Tanzanian Royalty to Expedite Mine Development at Newly Acquired 2.0 Million Ounces Buckreef Gold Project

Because of the recent increase in gold resources to 2.0 million ounces at the Company’s newly-acquired, fully licensed for mining Buckreef Gold Project, Tanzanian Royalty has decided to expedite its proposed mine development program for the advanced stage project. In addition, the Company will accelerate exploration within target rich areas in order to increase the project’s existing resource base.

The following update is part of a thorough review by the Company of previous work conducted by IAMGOLD Corporation on the Buckreef property prior to its acquisition by Tanzanian Royalty. This comprehensive technical review has increased our understanding of the geological controls at Buckreef along with the various styles and continuity of mineralization on the property.

“Based on what we see after the detailed technical review, I genuinely believe we can now significantly accelerate our expected gold production plans and simultaneously increase resources,” said Jim Sinclair, the Company’s President and CEO. “With the positive developments we are seeing today, we are confident in the potential to grow exponentially.”

“We have already seen a 30% increase in our gold resources (see April 15, 2011 News Release) based on the improved economics of our project generated by higher gold prices,” he added.

The aggressive exploration program the Company is planning will utilize additional drilling and testing equipment that has become available under its agreement with the State Mining Company of Tanzania.

As a result of these exciting developments, the Company has decided to consolidate its mining and exploration activities at the Buckreef site. All staff members in Mwanza will be relocated to the Buckreef Camp which already has significant infrastructure in place. This will allow the Company to concentrate resources, skills and experience, maximizing the potential of this extremely important asset.

The Company is also pleased to announce that the bulk sampling program at Kigosi has been completed and the sampling plant is being moved to Buckreef in conjunction with the purchase of new process equipment to accommodate the mining of gravel resources at all three of our major sites: Buckreef, Kigosi and Lunguya.

Expanded exploratory drilling to further increase resources will also continue at these and other company properties which all have exciting up-side potential. Tanzania has become one of Africa’s fastest emerging gold producers and is now the continent’s fourth largest gold producing country behind South Africa, Ghana and Mali. Large scale mines in the Lake Victoria Goldfields area surrounding Buckreef include Barrick’s Bulyanhulu mine and Anglogold Ashanti’s Geita mine.

Respectfully Submitted,

James E. Sinclair

President and Chief Executive Officer

For further information, please contact Investor Relations at 1-800-811-3855

Visit 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.

Tan Range Exploratio (AMEX:TRE)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024