AGC Amarillo Gold Corporation

Tanzanian Royalty Exploration Corporation (TSX:TNX)(NYSE MKT:TRX) and Allied
Gold Corp. ("AGC") of United Arab Emirates are pleased to announce the signing
of a letter of intent to develop a commercially producing mine in the area known
as Buziba-Busolwa in Tanzania, in a stand-alone development that will encompass
the Buziba site within the Company's Buckreef Gold Project.


Buckreef Gold Company Limited ("BGCL"), a project subsidiary of Tanzanian
Royalty owned 55% by Tanzanian Royalty and 45% by the State Mining Company of
Tanzania ("Stamico"), has signed a letter of intent with ARL Gold Tanzania
Limited ("ARL"), a subsidiary of AGC, to conclude a Definitive Joint Venture
Agreement in connection with a joint venture to be created for the development
of a producing gold mine at Buziba-Busolwa.


Buziba-Busolwa is located in the prolific Lake Victoria Goldfields of northern
Tanzanian within the Rwamagaza Greenstone Belt. Major gold producers in the
region include AngloGold Ashanti's Geita mine (18M oz), the largest gold
producer in Tanzania located 30 kilometres to the northeast of Buckreef, and
African Barrick's Bulyanhulu gold mine (12M oz) which is situated 60 kilometres
to the southeast.


The Buziba-Busolwa Project will combine the Company's resource at its Buziba
site with ARL's adjoining properties, now being reviewed for inclusion in a
pre-feasibility study in progress.


The Company's BGCL joint venture with Stamico will hold a 40% interest in the
Buziba-Busolwa Project, with AGC holding the remaining 60%. James E. Sinclair,
President and CEO of Tanzanian Royalty, stated, "The new joint venture will
allow Tanzanian Royalty to accelerate the simultaneous development of large
portions of the area known as Buckreef."


A recently announced highly successfully drilling program has confirmed the
potential for a standalone mine at Buckreef Main. "Now with the joint venture to
expand and develop Buziba-Busolwa, we have the potential to accelerate
development of 2 large gold mine deposits," added Mr. Sinclair.


Significantly, and in addition to the synergies and expansion value of this
joint venture, Tanzanian Royalty is also relieved of raising additional
financing to bring the Buziba-Busolwa Project to production.


Qualified Person

The qualified person for Tanzanian Royalty Exploration Corporation is Mr.
Phillip Kaniki, General Manager, Exploration and Administration. Mr. Kaniki is
registered as a Chartered Professional Member of the Australasian Institute of
Mining and Metallurgy MAusIMM CP (Geo) (Reg. No 221963/07) and has reviewed and
approved the contents of this news release.


Respectfully Submitted,

James E. Sinclair, President and Chief Executive Officer

The Toronto Stock Exchange and NYSE MKT LLC 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Tanzanian Royalty Exploration Corporation
Investor Relations
1-800-811-3855
investors@TanzanianRoyalty.com
www.TanzanianRoyalty.com

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