSE Amex Equities have not reviewed and do not accept responsibility for the adequacy or accuracy of this release

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as “reserves”, “resources”, “geologic resources”, “proven”, “probable”, "measured", "indicated", or "inferred" which may not be consistent with the reserve definitions established by the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 001-32500. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml.

Certain information presented in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Investors are referred to our description of the risk factors affecting the Company, as contained in our Form 20-F, File No. 001-32500, for more information concerning these risks, uncertainties, and other factors.

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