Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) (TanGold
or the Company) operating through its wholly owned subsidiary in
Tanzania (Tanzam2000), and its joint venture partner, The State
Mining Company (STAMICO), is pleased to announce Senior Management
changes at Buckreef Gold Company Ltd. (Buckreef).
The Company is pleased to announce that Isaac
Bisansaba and Gaston Mujwahuzi have been appointed as Co-Acting
General Managers for Buckreef, on an alternating basis. Mr.
Bisansaba and Mr. Mujwahuzi will be directly responsible for
monitoring and improving the mining and processing operations at
Buckreef. Mr. Bisansaba has a BS.Geo, Masters in Mining
Engineering, Mineral Resources Evaluation, and twenty years of
experience in the gold mining industry. Mr. Mujwahuzi has a BS,
Mineral Processing Engineering, and over sixteen years of
experience in the gold mining industry. Collectively, their
experience encompasses all aspects of our gold mining operations,
including managing mining, process plant and exploration
activities. Their prior experience includes roles with AngloGold
Ashanti, Barrick Gold, Teranga Gold, PanAust Limited and various
consulting firms. Together, they possess the knowledge and
experience the Company requires going forward, as well as strong
team leadership capabilities for safe, smooth and ongoing
management of on-site operations.
“We are pleased to announce Isaac and Gaston as
Acting General Managers at Buckreef, and I am delighted that they
have enthusiastically accepted their new roles. These new
appointments to Buckreef’s general management team help support our
objectives for continuously improving mining, plant and exploration
operations and are vital to our continued success. We also take
this opportunity to thank Peter Zizhou for his past services and
wish him the very best in all of his future endeavours,” Andrew M.
Cheatle, Chief Operating Officer, said. Mr. Cheatle is currently in
Tanzania overseeing the executive management changes.
The Company is in the process of updating all
levels of administration and operations for Buckreef, and a meeting
of the Board of Directors of Buckreef is pending to change the
Tanzam2000 nominees to the Board to better reflect the new
management team at TanGold. The Company, in conjunction with
STAMICO, will begin to identify an experienced and suitable
candidate for the position of General Manager at Buckreef as per
the requirements of the Buckreef joint venture and articles.
“Changes to the Board of Directors at Buckreef
are necessary in order to fully align the Company’s interests in
Buckreef with the new vision for the Company being implemented by
the new executive management at TanGold. Our action plan requires
disciplined coordination at all administrative and operational
levels for effective and sustained progress. We are excited for
these needed and all-important changes which will update every
level of administrative involvement in advancing our stakeholders
short term objectives and long term goals. We welcome Isaac and
Gaston to the senior management team in Tanzania in working toward
the advancement of our collective goals at Buckreef. We also look
forward to working with our joint venture partner STAMICO to
identify an experienced and qualified person for the position of
General Manager,” said Stephen Mullowney, Chief Executive
Officer.
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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