Tanzanian GOLD Corporation Announces Senior Management Changes FOR Buckreef GOLD Project
TANZANIAN GOLD CORPORATION ANNOUNCES SENIOR MANAGEMENT CHANGES
FOR BUCKREEF GOLD PROJECT
FOR IMMEDIATE RELEASE – March 4, 2021
TORONTO, March 4, 2021 (GLOBE NEWSWIRE) - Tanzanian Gold Corporation (TSX:TNX) (NYSE
American:TRX) (TanGold or the Company) operating through its wholly owned subsidiary in Tanzania
(Tanzam2000), and its joint venture partner, The State Mining Company (STAMICO), is pleased to
announce Senior Management changes at Buckreef Gold Company Ltd. (Buckreef).
The Company is pleased to announce that Isaac Bisansaba and Gaston Mujwahuzi have been
appointed as Co-Acting General Managers for Buckreef, on an alternating basis. Mr. Bisansaba and
Mr. Mujwahuzi will be directly responsible for monitoring and improving the mining and processing
operations at Buckreef. Mr. Bisansaba has a BS.Geo, Masters in Mining Engineering, Mineral
Resources Evaluation, and twenty years of experience in the gold mining industry. Mr. Mujwahuzi has
a BS, Mineral Processing Engineering, and over sixteen years of experience in the gold mining
industry. Collectiv ely, their experience encompasses all aspects of our gold mining operations,
including managing mining, process plant and exploration activities. Their prior experience includes
roles with AngloGold Ashanti, Barrick Gold, Teranga Gold, PanAust Limited and various consulting
firms. Together, they possess the knowledge and experience the Company requires going forward, as
well as strong team leadership capabilities for safe, smooth and ongoing management of on-site
operations.
“We are pleased to announce Isaac and Gaston as Acting General Managers at Buckreef, and I am
delighted that they have enthusiastically accepted their new roles. These new appointments to
Buckreef’s general management team help support our objectives for continuously improving mining,
plant and exploration operations and are vital to our continued success. We also take this opportunity
to thank Peter Zizhou for his past services and wish him the very best in all of his future endeavours.”
Andrew M. Cheatle, Chief Operating Officer, said. Mr. Cheatle is currently in Tanzania overseeing the
executive management changes.
The Company is in the process of updating all levels of administration and operations for Buckreef,
and a meeting of the Board of Directors of Buckreef is pending to change the Tanzam2000 nominees
to the Board to better reflect the new management team at TanGold. The Company, in conjunction
with STAMICO, will begin to identify an experienced and suitable candidate for the position of General
Manager at Buckreef as per the requirements of the Buckreef joint venture and articles.
“Changes to the Board of Directors at Buckreef are necessary in order to fully align the Company’s
interests in Buckreef with the new vision for the Company being implemented by the new executive
management at TanGold. Our action plan requires disciplined coordination at all administrative and
operational levels for effective and sustained progress. We are excited for these needed and all -
important changes which will update every level of administrative involvement in advancing our
stakeholders short term objectives and long term goals. We welcome Isaac and Gaston to the senior
management team in Tanzania in working toward the advancement of our collective goals at Buckreef.
We also look forward to working with our joint venture partner STAMICO to identify an experienced
and qualified person for the position of General Manager ,” said Stephen Mullowney, Chief Executive
Officer.
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 Mineral Resource now
stands at 19.98MT at 1.99g/t gold containing 1,281,161 ounces of gold and Indicated Mineral
Resource now stand at 15.89MT at 1.48g/t gold containing 755,119 ounces of gold for 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 635,540 ounces
of gold. The Company is actively investigating and assessing multiple expl oration targets on its
property. Please refer to the Company’s Updated Mineral Resources Estimate for Buckreef Gold
Project, dated May 15, 2020, for more information.
Tanzanian Gold Corporation is advancing on three value-creation tracks:
1. Strengthening its balance sheet by expanding near-term production to 15,000 - 20,000 oz. of
gold per year from the processing of oxide material from 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 property, Exploration
Targets and Mineral Resource base by: (i) identifying new prospects; (ii) drilling new
oxide/sulphide 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
verified the data disclosed in this new s release and has otherwise 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 an d NYSE American have not reviewed and do not accep t
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
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, statements with respect
to the estimation of mineral reserves and resources, recoveries, subsequent project testing, success and viability of mining
operations, the timing and amount of estimated future production, and capital expenditure.
Although TanGold believes the expectations ex pressed in such forward-looking statements 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 due 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 activiti es; 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, as amended, as filed with the SEC.
The information c ontained in this pres s release is as of the date of the pres s release and TanGold assumes not duty to
update such information.
Note to U.S. Investors
US investors are advised that the mineral resource and mineral reserve 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 CRIRSCO based templet for mineral resources and mineral reserves, that includes definitions for inferred, indicated,
and measured mineral resources.