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Tanzanian Royalty Announces Closing Of $30 Million Bought Deal Offering

Tanzanian Royalty Exploration Corporation (TSX: TNX; NYSE-Amex: TRX) (the “ Company”) is pleased to announce that it has closed a USD$30 million financing pursuant to an underwriting agreement with Casimir Capital Ltd. (the “ Underwriter”). The Company issued 5,263,158 units (the “ Units”) to the Underwriter on a bought deal basis at a price of US$5.70 per Unit, for distribution to the public in Canada and the United States.

Each Unit consists of one common share (“ Common Shares”) of the Company and one Common Share purchase warrant (“ Warrants”) exercisable at a price of US$6.25 per warrant share for a period of two years following closing of the Offering. In connection with the offering of the Units, the Company filed a short form prospectus in the Provinces of British Columbia, Ontario and Alberta and a registration statement in the United States under the multi-jurisdictional disclosure system.

The initial use of the funds will be for the completion of a Preliminary Economic Assessment and, subject to the results of the assessment, a Definitive Feasibility Study on the Company’s Buckreef Gold Project in Tanzania.

Buckreef is an advanced stage gold project with NI-43-101 compliant gold resources at a 0.5 g/t cutoff grade in the following categories: Measured, 5.176 million tonnes grading 2.05 g/t (341,000 oz); Indicated, 24.97 million tonnes averaging 1.19 g/t (954,000 oz); Inferred, 17.173 million tonnes grading 1.51 g/t (835,000 oz).

According to James E. Sinclair, President and CEO, “The Preliminary Economic Assessment for Buckreef that is currently underway will address the optimization of gold output at various production rates and the assumptions used in this analysis will constitute an exploration target that our geological staff can aim for. Based on what we see so far, management believes that full scale commercial gold production at Buckreef in the future could greatly exceed previously anticipated levels.”

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