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
TheStreet Open House

Tanzanian Royalty Comments On Past Disclosure

Stock quotes in this article: TRX

As a result of a review by the British Columbia Securities Commission, Tanzanian Royalty Exploration Corporation (TSX: TNX; NYSE-MKT: TRX) (the “ Company”) is issuing this news release to clarify our disclosure.

Further to the Company’s press release on April 25, 2012, the Company filed a National Instrument 43-101 (“NI 43-101”) Preliminary Economic Assessment of the Buckreef Gold Mine Re-Development Project in Tanzania prepared by Venmyn Independent Projects (Pty) Limited (the “ PEA”). While both the Company and Venmyn worked as expeditiously as possible to finalize the report, the report was filed on June 20, 2012, more than 45 days after the date of the press release. The economic analysis in the report was carried out on measured, indicated and inferred resources. The April 25, 2012 press release inadvertently neglected to include the following cautionary language: the preliminary economic assessment is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.

At the request of the British Columbia Securities Commission, the PEA was updated and a revised PEA was filed on August 24, 2012. The PEA was updated (i) to indicate that the Company entered into a joint venture agreement in October 2011 with the State Mining Corporation of Tanzania (Stamico) with regards to the Buckreef project and to clarify that a definitive agreement relating to the Busolwa Prospect has not yet been reached; (ii) to include a note to the Mineral Resources table in the Executive Summary section to indicate that the Mineral Resource estimate excludes historical production and to provide additional detail regarding Venmyn’s review of historical information and the work completed by Venmyn in respect of Busolwa; and (iii) to restate the economic analysis section of the PEA using a base case gold price of US $1500/oz, and to include additional gold price sensitivity disclosure in the economic analysis section, as follows:

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,823.88 -219.02 -1.29%
S&P 500 1,949.80 -22.49 -1.14%
NASDAQ 4,428.10 -65.29 -1.45%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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