Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) (TanGold
or the Company) is pleased to announce and welcome Michael P.
Leonard, CPA, CA as Chief Financial Officer of Tanzanian Gold
Corporation.
Mr. Leonard has had a distinguished career as a
financial leader in the gold industry with broad, progressive
experience in investor relations and corporate global finance. He
had an impressive, respected and esteemed career of more than 17
years in financial leadership at Barrick Gold and possesses the
vision and foresight needed by the Company as a vital member of our
leadership team. He brings his extensive knowledge and experience
to the Company and is renowned for his knowledge of the gold
industry, big picture outlook, and results oriented mindset. He is
respected for his integrity, frankness, and financial prowess, and
is a venerable addition to the Company’s strategic management team.
As CFO, he will assist the Company in its inevitable digital
transformation and fill a vital role for the Company’s strategy
moving forward, including use of state-of-the-art technology, and
development and implementation of financial models, financial
controls and procedures for financial management.
“It is with great pleasure on behalf of
Tanzanian Gold Corporation that we welcome Michael P. Leonard as
Chief Financial Officer. Michael has a consistent track record of
successful performance in finance and for achieving results. He has
broad knowledge of the gold industry and a proven exemplary record
of success during his many years with Barrick. We are excited to
have Michael be a part of our executive team in developing our long
term strategic planning on behalf of the Company. The development
of financial controls and procedures is vital in good, strategic
management,” said Stephen Mullowney, CEO.
Mr. Leonard’s background includes extensive
experience in implementing global investor relations strategy,
acting as a primary interface communicating with the external
market, advising management on investor perceptions and creating
market transparency on strategy and performance. He has the
experience to address the daily needs of the Company and the
ability to project current needs into long term financial planning
and focus as a Chartered Professional Accountant.
“We are delighted to have Michael Leonard join
our executive team. The CFO plays such an important role in our
corporate development. Michael brings knowledge, vision, and
experience to our executive management team. We are moving forward
and growing at such a fast pace, we need the highest caliber
executive team. Michael is the superior choice for CFO in every
regard and will serve with distinction,” said James E. Sinclair,
Executive Chairman.
“I am very excited to be a member of the
executive team for Tanzanian Gold Corporation. I know my years of
experience with Barrick will be invaluable in the Company’s
endeavours and further successful achievements in Tanzania. I
welcome the opportunity to bring my background and experience to
the Company in moving us forward as a successful gold mining
enterprise in Tanzania.” Chief Financial Officer Michael P.
Leonard, said.
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 Mineral Resource now stands at 19.98MT
at 1.99g/t gold containing 1,281,161 ounces of gold and Indicated
Mineral Resource now stand at 15.89MT at 1.48g/t gold containing
755,119 ounces of gold for 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 635,540 ounces of gold. The Company is actively
investigating and assessing multiple exploration targets on its
property. Please refer to the Company’s Updated Mineral Resources
Estimate for Buckreef Gold Project, dated May 15, 2020, for more
information.
Tanzanian Gold Corporation is advancing on three
value-creation tracks:
- Strengthening its balance sheet by
expanding near-term production to 15,000 - 20,000 oz. of gold per
year from the processing of oxide material from 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 property, Exploration Targets
and Mineral Resource base by: (i) identifying new prospects; (ii)
drilling new oxide/sulphide 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 verified the
data disclosed in this news release and has otherwise 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
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, recoveries, subsequent project
testing, success and viability 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, as amended, as filed 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 and mineral reserve 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.
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