Tanzanian Royalty Exploration Corporation (TSX:TNX)(NYSE MKT LLC: TRX) is pleased to announce that having concluded the selection process, they have informed Consulmet Metals (Pty) Limited of South Africa (“Consulmet”) of the award of the contracts for Kigosi and Bingwa/Tembo for plant construction and management on a turnkey basis. Bingwa and Tembo are prospects located within the area covered by the Buckreef Mining Licence.
The Company is adequately financed to begin construction on the properties and there will be no equity or debt offering, and no forward sale of gold, in order to launch these projects.
Consulmet is a Tier 1 project engineering firm with extensive experience in the construction and development of gold projects around the world, including Africa. Consulmet will provide all necessary services to support the design, supply and construction of the modular plants and mineral processing solutions at the Kigosi and Bingwa/Tembo projects on a turnkey basis, including plant design, fabrication, project management and process engineering.
The Company is further looking forward to finalizing a new resource upgrade model relating to the recent successful drilling program on the Buckreef prospects as early as possible this summer.
Respectfully submitted,James SinclairPresident and CEO
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This news release contains certain forward-looking statements and forward-looking information. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to-time with the British Columbia, Alberta and Ontario provincial securities regulatory authorities.