Tanzanian Royalty Receives Approval for Enlargement of Special Mining License at Buckreef Gold Project
Tanzanian Royalty Exploration is pleased to announce that the government of Tanzania has approved the application for the expansion of the area covered by the Special Mining License for the Company’s Buckreef Gold Project. As a result, the mining license for Buckreef has been expanded from 3.45 square kilometres to approximately 16.04 square kilometres – almost five times its original size.
The Special Mining License now covers the entire Buckreef property and gives the Company the exclusive right to prospect and mine minerals for a period of 25 years, with an option to renew for a similar period of time.
According to James E. Sinclair, President and CEO of Tanzanian Royalty, “Ministerial decisions of this nature assume there is a reasonable expectation that sufficient deposits or reserves of minerals are available to justify their commercial exploitation.”
“We have every reason to believe that the current resources established at Buckreef are economically viable and that ongoing exploration and the incorporation of satellite deposits in the region into our production plans will positively impact our operations.”
Tanzanian Royalty is currently in the process of completing a Preliminary Economic Assessment (PEA) for the Buckreef Project which is due out early in the New Year. Following the completion of a Pre-feasibility study, the Company intends to fast track the open pit development process at Buckreef in order to facilitate the ramp-up to mining and full commercial production.
The Buckreef Project contains National Instrument 43-101 compliant gold resources at a 0.5 g/t cutoff grade in the following categories: Measured, 5.176 million tonnes grading 2.05 g/t (341,000 oz); Indicated, 24.97 million tonnes averaging 1.19 t/g (954,000 oz); Inferred, 17.173 million tonnes grading 1.51 g/t (835,000 oz).
The geological continuity and grade distribution of the Buckreef mineralization is well constrained and the upside potential to define additional Mineral Resources in extensions of known deposits is presently being confirmed by drilling, the Company reports.
Tanzanian Royalty holds a 55% interest in the Buckreef Project with the State Mining Corporation of Tanzania (Stamico) holding the remainder.
Chairman and Chief Operating Officer (Tanzania)
For further information, please contact Investor Relations at 1-800-811-3855
Visit our website: www.TanzanianRoyalty.com
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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 SEC filings. You can review and obtain copies of these filings from the SEC’s website at http://www.sec.gov/edgar.shtml
This news release contains certain forward-looking statements and forward-looking information. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time-to-time with the British Columbia, Alberta and Ontario provincial securities regulatory authorities.
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 SEC filings, including our annual report on Form 20-F and Registration Statement on Form F-10, as amended, for more information concerning these risks, uncertainties, and other factors.