Andrew Cheatle Appointed COO and Mine Plan Update Approved
Andrew Cheatle Appointed COO and Mine Plan Update Approved
FOR IMMEDIATE RELEASE – February 8, 2021
TORONTO, February 8, 2021 (GLOBE NEWSWIRE) - Tanzanian Gold Corporation (TSX:TNX) (NYSE
American:TRX) (TanGold or the Company) is pleased to announce the appointment of Mr. Andrew
Cheatle to the position of Chief Operating Officer (COO).
TanGold is also pleased to announce that TanGold (operating through its wholly owned subsidiary in
Tanzania) and its joint vent ure partner, The State Mining Company (STAMICO), have received
approval of the updated mine plan for the Buckreef Gold Project (Buckreef or the Project) from the
Mining Commission in Tanzania (Mining Commission) . STAMICO, which is 100% owned by the
United Republic of Tanzania, owns a 45% non- dilutable equity interest in Buckreef Gold Company
Limited (BGCL), which wholly owns the Project.
Mr. Cheatle (P.Geo ., MBA, FGS, ARSM) is an accomplished mining executive, geoscientist, and
director. A graduate of the Royal School of Mines, Imperial College, London, his 30 -plus-years
international career has encompassed operations/production, development, and explorati on in both
the senior & junior mining sectors. His considerable operational and project management experience
includes senior positions with the development of (at that time) Anglo American Corporation’s Moab
Khotsong Gold Mine, JCI’s South Deep Project a nd major expansions of Placer Dome’s/Goldcorp’s
Musselwhite Mine.
Mr. Cheatle currently sits on the Board of Directors at Condor Gold plc, Troilus Gold Corp., and
TanGold. He also volunteers on the advisory councils of the Development Partner Institute, the
Canada-International Finance Corporation Africa Local Economic Development Partnership and as a
Director of International Women in Mining. Mr. Cheatle is a sought-after advisor to the mining industry,
specializing in operations, technical assessments, corporate development, geoscience, mining, and
investments.
Mr. Cheatle is passionate about the mining industry’s potential and positive role in community and
national development. He will, therefore, be spending considerable time in Tanzania with the highly
motivated and talented local Buckreef team and our joint venture partner, STAMICO, to advance the
Buckreef to become a major gold mine.
TanGold and STAMICO representatives recently met with the Ministry of Minerals of Tanzania and
the Mining Commission in Dodoma. TanGold and STAMICO will move forward the documentation
and approval process for the previously agreed to amendments of the Buckreef Joint Venture
Agreement as disclosed in January. BGCL will also begin the land compensation and procurement
process required under Tanzanian mining law to construct the 40 tph oxide mining and processing
operation.
Front: Andrew Cheatle (COO - TanGold), The Honorable Doto Biteko (Minister of
Minerals), Stephen Mullowney (CEO - TanGold) David Mulabwa (Mining Commissioner)
Back: Mudrikat Kiobya (Company Secretary - STAMICO), Giancarlo Volo (Director of
Operations - TanGold), Yahaya Samamba (Executive Secretary - Mining Commission),
Khalaf Rashid (Tanzania Representative - TanGold)
Mr. Stephen Mullowney, Chief Executive Officer (TanGold), commented, “ I am delighted to have a
talented and respected individual such as Andrew agree to take on a more substantial role with
TanGold. This is a major step forward following our visit to Tanzania in January where we had the
pleasure of meeting the Honorable Minister of Minerals , the Honorable Minister of Investments and
the Managing Director of STAMICO . Together, we look forward to continuing to build and grow our
relationship with Tanzania for the benefit of all stakeholders as we develop in conjunction with
STAMICO, the exciting Buckreef Gold Project.”
About Tanzanian Gold Corporation
Tanzanian Gold Corporation along with its joint venture partner, STAMICO is building a significant
gold project at Buckreef in Tanzania that is based on an expanded Mineral Resource base and the
treatment of its mineable Mineral Reserves in two standalone plants. Measured and Indicated Mineral
Resources now stand at a combined tonnage of 35.88MT at 1.77g/t gold containing 2,036,280 ounces
of gold. The Buckreef Project also contains an Inferred Mineral Resource of 17.8MT at 1.11g/t gold for
contained gold of 635,540oz. The Company is actively investigating and assessing multiple exploration
targets on the Buckreef property.
Tanzanian Gold Corporation is advancing on three value-creation tracks:
1. Strengthening its balance sheet from expanding near -term production to 15,000 - 20,000 oz.
of gold per year from the processing oxides upon approval of an expanded oxide plant.
