This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Tanzanian Royalty Signs Definitive Joint Venture Agreement That Will Facilitate Development Of Buckreef Gold Project

Tanzanian Royalty Exploration Corporation (TSX: TNX / AMEX: TRX) is pleased to announce that it has entered into a Definitive Joint Venture Agreement with the State Mining Corporation of Tanzania (Stamico) for the development of the Buckreef Gold Project in Tanzania.

Buckreef is located in the prolific Lake Victoria Goldfields of northern Tanzania within the Rwamagaza Greenstone Belt. Major gold producers in the region include AngloGold Ashanti’s Geita mine (18M Oz), the largest gold producer in Tanzania which is located 30 kilometres to the northeast of Buckreef, and African Barrick’s Bulyanhulu gold mine (12M Oz) which is situated 60 kilometres to the southeast.

The Buckreef Project contains National Instrument 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 t/g (954,000 oz); Inferred, 17.173 million tonnes grading 1.51 g/t (835,000 oz).

Through its wholly-owned subsidiary, Tanzanian American International Development Corporation 2000 Limited (Tanzam), the Company will hold a 55% interest in the joint venture company, Buckreef Gold Company Limited, with Stamico holding the remaining 45%.

At a public signing ceremony attended by invited dignitaries and the media in Dar es Salaam on October 25, 2011, the Honourable William Mganga Ngeleja, Tanzanian Minister for Energy and Minerals, told the gathering: “Today, I am most delighted to witness this historic event of the signing of the Joint Venture Agreement for the Re-development of Buckreef Gold Mine between Stamico and Tanzam.”

Responding to the minister, James E. Sinclair, the President and CEO of Tanzanian Royalty, stated that the agreement represents “a new model” with respect to how international mining companies conduct business in mineral rich countries in the developing world.

“Our policy has always been to empower Tanzanians to create their own future and we take great pride in the fact that our corporate, professional and support staff in Tanzania are indigenous to the region.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,288.63 +155.93 0.86%
S&P 500 2,117.39 +12.89 0.61%
NASDAQ 5,008.0960 +44.5690 0.90%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs