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 Sale of $3,850,000 in Common Shares

FOR IMMEDIATE RELEASE December 18, 2019

TORONTO, December 18, 2019 (GLOBENEWSWI RE) – Tanzanian Gold Corporation’s

(TSX:TNX) (NYSE American:TRX) (the “Compa ny’s”) Board of Direct ors is pleased to

announce that it has completed the sale of 6,695,652 common shares raising $3,850,000, in the

aggregate as previously announced in its press release of December 16, 2019.

Tanzanian Gold Corporation has over the past twelve m onths successfully executed a

professionally designed and managed pathway with our development at the Buckreef Project. As

demonstrated by our news releases and pr esentations throughout 2019, the Company has

undertaken the Buckreef mine development in a ma nner rarely seen in the junior mining sector.

The Company believes that Gold mines in genera l and, more specifically Tier One Gold Mines,

are not found they are made.

Mr. James E. Sinclair Executive Chairman comment ed “Financings of this nature are imperative

for us for the development at the Buckreef Project . We believe that previous financings, as well

as this one, have added fundamental value to the Buckreef Project, Company and its

shareholders. The capital raised is designed to have immediate impact as it addresses the needs

that we have as a Company to build a mine . That’s what we plan to do right here and what we

will continue to do. We are extrem ely pleased to have completed this important transaction at

this juncture with R.F. Lafferty, who has proven to be an excellent, ethical and valued partner in

our process of mine building. I can say without reservation that our Company stands at the best

fundamental position we have ever known”.

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 follo wing:, gold pri ce 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 for the fiscal year ended August 31, 2019 as filed with the SEC on

December 2, 2019.

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.