Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) (TanGold
or the Company) is pleased to announce the appointment of Mr.
Andrew Cheatle to the position of Chief Operating Officer (COO).
TanGold is also pleased to announce that TanGold
(operating through its wholly owned subsidiary in Tanzania) and its
joint venture partner, The State Mining Company (STAMICO), have
received approval of the updated mine plan for the Buckreef Gold
Project (Buckreef or the Project) from the Mining Commission in
Tanzania (Mining Commission). STAMICO, which is 100% owned by the
United Republic of Tanzania, owns a 45% non-dilutable equity
interest in Buckreef Gold Company Limited (BGCL), which wholly owns
the Project.
Mr. Cheatle (P.Geo., MBA, FGS, ARSM) is an
accomplished mining executive, geoscientist, and director. A
graduate of the Royal School of Mines, Imperial College, London,
his 30-plus-years international career has encompassed
operations/production, development, and exploration in both the
senior & junior mining sectors. His considerable operational
and project management experience includes senior positions with
the development of (at that time) Anglo American Corporation’s Moab
Khotsong Gold Mine, JCI’s South Deep Project and major expansions
of Placer Dome’s/Goldcorp’s Musselwhite Mine.
Mr. Cheatle currently sits on the Board of
Directors at Condor Gold plc, Troilus Gold Corp., and TanGold. He
also volunteers on the advisory councils of the Development Partner
Institute, the Canada-International Finance Corporation Africa
Local Economic Development Partnership and as a Director of
International Women in Mining. Mr. Cheatle is a sought-after
advisor to the mining industry, specializing in operations,
technical assessments, corporate development, geoscience, mining,
and investments.
Mr. Cheatle is passionate about the mining
industry’s potential and positive role in community and national
development. He will, therefore, be spending considerable time in
Tanzania with the highly motivated and talented local Buckreef team
and our joint venture partner, STAMICO, to advance the Buckreef to
become a major gold mine.
TanGold and STAMICO representatives recently met
with the Ministry of Minerals of Tanzania and the Mining Commission
in Dodoma. TanGold and STAMICO will move forward the documentation
and approval process for the previously agreed to amendments of the
Buckreef Joint Venture Agreement as disclosed in January. BGCL will
also begin the land compensation and procurement process required
under Tanzanian mining law to construct the 40 tph oxide mining and
processing operation.
Mr. Stephen Mullowney, Chief Executive Officer
(TanGold), commented, “I am delighted to have a talented and
respected individual such as Andrew agree to take on a more
substantial role with TanGold. This is a major step forward
following our visit to Tanzania in January where we had the
pleasure of meeting the Honorable Minister of Minerals, the
Honorable Minister of Investments and the Managing Director of
STAMICO. Together, we look forward to continuing to build and grow
our relationship with Tanzania for the benefit of all stakeholders
as we develop in conjunction with STAMICO, the exciting Buckreef
Gold Project.”
About Tanzanian Gold
Corporation
Tanzanian Gold Corporation along with its joint
venture partner, STAMICO is building a significant gold project at
Buckreef in Tanzania that is based on an expanded Mineral Resource
base and the treatment of its mineable Mineral Reserves in two
standalone plants. Measured and Indicated Mineral Resources now
stand at a combined tonnage of 35.88MT at 1.77g/t gold containing
2,036,280 ounces of gold. The Buckreef Project also contains an
Inferred Mineral Resource of 17.8MT at 1.11g/t gold for contained
gold of 635,540oz. The Company is actively investigating and
assessing multiple exploration targets on the Buckreef
property.
Tanzanian Gold Corporation is advancing on three
value-creation tracks:
- Strengthening its balance sheet
from expanding near-term production to 15,000 - 20,000 oz. of gold
per year from the processing oxides upon approval of an expanded
oxide plant.
- Advancing the Final Feasibility
Study for a stand-alone sulphide treating plant that is
substantially larger than previously modelled and targeting
significant annual gold production.
- Continuing with a drilling program
to further test the potential of its Mineral Resource base by: (i)
drilling at deeper levels; (ii) drilling new oxide targets; (iii)
infill drilling to upgrade Mineral Resources currently in the
Inferred category; and (iv) a step-out drilling program in the
Northeast Extension.
