This Day On The Street
Continue to site
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

Tanzanian Royalty Receives NI-43-101 Compliant Resource Reports For Itetemia And Luhala Gold Projects In Tanzania

The Company is pleased to announce the receipt of a joint NI-43-101 compliant Technical Report for its Itetemia and Luhala gold projects in the Lake Victoria Goldfields of Tanzania. The full report will be filed on www.sedar.com.

Itetemia is an advanced-stage exploration project that was previously the subject of an option royalty agreement with a UK-based mining exploration company. (See News Release December 21, 2011). The Itetemia Project adjoins African Barrick’s Bulyanhulu gold mine, one of the largest gold producers in Tanzania.

The NI-43-101 report for Itetemia includes a Resource Summary for the Golden Horseshoe Reef (GHR) which was the subject of a preliminary economic study in August 2009 that examined and confirmed the technical feasibility of open pit mining employing various processing plant options.

Based on a 1.0 g/t cutoff grade, Itetemia has an Indicated Resource of 2,799,000 tonnes grading 2.96 g/t, representing 266,000 troy ounces and an Inferred Resource of 1,433,000 tonnes averaging 3.39 g/t, representing 156,000 ounces. Under the existing ownership structure, 90% of these resources will accrue to Tanzanian Royalty.

One of the Company’s priorities will be to update earlier studies for Itetemia in the context of higher gold prices. In addition the Company intends to prepare a revised geological model and pit design that will incorporate a lower cut-off grade along with a revised cost and capital estimate for commercial exploitation of the GHR resource.

“The prospects for Itetemia are virtually limitless given its proximity to an existing large scale mining operation and the infrastructure associated with it,” states the Company’s Chairman and COO, Joseph K. Kahama. “We intend to move aggressively to optimize this important asset for our shareholders and the people of Tanzania,” he adds.

The Luhala Project is an advanced stage exploration project where the exploration focus has been on the development of gold deposits on five anomalous hilltops. The mineralization at Luhala is stratabound and shear-zone hosted, with the Kisunge Hill, Shilalo West and Shilalo South Hills representing the areas of primary economic interest.

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
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs