Tanzanian Royalty Reports Excellent Gold Values From Drill Program On Buckreef Project In Tanzania

The Company is pleased to report additional assay results from the ongoing drill program on its Buckreef Gold Project in the Lake Victoria Goldfields of Tanzania.

The latest results confirm the dip continuity of multiple, sub-vertical mineralized zones and include some of the most impressive values reported to date from the East Porphyry target area which is located 800m east of Buckreef Main deposit. Detailed results are presented in the following table:
Hole ID   Sample Depth (m)   Width

(m)
 

Assay Gradeg/t
  Including
From   To
BMDD102 28.60 38.00 9.40 1.25 Includes 2.5m at 2.87g/t from 31.55m
  109.00 113.00 4.00 2.73 Includes 1m @6.11g/t from 111m
BMDD100B 7.00 10.25 3.25 4.56 Includes 2.25m@6.3g/t and 1.3m@1.5g/t
  209.00 211.00 2.00 2.68 Includes 0.7m @ 7.45g/t
BMRC531* 53.00 54.00 1.00 7.93  

*Buckreef footwall zone

The objective of the diamond drilling component in the current program is to determine the geological and structural framework of the East Porphyry prospect, while the RC drilling program is aimed at establishing the strike and down-dip continuity of mineralization identified in previous drill programs.

The RC results from the holes drilled in the Buckreef footwall and hanging wall targets also returned significant gold assays, confirming the strike and dip continuities of parallel zones adjacent to the main Buckreef zone.

“The latest results support our geological assumptions about the resource potential at Buckreef and will be integrated into our feasibility study for Buckreef in the New Year,” says Joseph K. Kahama, Chairman and Chief Operating Officer (Tanzania).

The Buckreef Project consists of four prospects, namely the historic Buckreef Gold Mine at the western limit of the project area, the Tembo and Bingwa prospects, and the Buziba prospect 20km to the east. The Eastern Porphyry prospect is located some 800m in the footwall of the Main Zone of the historic Buckreef mine which operated briefly as an underground gold producer.

Buckreef 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 g/t (954,000 oz); Inferred, 17.173 million tonnes grading 1.51 g/t (835,000 oz).

Analysis

Samples from the RC and diamond drill-holes were submitted to SGS Lab in Mwanza for 50g fire assay (FA) with AAS finish (0.01ppm LLD). Duplicates and Standards were inserted in the sample stream approximately every 20 samples. The average percentage of recovery core is 95%. Core sampling was done on 1m intervals with the core cut in half lengthwise using a diamond core cutter. Sample intervals of 1m or less but greater than 0.5m depended on geology. The planning, execution and monitoring of quality control programs at the Buckreef Gold project are under the supervision of Messrs. Charles Mnguto and Phillip Kaniki who are both registered Professional Geologists. Charles is the Head of Geology while Phillip is the Geology Resource Manager for Tanzanian Royalty

Qualified Person

The Company’s Qualified Person, Mr. Peter Zizhou, has reviewed and approved the contents of this news release. Mr. Zizhou is the General Manager (Exploration & Admin) of Tanzanian Royalty Exploration Corporation Limited. He has a Master of Science (Exploration Geology) degree from the University of Zimbabwe (2000) and is a registered scientist with SACNASP (Reg. No.400028/08).

Respectfully Submitted,Joseph KahamaChairman and Chief Operating Officer (Tanzania)

For further information, please contact Investor Relations at 1-800-811-3855Visit our website: www.TanzanianRoyalty.com

The Toronto Stock Exchange and NYSE Amex Equities have not reviewed and do not accept responsibility for the adequacy or accuracy of this release

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as “reserves”, “resources”, “geologic resources”, “proven”, “probable”, "measured", "indicated", or "inferred" which may not be consistent with the reserve definitions established by the SEC. U.S. Investors are urged to consider closely the disclosure in our SEC filings. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml

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.

Certain information presented in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Investors are referred to our description of the risk factors affecting the Company, as contained in our SEC filings, including our annual report on Form 20-F and Registration Statement on Form F-10, as amended, for more information concerning these risks, uncertainties, and other factors.

Copyright Business Wire 2010

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