Tanzanian Royalty Reports Excellent Gold Values From Drill Program on Buckreef Project in Tanzania

The Company is pleased to report additional assay results from the
ongoing drill program on its Buckreef Gold Project in the Lake Victoria
Goldfields of Tanzania.

The latest results confirm the dip continuity of multiple, sub-vertical
mineralized zones and include some of the most impressive values
reported to date from the East Porphyry target area which is located
800m east of Buckreef Main deposit. Detailed results are presented in
the following table:

The objective of the diamond drilling component in the current program
is to determine the geological and structural framework of the East
Porphyry prospect, while the RC drilling program is aimed at
establishing the strike and down-dip continuity of mineralization
identified in previous drill programs.

The RC results from the holes drilled in the Buckreef footwall and
hanging wall targets also returned significant gold assays, confirming
the strike and dip continuities of parallel zones adjacent to the main
Buckreef zone.

'The latest results support our geological assumptions about the
resource potential at Buckreef and will be integrated into our
feasibility study for Buckreef in the New Year,? says Joseph K. Kahama,
Chairman and Chief Operating Officer (Tanzania).

The Buckreef Project consists of four prospects, namely the historic
Buckreef Gold Mine at the western limit of the project area, the Tembo
and Bingwa prospects, and the Buziba prospect 20km to the east. The
Eastern Porphyry prospect is located some 800m in the footwall of the
Main Zone of the historic Buckreef mine which operated briefly as an
underground gold producer.

Buckreef 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 g/t (954,000 oz); Inferred, 17.173 million tonnes
grading 1.51 g/t (835,000 oz).

Analysis

Samples from the RC and diamond drill-holes were submitted to SGS Lab in
Mwanza for 50g fire assay (FA) with AAS finish (0.01ppm LLD). Duplicates
and Standards were inserted in the sample stream approximately every 20
samples. The average percentage of recovery core is 95%. Core sampling
was done on 1m intervals with the core cut in half lengthwise using a
diamond core cutter. Sample intervals of 1m or less but greater than
0.5m depended on geology. The planning, execution and monitoring of
quality control programs at the Buckreef Gold project are under the
supervision of Messrs. Charles Mnguto and Phillip Kaniki who are both
registered Professional Geologists. Charles is the Head of Geology while
Phillip is the Geology Resource Manager for Tanzanian Royalty

Qualified Person

The Company′s Qualified Person, Mr. Peter Zizhou, has reviewed and
approved the contents of this news release. Mr. Zizhou is the General
Manager (Exploration & Admin) of Tanzanian Royalty Exploration
Corporation Limited. He has a Master of Science (Exploration Geology)
degree from the University of Zimbabwe (2000) and is a registered
scientist with SACNASP (Reg. No.400028/08).

Respectfully Submitted,

Joseph Kahama

Chairman and Chief
Operating Officer (Tanzania)

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

Visit our website: www.TanzanianRoyalty.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 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.

Tanzanian Royalty Exploration

David Duval, 1-800-811-3855

Investor
Relations

or

Connecticut Office:

Tel: (860)
364-1830

Fax: (860) 364-0673

or

South Surrey Office:

Toll
Free: 1-800-811-3855

Tel: (604) 536-7873

Fax: (604) 536-2529

Email:
investors@TanzanianRoyalty.com

Website:
www.TanzanianRoyaltyExploration.com