As a result of a review by the British Columbia Securities Commission, Tanzanian Royalty Exploration Corporation (TSX: TNX; NYSE-Amex: TRX) (the “ Company”) is issuing this news release to clarify certain aspects of past resource disclosures pertaining to the Buckreef project.
In a news release dated April 15, 2011, the Company reported a resource estimate for its Buckreef project area that included measured mineral resources of 303,000 ounces; indicated mineral resources of 730,000 ounces; and inferred mineral resources of 960,000 ounces. Pursuant to an amended and restated technical report dated June 30, 2011, prepared in compliance with National Instrument 43-101 (NI 43-101) and filed by the Company on SEDAR, the mineral resource estimate for the Buckreef project area has been adjusted slightly as set out in the following table:
Summary NI 43-101 Compliant Mineral Resources of the Buckreef Project (0.5g/t Au Cut-off) – June 2011
|DEPOSIT||MEASURED||INDICATED||INFERRED||MEASURED & INDICATED|
|Tonnes(Mt)||AuGrade(g/t)||ContainedAu (Moz)||Tonnes(Mt)||AuGrade(g/t)||ContainedAu (Moz)||Tonnes(Mt)||AuGrade (g/t)||ContainedAu (Moz)||Tonnes(Mt)||AuGrade(g/t)||ContainedAu (Moz)|
These resources occur within four principal zones on the project: Buckreef, Tembo, Bingwa and Buziba. In accordance with the recommendations contained in the amended and restated technical report, the Company plans to undertake a preliminary economic assessment of the Buckreef project, and if such assessment is favourable, to proceed to a definitive feasibility study.
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