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| | Tue Nov 24, 2009
Tanzanian Royalty Announces $3.14 Million Financing For Evaluation Program at Kigosi Gold Project
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| | Tanzanian Royalty is pleased to announce a $3.14 million private placement comprising 1,155,835 shares through two European investment funds.
Proceeds from the financing will be used to evaluate and develop the Company's Kigosi Gold Project in the Lake Victoria Goldfields of Tanzania where significant quantities of near surface, gold-bearing gravels have been indicated in several phases of RC drilling.
According to James E. Sinclair, Chairman and Chief Executive Officer, "Our immediate plans for 2010 include the bulk sampling of surface gravels at Kigosi, with a view to developing the property's larger scale potential on a staged basis over the next few years."
"This is a time tested way of developing a gold project and in fact most of the world's historic mining camps have been developed on this basis. It reduces risk to shareholders and preserves the value of the asset for investors," he said.
Budgets for equipment purchases have been approved and the Company's in-house technical staff are completing the equipment selection process for the bulk sampling plant and delivery times to the Kigosi site.
The private placement common shares are subject to certain mandated hold periods and the certificates representing such shares are legended accordingly. No warrants, options or other rights have been issued or granted in connection with the placement. The private placement is subject to regulatory approval.
"James Sinclair"
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 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 Form 20-F, File No. 001-32500. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml.
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 more information concerning these risks, uncertainties, and other factors. |
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| | You can view the Next News Releases item: Tue Dec 22, 2009, Tanzanian Royalty Announces Closing of $3.14 Million Financing
You can view the Previous News Releases item: Mon Nov 16, 2009, Tanzanian Royalty Announces Completion of 43-101 Report For Kibara Mineral Project in Northern Tanzania. The 43-101 compliant technical report has been filed on SEDAR. (<html><a href="/i/pdf/Kibara43-101.pdf" target="_blank">Click here</a></html>)
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