A Current Review by the CEO, James E. Sinclair
TORONTO, ONTARIO–(Marketwired December 12, 2016) – Tanzanian Royalty Exploration Corporation (TSX:TNX)(NYSE MKT:TRX) (“TRX”) was granted and obtained from the Tanzanian Ministry of Energy and Minerals a renewal of our mining license for our Buckreef Project for a period of ten (10) years. This milestone was accomplished after much hard work, which involved the preparation of a comprehensive application, which included our financial statements, a Canadian National Instrument 43-101 technical report and environmental studies, all of which were prepared in order to ensure government Ministry compliance. This renewal of our license was not only approved prior to its due date, but for a ten (10) year term for us to mine gold. This ten year term speaks to Tanzania’s expectations of our performance. This is significant since the renewal of the license was reviewed in depth by the Ministry of Energy and Minerals who thereafter determined the 10 year term for the license based on their independent assessment of the viability of our mine. This is, in our opinion, wonderful news since this grant of renewal of our license demonstrates the government’s opinion of the company and the information it required for such renewal.
Perhaps even more significant is the fact the Special Mining License (SML) granted for Buckreef was granted for Non-Superficial deposits. This is an acknowledgment of the expectations by the Ministry that our Special Mining License is issued for significant recovery.