TORONTO, July 5, 2017 /PRNewswire/ - Tanzanian Royalty
Exploration Corporation (hereinafter, the "Company" or "Tanzanian
Royalty") (TSX: TNX) (NYSE MKT: TRX) announces that it is not
effected by legislative trends in Tanzania.
Jim Sinclair co-authored a book
titled "BOOM," written in the 1990s with Mr. F. Vogl, former Director of Communications for
the World Bank. "Boom" outlines the authors' prediction for the
economic development of China,
Tanzania and India as those countries move into the modern
Global economy. Many of the legislative changes presently proposed
in Tanzania (and elsewhere) were
outlined in the book. The authors' premise, which is being borne
out in present legislative trends, states that to participate in
the development of a foreign economy investing companies must enter
into mutually beneficial contracts.
"The proposed changes appear to be an action to gain a fair
share of the financial rewards for the people and nation of
Tanzania while still providing
incentives to the investors. The proposed legislation is not
nationalization," stated James E.
Sinclair, Executive Chairman.
The Company executed a joint venture contract granting 45% for
STAMICO, the State Mining Company, and 55% for the Company as
investor. The Company carried all the costs for the Buckreef
Project up front. These front end costs of production shall be
reimbursed out of production.
Tanzanian Royalty paid US$3,000,000, non-refundable up front, for the
privilege of operating in Tanzania.
Public Companies are required to comply with reporting
regulations. Reporting is necessary for transparency. Reporting
transparency is required not only for all exploration results but
also for all economic and mineral information published on the
Canadian and USA government
regulatory sites, SEDAR & EDGAR.
To date, the Company has invested Cdn. $21,981,125 in the Buckreef Gold Project.
The value of the Buckreef project and Stamico's interest has
been significantly improved as outlined in the National Instrument
43-101 Report filed on SEDAR and Edgar and is available by
hyperlink from the Company's website at
http://www.tanzanianroyalty.com/.
"We believe the Company is in total compliance with all mining
standards. Any issues of the past were settled and resolved. There
are no outstanding differences or disputes between the government
of Tanzania and the Company. Our
arrangement with the Tanzanian government should be a role model
for the entire industry. We also take great comfort in the various
economic and investor protection Treaties in place between
Tanzania and Canada," Sinclair concluded.
ABOUT TANZANIAN ROYALTY EXPLORATION CORPORATION:
Tanzanian Royalty Exploration Corporation is a mineral resource
company, which engages in the acquisition, exploration and
extraction of gold and other natural resources in the United
Republic of Tanzania, Africa. The Company, after successfully
exploring for Gold has identified three development projects,
Buckreef, Kigosi, and Itetemia. In early 2016 in conjunction with
our first gold pour, the Company was deemed a commercial gold
producer by the Tanzanian Government. The Company is presently
focused on its Buckreef Gold Project located in North central
Tanzania.
James E. Sinclair
Executive Chairman
The Toronto Stock Exchange and NYSE Amex Equities have not
reviewed and do not accept responsibility for the adequacy or
accuracy of this release
Cautionary Note Regarding Forward-looking
Statements
Certain of the statements made herein may contain
forward-looking statements or information within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws. Often, but not always,
forward-looking statements and forward-looking information can be
identified using words such as "plans", "expects", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", or "believes" or the negatives thereof or variations
of such words and phrases or statements that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved. Forward-looking statements or
information herein include, but are not limited to the mineable
ounces of gold on the Buckreef Project; the life of mine at
the Buckreef Project, estimated capital costs, anticipated grades
and recoveries, results of future exploration work, expected net
present value, future operating costs, plant and pit construction
and design parameters, as well as other anticipated outcomes set
forth in the forth in the Company's Mining Reserve Estimate and
Economic Feasibility Study dated effective April 27, 2017.
Forward-looking statements and forward-looking information by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. We have made certain assumptions
about the forward-looking statements and information and even
though our management believes that the assumptions made and the
expectations represented by such statements or information are
reasonable, there can be no assurance that the forward-looking
statement or information will prove to be accurate.
Furthermore, should one or more of the risks, uncertainties or
other factors materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
in forward-looking statements or information. These risks,
uncertainties and other factors include, among others, the
following: gold price volatility; discrepancies between
actual and estimated production, mineral reserves and resources and
metallurgical recoveries; mining operational and development risk;
litigation risks; regulatory restrictions, including environmental
regulatory restrictions and liability; risks of sovereign
investment; currency fluctuations; speculative nature of gold
exploration; global economic climate; dilution; share price
volatility; competition; loss of key employees; additional funding
requirements; and defective title to mineral claims or property, as
well as those factors discussed in the sections entitled
"Forward-Looking Statements" and "Risk Factors" in the Company's
Annual Information Form 20-F dated November 25, 2016.
There can be no assurance that forward-looking statements or
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, you should not place undue reliance
on the forward-looking statements or information contained
herein. Except as required by law, we do not expect to update
forward-looking statements and information continually as
conditions change and you are referred to the full discussion of
the Company's business contained in the Company's reports filed
with the securities regulatory authorities in Canada and the U.S.
Cautionary Note Regarding Mineral Reserves and Mineral
Resources
The terms "Mineral Reserve", "Proven
Mineral Reserve" and "Probable Mineral Reserve" used in this
release are Canadian mining terms as defined in accordance with
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects under the guidelines set out in the Canadian Institute of
Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral
Resources and Mineral Reserves, adopted by the CIM Council on
August 20, 2000 as may be amended
from time to time by the CIM. These definitions differ from
the definitions in the United
States Securities Exchange Commission ("SEC") Guide 7.
In the United States, a mineral
reserve is defined as a part of a mineral deposit which could be
economically and legally extracted or produced at the time the
mineral reserve determination is made.
The terms "Mineral Resource", "Measured Mineral Resource",
"Indicated Mineral Resource", "Inferred Mineral Resource" used in
this release are Canadian mining terms as defined in accordance
with National Instruction 43-101 – Standards of Disclosure for
Mineral Projects under the guidelines set out in the CIM Standards.
Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability.
For a detailed discussion of Buckreef resource and reserve
estimates and related matters see the Company's reports, including
the Annual Information Form and Form 20-F dated November 25, 2016 and technical reports filed
under the Company's name at our website at:
http://www.tanzanianroyalty.com/.
SOURCE Tanzanian Royalty Exploration Corporation