Tanzanian Royalty Files Preliminary 43-101 Compliant Technical Report for Kigosi Gold Project in Tanzania
Tue May 5, 1:58 PM
ca.news.finance.yahoo.com
SOUTH SURREY, British Columbia--(BUSINESS WIRE)--Tanzanian Royalty is pleased to announce that a preliminary National Instrument 43-101 compliant Technical Report has been completed for its Kigosi Gold Project in Tanzania. Kigosi is one of 17 projects the Company now has underway in Tanzania.
Based on the results of this report, the Company intends to proceed with a resource calculation for the Luhwaika and Igunda prospects which have been the focus of exploration activities at Kigosi to date.
Venmyn Rand (Pty) Ltd., an independent consulting firm from South Africa, was awarded the contract for the comprehensive resource report in February of this year. Their report will take into account 519 RC (Reverse Circulation) drill holes, 15 diamond drill holes and will include the following key elements:
* a block model of the grade of gold resources
* volume calculations for gold resources
* a grade tonnage curve for gold resources
The two exploration areas to be addressed in the report, Luhwaika and Igunda, comprise a relatively small portion of the Kigosi property which consists of 39 prospecting licenses and applications covering some 1,092 square kilometres.
Given the broad distribution of gold values at Kigosi and the well-established association of gold deposits with structural features, the Company believes there is a high probability of discovering additional gold deposits on the Kigosi property along major trend lines.
With exploration activities to date focusing on Luhwaika and Igunda along with regional biogeochemistry and soil geochemistry programs, Tanzanian Royalty wishes to emphasize that for the vast majority of the project area no previous exploration activity had taken place prior to the Company securing the prospecting licenses.
Future exploration programs will include aggressive exploration on the mineralized surface gravels at Kigosi plus follow-up work on regional soil and biogeochemistry targets. Any specific exploration work (including drilling) recommended by Venmyn in its 43-101 compliant resource report will be addressed in a timely fashion said the Company’s Chairman and CEO, James E. Sinclair.
The evaluation of surface gravels at Kigosi is being undertaken with a view to assessing the potential for low cost open pit production and cash flow which would then be employed to develop the property on a larger scale.
“This was a time-tested practice during the evolution of some of the world’s largest gold producers,” noted Sinclair, who predicted that “conventional wisdom” was certain to make a comeback after the recent meltdown in global financial markets.
While Tanzanian Royalty’s primary business model is that of a royalty company, the Company’s immediate plans are to develop Kigosi in-house to optimize its value for shareholders, he said.
The qualified persons who signed the preliminary Technical Report are John Deane, Pr.Sci.Nat President of Tanzanian Royalty and Peter Zizhou, Pr.Sci.Nat Senior Project Geologist Tanzanian Royalty. Mr. Deane and Mr. Zizhou have reviewed and approved this release.
The full technical report will be posted on SEDAR at sedar.com and on the Tanzanian Royalty website at tanzanianroyalty.com.
Respectfully Submitted,
James E. Sinclair
Chairman and Chief Executive Officer
For further information, please contact Investor Relations at 1-800-811-3855
Visit our website: www.TanzanianRoyaltyExploration.com
The Toronto Stock Exchange and NYSE Alternext US LLP 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 Form 20-F, File No. 001-32500. You can review and obtain copies of these filings from the SEC's website at sec.gov.
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 Form 20-F, File No. 001-32500, for a more information concerning these risks, uncertainties, and other factors.
Tanzanian Royalty Exploration Corporation
Connecticut Office:
Tel: (860) 364-1830
Fax: (860) 364-0673
or
Vancouver Office:
Toll Free: 1-800-811-3855
Tel: (604) 536-7873
Fax: (604) 536-2529
investors@TanzanianRoyaltyExploration.com
www.TanzanianRoyaltyExploration.com |
