Tanzanian Royalty Exploration (TRX)

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News of first gold pour! Tanzanian Royalty Exploration Corporation: Buckreef Gold Mine Pours Gold
1 hour 43 minutes ago - DJNF
Tanzanian Royalty Exploration Corporation: Buckreef Gold Mine Pours Gold

TORONTO, ONTARIO--(Marketwired - Feb 8, 2016) - Tanzanian Royalty Exploration Corporation (TSX:TNX)(NYSE MKT:TRX) (the "Company") is pleased to announce that its 55% owned Buckreef Re-Development Gold Project ("the Project") in the Republic of Tanzania has successfully completed its first gold pour.

Key Highlights Include:

Gold Pour. First gold has been poured from the pilot Carbon-in-Column process plant at the Project. The timing and amount of the pour of gold was not a decision of management but was done in response to a request made by the Deputy Minister of Energy and Minerals of Tanzania. As a show of reasonable willingness to cooperate on this non-contract item, we did what we preferred not to do - pour prematurely to proper market price. It is the opinion of management that in time the gold price will rise to at least $800 higher than it was at the time of the pour.

Plant construction/commissioning. The pilot CIC process plant is in the process of being de-commissioned and assimilated into a more flexible CIL process plant designed with an initial through put of 45,000 tonnes of mineralized material per month. The Company is in the process of completing a Feasibility Study (FS) with a view to targeting full-scale commercial gold production starting in the second half of this year. .

Civil Works. All civil works and steel erection site plans of the Buckreef Gold Mine CIL Plant Site have now been completed. Phase one of the Tailings Storage Facility ("TSF") penstock line will utilize the existing pilot heap leap pads that have sufficient storage for 18 months of operations. Work on actual construction of the CIL plant is scheduled to resume on phase two after the wet season.

Commenting on the Buckreef Gold Project's gold pour, James Sinclair, President and Chief Executive Officer of Tanzanian Royalty Exploration Corporation, said: "This is a significant milestone for Buckreef Gold Mine, the Company and the Republic of Tanzania as a whole, and is a culmination of a tremendous amount of hard work by the Company's employees and contractors through what have often been difficult and adverse conditions."

A photo gallery of the first gold pour at Buckreef Gold Mine is available below: (http://www.tanzanianroyalty.com/operational-updates/)

Other Highlights:

-- Five major mineralized zones identified with as significant resource

identified. According to the most recent 43-101 Technical Report Measured

and Indicated Resources amount to 60 million tonnes @ 1.26 g/t Au which

contain approximately 2.4 million ounces of gold. There are also several

Exploration Targets which have some resources in the Inferred Resources

category and some resources not yet classified which could amount to

approximately 25 to 35 million tonnes at approximately 1.08 to 1.20 g/t

Au that could contain approximately 800 thousand to 1.0 million ounces of

gold. As the 43-101 Report notes, these Exploration Targets require

additional drilling to upgrade resources to the Measured and Indicated

categories. The potential quantity and grade is conceptual in nature,

there has been insufficient exploration to define a mineral resource and

it is uncertain if further exploration will result in the target being

delineated as a mineral resource.

-- As of the 31st December 2015, operating management advises that heap

leach pads #1, #2 & #3 hold resources amounting to approximately 20,932t

@ 2.29g/t (1,542 ozs); 12, 944t @ 2.78g/t (1,156 ozs) and 12,088t @

3.64g/t (1,417 ozs) respectively. Operating management further advises

that:

-- As of the 31st December 2015, a total of approximately 73,710t @

1.39g/t (3,300 ozs) (HG & LG) is stockpiled at the ROMPAD

(excludes resources partially leached on heap leach pads).

-- The cumulative total mined to date (ROMPAD including resources

shifted to heap leach pads) as of 31st December 2015 is

approximately 119,726 tonnes averaging 1.86 g/t Au for a combined

global total of 7,161 ounces gold so far mined to date.

-- The flood pond and drainage works around the Buckreef South pit

will commence shortly to protect the mining pit from water ingress

during the approaching future wet seasons.

-- Mining activities continue to advance northern half of the South

pit with resources being stockpiled ready for processing.

-- Work is continuing to progress on the final designs of the new CIL

plant

-- Initial mine development targeted oxide & transition resource

material on the Buckreef South Prospect (SW-extension of Buckreef

Main Mega Pit).

-- Initial pilot pit design covers a deposit strike length of 300m.

James Sinclair, TRX President and CEO, further stated, "A tremendous amount of work has been accomplished at Buckreef during the past eight months, which is a credit to the talent, capability and focus of TRX management, staff, consultants and contractors who have worked as a close-knit team with the objective of achieving gold production as quickly and safely as possible. TRX and members of the local communities are looking forward to celebrating the mine commissioning in June this year."

Qualified Person

The qualified person for Tanzanian Royalty Exploration Corporation is Mr. Peter Zizhou, Acting General Manager, Exploration and Administration. Mr. Zizhou has a Master of Science (Exploration Geology) degree from the University of Zimbabwe (2000), is a registered scientist with SACNASP (Reg. No. 400028/08) and has reviewed and approved the contents of this news release.

Respectfully submitted,

James E. Sinclair, Chief Executive Officer