Tanzanian Royalty Completes $4.8 Million Private Placement with Two European Investment Funds

Tanzanian Royalty Exploration Corporation announces that an arm’s length private placement with two European investment funds has closed. The private placement consisted of an aggregate 800,000 common shares at a price of $6.052 per share, representing the five-day weighted average trading price of the common shares on the Toronto Stock Exchange for the period ended September 21, 2010 less a 15% discount, and an aggregate 200,000 common share purchase warrants exercisable at a price of $7.309 per share. In addition, the Company has paid a finder’s fee payable in 64,000 common shares at the subscription price of $6.052/share.

The funds will be used for general corporate purposes including the purchase of two modular-type gravity plants for the Company’s Lunguya Gravels Project in the Lake Victoria Greenstone Belt. Rated at 100 tonnes per hour, the plants will include crushers and cyclones as part of the initial process flow sheet.

Tanzanian Royalty is a financial gold company with advanced and early stage gold and base metal exploration projects in The Republic of Tanzania. Among the Company’s key partners in Tanzania is Jinchuan Group, the largest producer of nickel and cobalt in China.

Respectfully Submitted,“Joseph Kahama”Joseph K. KahamaPresident

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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