Andrew M. Cheatle, P.Geo. is the Company’s
Qualified Person as defined by the NI 43-101 who has reviewed and
assumes responsibility for the technical content of this press
release.
For further information, please contact Michael
Martin, Investor Relations, m.martin@tangoldcorp.com, 860-248-0999,
or visit the Company website at www.tangoldcorp.com
The Toronto Stock Exchange and NYSE American
have not reviewed and do not accept responsibility for the adequacy
or accuracy of this release.
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
Tanzanian Gold Corporation (“TanGold” or the
“Company”), has taken all reasonable care in producing and
publishing information contained in this press release. Tanzanian
Gold does not warrant or make any representations regarding the
use, validity, accuracy, completeness or reliability of any claims,
statements or information in this press release. The information is
not a substitute for independent professional advice before making
any investment decisions. Furthermore, you may not modify or
reproduce in any form, electronic or otherwise any information in
this press release. Andrew M. Cheatle, P.Geo. is the Qualified
Person as defined by the NI 43-101 who has reviewed and assumes
responsibility for the technical content of this press release. The
disclosure contained in this press release of a scientific or
technical nature relating to the Company’s Buckreef Project has
been summarized or extracted from the technical report entitled The
“National Instrument 43-101 Independent Technical Report, Updated
Mineral Resource Estimate for the Buckreef Gold Mine Project,
Tanzania, East Africa For TanGold with an effective date of May 15,
2020 (the “Effective Date”), and with an amendment date of June 8,
2020. The Technical Report was prepared by or under the supervision
Mr. Wenceslaus Kutekwatekwa (Mining Engineer, Mining and Project
Management Consultant) BSc Hons (Mining Eng.), MBA, FSAIMM, of
Virimai Projects., and,Dr Frank Crundwell, MBA, PhD, a Consulting
Engineer. each of whom is an independent Qualified Person as such
term is defined in NI 43-101. The information contained herein is
subject to all of the assumptions, qualifications and procedures
set out in the Technical Report and reference should be made to the
full details of the Technical Report which has been filed with the
applicable regulatory authorities and is available on the Company’s
profile at www.sedar.com
Forward-Looking StatementsThis
press release contains certain forward-looking statements as
defined in the applicable securities laws. All statements, other
than statements of historical facts, are forward-looking
statements. Forward-looking statements are frequently, but not
always, identified by words such as “expects”, “anticipates”,
“believes”, “hopes”, “intends”, “estimated”, “potential”,
“possible” and similar expressions, or statements that events,
conditions or results “will”, “may”, “could” or “should” occur or
be achieved. Forward-looking statements relate to future events or
future performance and reflect Tanzanian Gold management’s
expectations or beliefs regarding future events and include, but
are not limited to, statements with respect to the estimation of
mineral reserves and resources, success of mining operations, the
timing and amount of estimated future production, and capital
expenditure.
Although TanGold believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance. The actual achievements of TanGold or other
future events or conditions may differ materially from those
reflected in the forward-looking statements due to a variety of
risks, uncertainties and other factors. These risks,
uncertainties and factors include general business, legal,
economic, competitive, political, regulatory and social
uncertainties; actual results of exploration activities and
economic evaluations; fluctuations in currency exchange rates;
changes in costs; future prices of gold and other minerals; mining
method, production profile and mine plan; delays in exploration,
development and construction activities; changes in government
legislation and regulation; the ability to obtain financing on
acceptable terms and in a timely manner or at all; contests over
title to properties; employee relations and shortages of skilled
personnel and contractors; the speculative nature of, and the risks
involved in, the exploration, development and mining business.
These risks are set forth under Item 3.D in Tanzanian Gold’s Form
20-F for the year ended August 31, 2020 and other documents we file
with the SEC.
The information contained in this press release
is as of the date of the press release and TanGold assumes not duty
to update such information.
Note to U.S. Investors
US investors are advised that the Mineral
Resource estimated disclosed in this press release have been
calculated pursuant to Canadian standards which use terminology
consistent with the requirements CRIRSCO reporting standards. For
its fiscal year ending August 31, 2021, and thereafter, the Company
will follow new SEC regulations which uses a CRIRSCO based templet
for mineral resources and mineral reserves, that includes
definitions for inferred, indicated, and measured mineral
resources.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/90eed1e0-aa06-4476-8ab4-38cfa8c11a8d
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