Tanzanian Royalty Announces Second Quarter Startup For Kabanga Nickel Program
Thursday February 15, 4:53 pm ET
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VANCOUVER, Feb. 15 /CNW/ - The Company is pleased to announce that a decision has been made to commence work on its extensive nickel holdings in Tanzania during the second quarter of 2007. The decision coincides with an announcement by Xstrata and Barrick to proceed with a pre-feasibility study for their Kabanga Nickel Project which is situated within the same belt of rocks that hosts Tanzanian Royalty's nickel licenses.
"The spectacular grade and size potential of the Xstrata-Barrick Kabanga project speaks to the exploration potential of this world-class nickel belt which from an exploration standpoint has barely been touched," said Tanzanian Royalty Chairman and CEO, Jim Sinclair.
"Without a doubt, the timing of our acquisition program in the Kabanga Nickel Belt was fortuitous and the decision by Xstrata-Barrick to proceed to the next stage of development at Kabanga will undoubtedly focus world attention on the entire belt."
The Kabanga nickel deposit was discovered by the United Nations during the 1970s following a comprehensive geochemical and geophysical program that identified a chain of coincident airborne magnetic and geochemical anomalies within a 20-30 kilometre wide northeasterly trending belt that extends for over 200 kilometres from Burundi in the south, through western Tanzania, to Uganda in the north.
In 2004, Tanzanian Royalty recognized that base metal prices were set to move substantially higher and applied for open ground within the Kabanga belt that was considered to be a favorable host for magnetic anomalies.
The Company's seven prospecting licenses represent a combined area of 4,434 square kilometers within the Kabanga nickel belt. One of the Company's prospecting licenses is located within a zone of two parallel magnetic highs that extends down to the Kabanga Nickel deposit, while another license hosts a 50 kilometre long magnetic anomaly with a geophysical signature of similar intensity to Kabanga. Moderate nickel-in-soil anomalies are evident on some of the properties as well.
Respectfully Submitted,
"James E. Sinclair"
James E. Sinclair
Chairman and Chief Executive Officer
The Toronto Stock Exchange and American Stock Exchange 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 permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as "measured", "indicated", and "inferred" "resources" that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-50634, which may be secured from us, or from the SEC's website at sec.gov.
For further information
Investor Relations at 1-800-811-3855
Visit our website: www.TanzanianRoyaltyExploration.com
Source: Tanzanian Royalty Exploration Corporation |
