Tanzanian GOLD Corporation Connecticut Office: Toronto Office:

TANZANIAN GOLD

CORPORATION

CONNECTICUT OFFICE: TORONTO OFFICE:

PO Box 577 Bay Adelaide Centre, East Tower

Sherman, CT 22 Adelaide Street West, Suite 3400

U.S.A. 06784 Toronto, Ontario

Phone : 1.844.364.1830 Canada M5H 4E3

Fax : 1.860.799.0350 Toll Free : 1.844.364.1830

Tanzanian Gold Announces Closing of Placement of

Common Shares in the amount of $1,111,500

FOR IMMEDIATE RELEASE July 1, 2019

TORONTO, July 1, 2019 (GLOBENEWSWIRE) -- Tanzanian Gold Corporation (TSX:TNX) (NYSE

American:TRX) (the “Company’s”) Board of Directors is pleased to announce the closing of the

placement of 1,916,379 common shares at US$0.58 per share raising $1,111,500 in the aggregate with

certain investors as previously announced its press release of June 26, 2019. The proceeds from the

placement of common shares will be used in furtherance of the Company’s Three-Phase Drill Program

at the Buckreef Project previously announced.

As Mr. James E. Sinclair, Executive Chai rman (TRX) has previo usly commented, “ The

systematic drilling we are doing below the pit bo ttom has, to date, yielded exceptionally robust

results " noted Mr. Sinclair " We will be using these results to help us formulate a Phase III

program that will, in part, be directed at testing what we are calling the Ultra-Deep." Mr.

Sinclair went on to state that " We will also soon be doing a sophi sticated program of down - the

- hole geophysics to expand our Resource Geological model and better identify drill targets for

Phase III.

See news release June 6, 2019 - https://www.tangoldcorp.com/latest-news/tanzanian-gold-

announces-further-results/

Respectfully Submitted,

“James E. Sinclair”

James E. Sinclair

Executive Chairman

For further information, please contact Michael Martin, Investor Relations,

[email protected], 860-248-0999, or visit the Company website at

www.tangoldcorp.com

Cautionary Note Regarding Forward-looking Statements

Certain of the statements made herein may contain forward-looking statements or information within the meaning of the United

States Private Securities L itigation Reform Act of 1995 and applicable Canadian securities laws. Often, but not always,

forward- looking statements and forward-l ooking information can be id entified using words such as “plans”, “expects”, “is

expected”, “budget”, “scheduled”, “estimates ”, “forecasts”, “intends”, “anticipates”, or “believes ” or the negatives thereof

or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”,

“might” or “will” be taken, ,occur or be achieved. Forward-looking statements or information herein include, but are not

limited to the Positive Feasibility Study on Buckreef, the timing and the results of the proposed drilling program.

Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and

unknown risks, uncertainties and other factors which may caus e the actual results, perform ance or achievements of the

Company to be materially diff erent from any future results, performance or achievements ex pressed or implied by such

forward-looking statements or informa tion. We have made certain assumptions about the forward-looking statements and

information and even though our management believes that the assumptions made and the expectations represented by such

statements or information are reasonable, there can be no assur ance that the forward-looking stat ement or information will

prove to be accurate. Furthermore, should one or more of the risks, uncertaintie s or other factors ma terialize, or should

underlying assumptions prove incorrect, actual results may vary ma terially from those described in forward-looking statements

or information. These risks, uncertainties and other facto rs include, among others, the foll owing: gold price volatility;

discrepancies between actual and estimated production, mineral reserves and resour ces and metallurgical recoveries; mining

operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and

liability; risks of sovereign in vestment; currency fluctuations; speculative nature of gold exploration; global economic climate;

dilution; share price vola tility; competition; loss of key employees; additional funding requi rements; and defe ctive title to

mineral claims or property, as well as those factors discussed in the sections entitled “Forward-Looking Statements” and “Risk

Factors” in the Company’s Form 20-F Annual Report dated November 29, 2018.

There can be no assurance that forward-look ing statements or information will prove to be accurate, as actual results and

future events could differ materially fr om those anticipated in such statements . Accordingly, you should not place undue

reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to

update forward- looking statements and information continual ly as conditions change and you are referred to the full

discussion of the Company’s business contai ned in the Company’s reports filed with the securities regulatory authorities in

Canada and the U.S.