FEASIBILITY STUDY REVEALS 1.064 MILLION OUNCES OF GOLD AVAILABLE TO BE MINED AT THE BUCKREEF PROJECT

May 4th, 2017

Tanzanian Royalty Exploration Corporation (hereinafter, the “Company”) (TSX:TNX)(NYSE MKT:TRX) is pleased to announce that it has filed on SEDAR today, a feasibility study (“MFS” or “Study”) for the Buckreef Project which positively establishes that 1.064 Million ounces of gold reserves are available to be mined over a 15-year initial life of mine through conventional open pit mining methods.

“Today is a great day in the history of the Company as this Study assigns a net positive value of USD$243 million at the Buckreef Project, using a 5% discount rate and a gold price of US$1,250 per ounce. We are completely delighted with results of this independent feasibility study.  We have steadfastly pursued our goals at Buckreef and this study clearly indicates the value of the Buckreef Project which we expected was present.  We anticipate even more mineral reserves to become known after implementing the planned close spaced grade control drilling program” said Executive Chairman, James E. Sinclair.

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