2. Advancing the Final Feasibility Study for a stand- alone sulphide treating plant that is
substantially larger than previously modelled and targeting significant annual gold production.
3. Continuing with a drilling program to further test the potential of its Mineral Resource base by:
(i) drilling at deeper levels; (ii) drilling new oxide targets; (iii) infill drilling to upgrade Mineral
Resources currently in the Inferred category; and (iv) a step -out drilling program in the
Northeast Extension.
Andrew M. Cheatle, P.Geo. is the Company’s Qualified Person as defined by the NI 43-101 who has
reviewed and assumes responsibility for the technical content of this press release.
For further information, please contact Michael Martin, Investor Relations,
[email protected], 860-248-0999, or visit the Company website at www.tangoldcorp.com
The Toronto Stock Exchange a nd NYSE American have not reviewed and do not acce pt
responsibility for the adequacy or accuracy of this release.
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
Tanzanian Gold Corporation (“TanGold” or the “Company”), has taken all reasonable care in producing and publishing
information contained in this press release. Tanzanian Gold does not warrant or make any representations regarding the
use, validity, accuracy, completeness or reliability of any claims, statements or information in this press release. The
information is not a substitute for independent professional advice before making any investment decisions. Furthermore,
you may not modify or reproduce in any form, electronic or otherwise any information in this press release. Andrew M.
Cheatle, P.Geo. is the Qualified Person as defined by the NI 43-101 who has reviewed and assumes responsibility for the
technical content of this press release. The disclosure contained in this press release of a scientific or technical nature
relating to the Company’s Buckreef Project has been summarized or extracted from the technical report entitled The
“National Instrument 43-101 Independent Technical Report, Updated Mineral Resource Estimate for the Buckreef Gold Mine
Project, Tanzania, East Africa For TanGold with an effective date of May 15, 2020 (the “Effective Date”), and with an
amendment date of June 8, 2020. The Technical Report was prepared by or under the supervision Mr. Wenceslaus
Kutekwatekwa (Mining Engineer, Mining and Project Management Consultant) BSc Hons (Mining Eng.), MBA, FSAIMM, of
Virimai Projects., and,Dr Frank Crundwell, MBA, PhD, a Consulting Engineer. each of whom is an independent Qualified
Person as such term is defined in NI 43-101. The information contained herein is subject to all of the assumptions,
qualifications and procedures set out in the Technical Report and reference should be made to the full details of the
Technical Report which has been filed with the applicable regulatory authorities and is available on the Company’s profi le
at www.sedar.com
Forward-Looking Statements
This press release contains certain forward-looking statements as defined in the applicable securities laws. All statements,
other than statements of historical facts, are forward-looking statements. Forward-looking statements are frequently, but not
always, identified by words such as “expects”, “anticipates”, “believes”, “hopes”, “intends”, “estimated”, “potential”, “possible”
and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be
achieved. Forward-looking statements relate to future events or future performance and reflect Tanzanian Gold
management’s expectations or beliefs regarding future events and include, but are not limited to, statement s with respect
to the estimation of mineral reserves and resources, success of mining operations, the timing and amount of estimated
future production, and capital expenditure.
Although TanGold believes the expectations expressed in such forward- looking s tatements are based on reasonable
assumptions, such statements are not guarantees of future performance. The actual achievements of TanGold or other
future events or conditions may differ materially from those reflected in the forward-looking statements du e to a variety of
risks, uncertainties and other factors. These risks, uncertainties and factors include general business, legal, economic,
competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations;
fluctuations in currency exchange rates; changes in costs; future prices of gold and other minerals; mining method,
production profile and mine plan; delays in exploration, development and construction activities; changes in government
legislation and regulation; the ability to obtain financing on acceptable terms and in a timely manner or at all; contests over
title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the
risks involved in, the exploration, development and mining business. These risks are set forth under Item 3.D in Tanzanian
Gold’s Form 20-F for the year ended August 31, 2020 and other documents we file with the SEC.
The information contained in this press release is as of the date of the press release and TanGold assumes not duty to
update such information.
Note to U.S. Investors
US investors are advised that the Mineral Resource estimated disclosed in this press release have been calculated pursuant
to Canadian standards which use terminology consistent with the requirements CRIRSCO reporting standards. For its fiscal
year ending August 31, 2021, and thereafter, the Company will follow new SEC regulations which uses a CR IRSCO based
templet for mineral resources and mineral reserves, that includes definitions for inferred, indicated, and measured mineral
resources.