Tanzanian Royalty Receives NI-43-101 Compliant Resource Reports for Itetemia and Luhala Gold Projects in Tanzania
The Company is pleased to announce the receipt of a joint NI-43-101
compliant Technical Report for its Itetemia and Luhala gold projects in
the Lake Victoria Goldfields of Tanzania. The full report will be filed
on www.sedar.com.
Itetemia is an advanced-stage exploration project that was previously
the subject of an option royalty agreement with a UK-based mining
exploration company. (See News Release December 21, 2011). The Itetemia
Project adjoins African Barrick′s Bulyanhulu gold mine, one of the
largest gold producers in Tanzania.
The NI-43-101 report for Itetemia includes a Resource Summary for the
Golden Horseshoe Reef (GHR) which was the subject of a preliminary
economic study in August 2009 that examined and confirmed the technical
feasibility of open pit mining employing various processing plant
options.
Based on a 1.0 g/t cutoff grade, Itetemia has an Indicated Resource of
2,799,000 tonnes grading 2.96 g/t, representing 266,000 troy ounces and
an Inferred Resource of 1,433,000 tonnes averaging 3.39 g/t,
representing 156,000 ounces. Under the existing ownership structure, 90%
of these resources will accrue to Tanzanian Royalty.
One of the Company′s priorities will be to update earlier studies for
Itetemia in the context of higher gold prices. In addition the Company
intends to prepare a revised geological model and pit design that will
incorporate a lower cut-off grade along with a revised cost and capital
estimate for commercial exploitation of the GHR resource.
'The prospects for Itetemia are virtually limitless given its proximity
to an existing large scale mining operation and the infrastructure
associated with it,? states the Company′s Chairman and COO, Joseph K.
Kahama. 'We intend to move aggressively to optimize this important asset
for our shareholders and the people of Tanzania,? he adds.
The Luhala Project is an advanced stage exploration project where the
exploration focus has been on the development of gold deposits on five
anomalous hilltops. The mineralization at Luhala is stratabound and
shear-zone hosted, with the Kisunge Hill, Shilalo West and Shilalo South
Hills representing the areas of primary economic interest.
Luhala hosts a 43-101 compliant Inferred Resource at a 1.0 g/t cutoff
grade of 1,860,000 tonnes grading 1.87 g/t, representing 112,000 troy
ounces. Under the current ownership structure for Luhala, 100% of these
resources will accrue to Tanzanian Royalty.
A follow-up program of additional diamond drilling has been recommended
for the Shilalo South and Shilalo West zones where the resource appears
open at depth and along strike.
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 K. 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
Email: investors@TanzanianRoyalty.com
Website:
www.TanzanianRoyaltyExploration.com
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:
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