Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) (TanGold,
TRX or the Company), would like to congratulate its founder, James
E. Sinclair on recently turning 80 years old, and announce that Mr.
Sinclair has retired as Executive Chairman to continue service as
Chairman of the Board of Directors for the Company.
TanGold has had the privilege of being founded
and directed since 2000 by the leadership of the renowned James E.
Sinclair. It is with profound gratitude that the Company
acknowledges his contribution to the present success and long-term
resilience of our enterprise. The Company is on the path to further
achievements which stem from the foundation created by Mr.
Sinclair.
Mr. Sinclair is well known in gold, mining, and
commercial markets. He has been known and respected fondly as “Mr.
Gold” since he boldly and accurately predicted the price of gold
would rise from $150 per troy ounce in 1977 to $900 per troy ounce.
The price of gold in 1980 fell just short of his now famous
prediction. He has had a stellar career as a precious metals
specialist, market maker, and commodities and foreign currency
trader. He was the original founder and explorer of the Bulyanhulu
mine through Sutton Resources, which has been one of the most
productive gold mines in Tanzania. Jim is known for the successful
Sinclair companies which have operated around the globe and was the
individual who liquidated the Hunt’s precious metals position in
the 1980’s. He has authored numerous books, magazine and newspaper
articles regarding a variety of investment topics, including
precious metals, trading strategies, geopolitical events and their
relationship to global economics, and markets. He is also a
sought-after commentator on these subjects for media
interviews.
“I have had a love affair with gold, mining and
the financial markets for over 60 years since I was kid. I remember
fondly working with my father, the late Bert Seligman in my teenage
years. My deep affection for our Company and Tanzania is profound.
The Company has been my mission since 2000, and I now feel that my
major part of this mission is accomplished. The new management team
at TanGold have my absolute confidence to move our Company forward
and I welcome working with them. This is an exciting time for
TanGold, as the Company moves forward the Buckreef Project in
conjunction with our joint venture partner, Stamico. It is time for
me to work with the new executive team as we move steadily toward
our greater success. It is gratifying to have accomplished this
achievement.” said James E. Sinclair, Chairman of the Board of
Directors.
What is perhaps less well known is Mr.
Sinclair’s philanthropy, socio-political and economic activism in
support of Tanzania and elsewhere in the world. Philanthropy is a
key part of his life and purpose, however, he has often downplayed
this. He is sometimes uncomfortable discussing his giving and
preferred to give through charities. Through various charitable
organizations the Sinclair family have given to various causes over
the last three decades, including but certainly not limited to: (i)
building roads and providing means of potable water to remote areas
in Tanzania and elsewhere; (ii) building the first state of the art
hospital in Bulyanhulu; (iii) providing private funding grants for
Tanzanian citizens to attend college abroad; (iv) provided
equipment and supplies for school children; (v) providing maize
mills and other equipment for several communities; and (vi)
rebuilding a major hospice and orphanage on the Burundi / Tanzanian
highway. His contributions have also been evidenced by the terms of
the joint venture agreement between the Company and Stamico, the
agent in Tanzania for mining endeavours, and specifically the 55% -
45% shareholding for the Company and Stamico, respectively.
“On behalf of the entire Company, we
congratulate Mr. Sinclair on turning 80 and would like to take this
opportunity to thank Mr. Sinclair for his invaluable services and
executive management. We look forward to working with him going
forward as he continues his dedicated service as Chairman of the
Board of Directors” said Stephen Mullowney, CEO.
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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