TanGold Announces Board and Management Change
January 21 2021 - 05:05PM
Tanzanian Gold Corporation (TSX: TNX) (NYSE American: TRX) (TanGold
or the Company) announces the resignation of Ulrich Rath from the
Company’s Board of Directors. We wish Mr. Rath tremendous success
in his future endeavors.
Mr. Andrew Cheatle, another Director of the
Company, has stepped into the role occupied by Mr. Rath and will
lead the Company’s Technical Committee going forward.
Respectfully Submitted,
James E. SinclairExecutive Chairman
About Tanzanian Gold
Corporation
TanGold 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. An ongoing drill program has, to date, more than doubled
the size of Measured and Indicated Mineral Resources to include
2.04 million ounces of gold. Exploration Targets determined in
accordance with NI 43-101 standards have the potential to add up to
another 2.0 million ounces of gold (see press release dated June
24, 2020). The Company commenced initial test production from oxide
ore in June 2020 at an oxide test plant and is now anticipating
government approval for an expanded (oxide) plant.
TanGold 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 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, targeting annual
gold production of 150,000 to 175,000 oz.; and
- 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.
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
Find us on Social Media.
LinkedIn
https://www.linkedin.com/company/tanzanian-gold-corporation
Twitter
https://twitter.com/TanzanianGold
Facebook
https://www.facebook.com/tanzaniangold
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
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, include, but are not limited to, that
Buckreef’s updated mine plan and amendments to the JV Agreement
will be approved, and 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
Form 6-K, for more information concerning these risks,
uncertainties, and other factors.
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