Click here to close now.




















Welcome!

News Feed Item

Tanzanian Royalty Announces a 121% Increase at the Buckreef Main Prospect and a 39.2% Increase for the Entire Buckreef Project, in Oz Contained in the Measured and Indicated Category

Total Measured and Indicated Resources Now Contain Approximately 2.4 Million Ounces

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/16/14 -- Tanzanian Royalty Exploration Corporation (TSX: TNX)(NYSE MKT: TRX) -

Tanzanian Royalty is pleased to provide an updated resource estimate ("Estimate") for the Buckreef Project which has incorporated the results of the drilling program completed in late 2012. The Estimate has been prepared by Venmyn Deloitte (Pty) Ltd. ("Venmyn Deloitte") and is in compliance with National Instrument 43-101 (NI 43-101).

The Buckreef Project consists of two areas: the BRMA (Buckreef Mining Area) and the BZMA (Buziba-Busolwa Mining Area). As previously reported, together these two areas had an aggregate NI43-101 compliant Mineral Resource at a 0.5 g/t Au cut-off grade of Measured Mineral Resources containing 341,000 ounces; Indicated Mineral Resources containing 1,401,000 ounces; and Inferred Mineral Resources containing 987,000 ounces. Aggregate Measured and Indicated Mineral Resources for the two areas at a 0.5 g/t Au cut-off grade contained 1,742,000 ounces of gold.

The aggregate Estimate for the two areas announced today at a 0.5 g/t Au cut-off grade, (with changes in brackets) amounts to Measured Mineral Resources containing 577,500 ounces (+ 236,500 oz; +69.4%); Indicated Mineral Resources containing 1,848,000 ounces (+ 447,000 oz; +31.9%); Inferred Mineral Resources containing 824,000 ounces (-163,000 oz; -16.5%). Aggregate Measured and Indicated Mineral Resources for the two areas at a 0.5 g/t Au cut-off grade contained 2,425,500 ounces of gold (+683,500 oz; +39.2%).

All the changes between the previous mineral resource estimate and the updated mineral resource Estimate are in the BRMA area, as this was the focus of the 2012 drilling program. The Mineral Resource estimate for the BZMA area is unchanged from the previous mineral resource estimate. The BZMA will likely be the focus of a future drilling program.

Details of the previous and updated mineral resource estimates for the BRMA area are set out in the tables below.

To view tables visit the following link: http://media3.marketwire.com/docs/tables_TNX.jpg

As can be seen in the tables above, one of the largest changes between the previous and updated Mineral Resource Estimate for the BRMA area is the improved geological confidence and resultant upgrade in classification categories at Buckreef prospect as well as the definition of a new Mineral Resource in the Eastern porphyry prospect. Measured and indicated resources for the Buckreef prospect contain 1,087,000 ounces compared to 563,000 ounces previously estimated, an increase of 683,500 ounces or approximately 121.4%.

The Company intends to file a NI 43-101 Independent Technical Report for the updated Mineral Resource Estimate for the BRMA within 45 days of the date of this news release.

According to James E. Sinclair, President and CEO, "These encouraging results have increased our confidence in the development potential of the entire Buckreef Project, including the BZMA prospect now targeted for additional drilling. I am impressed by the depth and width of the drilling intercepts, which are characteristic of the more successful projects in Tanzania and will enhance the project's profile within the industry. As a consequence of the new resource estimate, we have initiated the process of de-watering the historical underground Buckreef mine for bulk sampling purposes. The Company congratulates its capable geological team on this achievement."

Qualified Person

Venmyn Deloitte (Pty) Limited was appointed by Tanzanian Royalty to independently review the updated mineral resource estimate and to compile a 43-101 compliant Independent Technical Report on the updated mineral resource estimate. The Qualified Persons are F. Harper B.Sc Hons (Geol), Pr Sci Nat; MGSSA and A.N.Clay M.Sc (Geol),M.Sc (Min. Eng), Dip.Bus.M, Pr Sci Nat, MSAIMM, FAusIMM, FGSSA, IOD, SPE, CIMMP, MPMI, and Dale Richards all of whom were full-time employees of Venmyn Deloitte.

Respectfully Submitted,

James Sinclair, President and Chief Executive Officer

The Toronto Stock Exchange and NYSE MKT LLC 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.

Form 20-F, File No. 001-32500

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...