News Feed Item

Tanzanian Royalty Announces Management Transition & Realignment to Best Serve Gold Mining Production Goals

Jeffrey R. Duval Named Acting Chief Executive Officer, James E. Sinclair Named Executive Chairman

TORONTO, ONTARIO -- (Marketwired) -- 03/20/17 -- Tanzanian Royalty Exploration Corporation (TSX: TNX)(NYSE MKT: TRX) (the "Company") is pleased to announce the appointment of Jeffrey R. Duval as Acting Chief Executive Officer. Prior to this appointment, Mr. Duval held the position of Vice President of Project Logistics in the Company since 2015. He is a licensed General Engineering Contractor with a previous quarter century history in corporate executive management, project development and project management for some large US construction firms.

Mr. Duval's management skills, efforts and involvement were instrumental in the Company obtaining the Special Mining License (SML) for the Buckreef Project from the Ministry of Energy and Minerals in Tanzania with a renewal term of ten (10) years. His strengths in international diplomacy and negotiations between the Company and STAMICO have achieved a good working relationship with the government of Tanzania. Among Mr. Duval's numerous achievements and contributions to the Company - he led the team overseeing the design, planning and development of the new Gravity/Carbon-In-Leach process plant presently planned at the Buckreef Project. "The new plant will establish a solid foundation for our initial production goals, and it's designed to allow us to add additional processing capacity as we grow our production in the future." Acting Chief Executive Officer Duval said. The Company's updated independent NI 43-101 compliant feasibility study is near to release due to his diligence and oversight in expediting the Company's compliances.

James E. Sinclair, who previously served as President and Chief Executive Officer since the Company was founded has become the Executive Chairman. Executive Chairman Sinclair said, "As we approach the most important point in our Company's history, we sought to realign and restructure our management team to maximize efficiency and utilize each member's proven skill sets. This will ensure that all of the Company's immediate and specific requirements and needs will be managed by the right expert with the proper authority and responsibility, and in the most timely manner. As Executive Chairman, I will continue to have an active role in the operations of the Company with an overall focus on corporate strategy and financial/investment matters." Sinclair continued, "Jeff Duval has the management expertise and industry skill sets to advance our corporate mining agenda to efficiently mine and produce gold as a commercial gold producer. Jeff has the talent, expertise and ability to bring the Company to new and extraordinary levels of success."

Mr. Duval is in the process of enhancing the final designs of the Company's production plant to improve efficiency to 4-5 times the initial designed plant capacity levels. The SML granted to the Company with a renewal period of ten (10) years, makes these enhancements vital. The renewal period of SMLs is directly related to the quantities of optimized and mineable reserves from the initial mineral resource base as reported and published in various NI-43-101 compliant reports on Buckreef Gold Project. The tenure is renewable at expiry as more resources are established through on-mine and around-mine exploration program as mining progresses. Extended renewal periods for mining licenses have a direct relationship to the anticipated longevity of the mine, and therefore the amount of gold to be mined expected to be mined, as per updating of the NI-43-101, during that renewal phase.

"I enthusiastically undertake this new role in the Company, and believe we are approaching a very exciting time for the gold mining industry. I am a significant shareholder in the Company and my qualifications in management and industry will assist me in serving the Company as we progress toward our impending and soon to be prosperous mining endeavors. It is my mandate from the Board of Directors and my personal objective to mine and produce as much gold as efficiently and expeditiously as possible," Mr. Duval said. "As a commercial gold producing Company we needed to diversify management into areas of specialization," Duval continued. "Mr. James E. Sinclair's leadership, dedication and financial expertise sustained the Company through challenging times in the gold market place, and he must be acknowledged and appreciated for all of his successes and accomplishments which preserved and enabled our Company for the coming prosperity," Duval concluded.

Mr. Duval returned last week from business travel to Tanzania to ensure matters of interest to the Company are proceeding in order. Although he is focusing and directing corporate matters for the continued success of the Buckreef Project, he is also examining opportunities for the development of Kigosi and Itetemia. He has a vision not only for the Buckreef Project but for the Company moving forward. "We believe in the vision Jeff has for the Company going forward to mine and process gold, and deliver tremendous value to our loyal shareholders. Jeff and I look forward to working together and providing updates as this exciting year unfolds for our Company," Sinclair concluded.


Tanzanian Royalty Exploration Corporation is a mineral resource company, which engages in the acquisition, exploration and extraction of gold and other natural resources in the United Republic of Tanzania, Africa. The Company, after successfully exploring for Gold has identified three development projects, Buckreef, Kigosi, and Itetemia. In early 2016 in conjunction with our first gold pour, the Company was deemed a commercial gold producer by the Tanzanian Government. The Company is presently focused on its Buckreef Gold Project located in North central Tanzania.

Further information can be found in the Company's 43-101 reports, which can be viewed together with other reports and updates on the Company homepage at: www.TanzanianRoyalty.com

Respectfully Submitted,

James E. Sinclair, President and CEO

Tanzanian Royalty Exploration Corporation

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

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.

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
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
"We do one of the best file systems in the world. We learned how to deal with Big Data many years ago and we implemented this knowledge into our software," explained Jakub Ratajczak, Business Development Manager at MooseFS, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
SYS-CON Events announced today that TechTarget has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets.
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
"Loom is applying artificial intelligence and machine learning into the entire log analysis process, from start to finish and at the end you will get a human touch,” explained Sabo Taylor Diab, Vice President, Marketing at Loom Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
SYS-CON Events announced today that Datanami has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datanami is a communication channel dedicated to providing insight, analysis and up-to-the-minute information about emerging trends and solutions in Big Data. The publication sheds light on all cutting-edge technologies including networking, storage and applications, and the...
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...
SYS-CON Events announced today that EnterpriseTech has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. EnterpriseTech is a professional resource for news and intelligence covering the migration of high-end technologies into the enterprise and business-IT industry, with a special focus on high-tech solutions in new product development, workload management, increased effi...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...