Tanzanian Royalty Announces Commencement of Detailed Resource Definition and Exploration Drilling Program on its Buckreef Gold Project in Tanzania
Tanzanian Royalty Exploration Corporation (the 'Company? or
'TRX?) is pleased to announce that an infill reverse circulation (RC)
drilling program has commenced on the Buckreef project, the Company′s
advanced stage exploration gold project located in the Lake Victoria
Goldfields of northern Tanzania within the Rwamagaza Greenstone Belt.
The Buckreef project contains National Instrument 43-101 ('NI 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).
James E. Sinclair, President and CEO of Tanzanian Royalty notes that:
'Any potential expansion of the existing Buckreef resource along
established geological trends would enable us to optimize production
rates with a subsequent improvement in operating costs.?
The Company has commenced a 58-hole RC drilling program totaling 7,000
metres and a drilling contractor has been engaged to conduct the
drilling. The objective of the first phase of infill drilling is to
probe and corroborate significant gold mineralization in the Eastern
Porphyry (EP) Prospect which was never reported from previous RC
drilling by Iamgold Corp. The EP Prospect lies approximately 0.8 km east
of the main Buckreef Prospect. The second phase of this drilling program
will include both infill and step-out strike extension exploration
drilling targeting the eastern extension of the near surface
mineralization at the Tembo Prospect and the north-east extension of the
main Buckreef Prospect.
In addition, an infill diamond drilling (DD) program consisting of 6000
metres of initial 12 diamond drill-holes is planned for the first week
of September 2011 to investigate the down-dip extension of the high
grade shoots below the previously projected economic final depth of the
pit design by Iamgold. These deep DD drill-holes will be mostly
infilling gaps from previous Iamgold drill-holes and the results will be
used to evaluate the potential for upgrading some of the inferred
resource at the main Buckreef Prospect to the indicated category as well
as to delineate potential additional inferred resources. In addition,
some of the diamond core holes will be used to ascertain the rock
geotechnical properties as part of our preliminary investigations on the
open pit wall stability.
Project Activities
If warranted by the results of the drilling program, TRX intends to
prepare a revised mineral resource estimate for the Buckreef gold
project in accordance with the requirements of NI 43?101. In addition to
the resource and exploration drilling program, 360 metres of
metallurgical drilling are planned at Bingwa and Tembo to collect
samples for additional metallurgical test-work and bulk density
determination. The objective of the metallurgical test-work is to
further define process design criteria and operating costs.
QUALITY CONTROL PROGRAM AND QUALIFIED PERSON
The RC and DD logging and sampling will be done by Anthony Minde (BSc.
Geo) assisted by Issa Mhando (BSc., Geo). Screen fire assay and
preliminary metallurgical and specific gravity test-work on the RC and
DD samples will be conducted at SGS-Mwanza Laboratory in Tanzania.
The overall planning, execution and monitoring of quality control
programs at the Buckreef gold project are under the supervision of the
Resource Evaluation Manager, Mr. Phillip Kaniki (BSc. AusIMM), the Head
of Geology, Mr. Charles Mnguto (BSc. AusIMM) and the General Manager
(Exploration & Administration), Mr. Peter T. Zizhou (MSc. Pri. Nat. Geo).
TRX utilizes an industry standard QA/QC protocol with respect to
sampling procedures. Blanks and certified reference standards are
inserted into the sample stream to monitor laboratory performance and
duplicates of pulps and bulk rejects are also used to monitor laboratory
performance.
The Company′s Qualified Person, Mr. Peter Zizhou, has reviewed and
approved the contents of this news release. 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 or 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.
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 Form 20-F, File No. 001-32500, for more
information concerning these risks, uncertainties, and other factors.
Tanzanian Royalty Exploration Corporation
Investor Relations:
David
Duval, 1-800-811-3855
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
www.TanzanianRoyaltyExploration.com