Tanzanian Royalty Announces Senior Executive Appointments and New Addition to Board of Directors
The Company wishes to announce changes at the executive level that will
facilitate and expedite the decision making process during this
critically important period in its history. James E. Sinclair will now
hold the positions of President and Chief Executive Officer while Joseph
K. Kahama, the Company′s current president, will assume the position of
Chairman and Chief Operating Officer (Tanzania).
In his role as Chief Operating Officer (Tanzania), Mr. Kahama will be
responsible for all the Company′s operations in the United Republic of
Tanzania including development of the newly acquired Buckreef Gold
Project along with the bulk sampling and evaluation of surface gravels
at Kigosi, Lunguya and Ushirombo. In his capacity as Chairman, he will
continue to foster cordial relationships with government ministries and
officials and with Tanzanian Royalty′s various industry partners
including Jinchuan Mining and Beijing Songshanheli Mining who are
exploring the Company′s Kabanga Nickel Project.
'Joseph Kahama has laid much of the foundation for our success in
Tanzania and his appointment as Chairman and Chief Operating Officer
(Tanzania) will ensure continuity to our operations in Tanzania as we
evolve from an exploration stage company to a full fledged gold
producer,? said Mr. Sinclair.
In addition, the Company is pleased to announce the appointment of Dr.
Abdulkarim Hamisi Mruma to its Board of directors and Mr. Steven van
Tongeren as Chief Financial Officer, replacing Regina Kuo-Lee who will
take on the newly created executive position of Corporate Controller.
Dr. Mruma is a graduate of the University of Dar es Salaam where he
currently serves as a Professor of Geology. His post graduate studies
included research sabbaticals at universities and government
institutions in Germany; Belgium, Zimbabwe and Finland.
In addition to his academic duties, Dr. Mruma is Chief Executive Officer
of the Geological Survey of Tanzania, a position he has held since
October 2004. He also serves as a Board member of Williamson Diamonds
Limited and the State Mining Corporation (STAMICO) of Tanzania, the
Company′s joint venture partner for the Buckreef Gold Mine
Re-development Project.
Dr. Mruma has authored and contributed to numerous technical journals on
a broad range of geology-related topics. His expertise and knowledge
will be of enormous benefit to the Company during this critical period
in its evolution.
Mr. van Tongeren holds a Bachelor of Science degree from the State
University of New York and is a Certified Public Accountant.
In the past, Mr. van Tongeren held executive positions in finance with
Gulf & Western, Borden Inc., Polygram Video and Polygram International
BV. His responsibilities included domestic and international audits,
special project due diligence for subsidiaries, and consolidated
world-wide financial reporting covering 34 countries including the
U.S.A., Europe and South Africa.
His broad range of experience includes acting as Executive Director,
Finance for a large European restaurant chain which he brought to full
listing status on the London Stock Exchange and for which he
successfully completed a major financing and acquisition.
Respectfully Submitted,
'James E. Sinclair?
James E. Sinclair
President and Chief Executive Officer
For further information, please contact Investor Relations at
1-800-811-3855
Visit our website: www.TanzanianRoyaltyExploration.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 Form 20-F, File No. 001-32500.You can review and obtain copies of these filings from the SEC's
website at http://www.sec.gov/edgar.shtml.
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 Form 20-F, File No. 001-32500, for more information concerning these
risks, uncertainties, and other factors.
Tanzanian Royalty Exploration Corporation
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
investors@TanzanianRoyaltyExploration.com
www.TanzanianRoyaltyExploration.com