07:41:37 EDT Fri 29 Mar 2024
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Tanzanian Royalty Exploration Corp
Symbol TNX
Shares Issued 119,411,258
Close 2017-07-05 C$ 0.56
Market Cap C$ 66,870,304
Recent Sedar Documents

Tanzanian unfazed by legislative trends in Tanzania

2017-07-05 14:14 ET - News Release

Mr. James Sinclair reports

BUCKREEF GOLD PROJECT SUPPORTS PROPOSED LEGISLATIVE TRENDS IN TANZANIA

Tanzanian Royalty Exploration Corp. says it is not affected by legislative trends in Tanzania.

Jim Sinclair co-authored a book titled Boom, written in the 1990s with F. Vogl, former director of communications for the World Bank. Boom outlines the authors' prediction for the economic development of China, Tanzania and India as those countries move into the modern global economy. Many of the legislative changes presently proposed in Tanzania (and elsewhere) were outlined in the book. The authors' premise, which is being borne out in present legislative trends, states that, to participate in the development of a foreign economy, investing companies must enter into mutually beneficial contracts.

"The proposed changes appear to be an action to gain a fair share of the financial rewards for the people and nation of Tanzania while still providing incentives to the investors. The proposed legislation is not nationalization," stated James E. Sinclair, executive chairman.

The company executed a joint venture contract granting 45 per cent for Stamico, the state mining company, and 55 per cent for the company as investor. The company carried all the costs for the Buckreef project up front. These front-end costs of production shall be reimbursed out of production.

Tanzanian Royalty paid $3-million (U.S.) (non-refundable) up front for the privilege of operating in Tanzania.

Public companies are required to comply with reporting regulations. Reporting is necessary for transparency. Reporting transparency is required not only for all exploration results, but also for all economic and mineral information published on the Canadian and U.S. government regulatory sites, SEDAR and EDGAR.

To date, the company has invested $21,981,125 in the Buckreef gold project.

The value of the Buckreef project and Stamico's interest have been significantly improved as outlined in the National Instrument 43-101 report filed on SEDAR and EDGAR and available by hyperlink from the company's website.

"We believe the company is in total compliance with all mining standards. Any issues of the past were settled and resolved. There are no outstanding differences or disputes between the government of Tanzania and the company. Our arrangement with the Tanzanian government should be a role model for the entire industry. We also take great comfort in the various economic and investor protection treaties in place between Tanzania and Canada," concluded Mr. Sinclair.

About Tanzanian Royalty Exploration Corp.

Tanzanian Royalty Exploration is a mineral resource company that 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 its 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.

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