Tanzanian GOLD Corporation Connecticut Office: Vancouver Office:
TANZANIAN GOLD
CORPORATION
CONNECTICUT OFFICE: VANCOUVER OFFICE:
PO Box 577 #202, 5626 Larch Street
Sherman, CT Vancouver, BC
U.S.A. 06784 Canada V6M 4E1
Phone: 1.844.364.1830 Toll Free: 1.844.364.1830
Fax: 1.860.799.0350
www.tangoldcorp.com
ANNOUNCING STEPHEN MULLOWNEY – WELCOMED AS CHIEF
EXECUTIVE OFFICER OF TANZANIAN GOLD CORPORATION
For Immediate Release December 1, 2020
Vancouver, BC – Tanzanian Gold Corporation (TSX: TNX)(NYSE MKT:TRX) (the “Company”)
is pleased to announce and welcome Mr. Stephen Mullowney, CPA, CA, CFA as Chief Executive Officer
(CEO) of Tanzanian Gold Corporation, and he has simultaneously accepted an appointment to the Board
of Directors of the Company, pending the approval of the expansion of the Board of Directors at the
2021 Annual General Meeting.
Mr. Mullowney is a former Partner and Managing Director of PricewaterhouseCoopers LLP (PwC) and
PWC Canada’s mining deal leader. Stephen has an extensive mining background, working with miners,
Governments, and institutional investors across the world and supporting them in making key strategic
business, financing, and policy decisions. The breadth of Stephen’s background, skills, education,
experience and innate abilities allows him to see all sides of issues and consider all interests in framing
and achieving amicable, successful, and profitable solutions to complex issues. He maintains
relationships committed to trust and integrity in all of his interactions. Stephen brings highly qualified
professional executive leadership to the Company, which is fresh and innovative, through a
comprehensive understanding and state of the art knowledge of mining, together with dynamic financial
prowess, and executive leadership in the mining industry.
“I am pleased and enthusiastic to join Tanzanian Gold Corporation as it moves from being a junior gold
mining operation toward a large -scale commercial gold mining enterprise. I lo ok forward to and
welcome the opportunity to work with our corporate team, our strong technical team, and our Joint
Venture partner, STAMICO. We have significant and profitable prospects and opportunities for our
Company and Tanzania. I eagerly accept this leadership role, and am purpose driven to continue, grow,
and assist in propelling the Company toward significantly greater success. I look forward to using my
skills and abilities in the achievement of our goals for success.” said Stephen Mullowney, Chi ef
Executive Officer.
Mr. Mullowney’s extensive breadth of experience and corporate agenda:
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Capital Markets: He has executed over 60 capital raise and mergers & acquisitions mandates with an
aggregate value exceeding $15 billion, as both an advisor and a sset manager. His relationships in
industry and finance in planning and achieving goals is exceptional and has resulted in his numerous
and extraordinary Capital Market successes.
Miners: Stephen has advised companies and boards on: (i) strategy; (ii) G overnment relations; (iii)
project finance and capital raises; (iv) restructurings; (v) off-take financing; (vi) joint venture contracts;
and (vii) mergers & acquisitions. The breadth of his perspective allows him to see and understand
competitors, which will afford the Company a vital competitive edge in the fast-paced mining industry.
Governments: His experience includes: (i) joint venture negotiations; (ii) tender process development;
and (iii) stakeholder mapping and analysis. His depth of understanding of all interested parties has
resulted in a proven track record in the performance of goals. He maintains relationships with sovereigns,
stakeholders, investors, and Boards of Directors for amicable, realistic and appropriate solutions in
mining operations in host nations.
Financial Institutions: Stephen has assisted major financial institutions in the development of their
mining investment strategy. His education, background, and experience demonstrate his financial
prowess. His accomplishments are numerous and outstanding.
His assignments have included clients located across all major territories, including North and South
America, Europe, Australia, Africa, the Commonwealth of Independent States (CIS), Russia, China,
India, and Japan. Stephen has a global perspective, enabling him to understand and appreciate differing
cultures from a business transaction perspective. His proven global track record in the performance of
goals is exemplary and revealed through his outstanding achievements in everything he undertakes.
Executive Management: Stephen has a respected reputation as a top-level mining executive. He is an
experienced, skilled, successful executive, and inimitable negotiator for corporate interests. His
leadership establishes a vital, functioning, highly motivated corporate team characterized by efficiency,
integrity, and success. Stephen is known for his adaptability and decisiveness if emergent operational
needs require swift action. His impeccable executive management skills, innate authenticity, and
incomparable integrity inspi re teamwork as a model for overall corporate performance. He is a
passionate achiever of goals, possesses realistic vision, and the decisiveness necessary for a successful
commercial gold mining enterprise. His executive style is characterized by realistic optimism, and
collaboration in the creation of a high functioning, integrated, and successful corporate environment.
Corporate Agenda: The Company requires Stephen’s mining, financial, and executive expertise for
leadership. His agenda will establish long term strategic business and financial planning, structuring and
leading the executive and operational teams, negotiating vital corporate interests, establishing long term
budgeting together with monitoring costs, and setting the agenda for overall corpor ate operations and
asset management. Among his strengths is the ability to consider all aspects of cause and effect in
decision making, including budgetary outcomes and necessary adjustments. He requires corporate,
operational, and financial accountability.
“Stephen Mullowney is the epitome of a great mining executive and stalwart financial leader. Stephen
has the background, experience, technical knowledge, and intrinsic know-how to lead our Company. He
is the consummate high achiever who manifests succ essful results in every endeavour he undertakes.
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Stephen is esteemed for his ability to get things done, motivate others with an ever -present positive
outlook, and goal oriented successful results. His ability to understand interests from within and outside
of corporations, sovereign and business entities is a hallmark of his extensive career. Our Buckreef
Project is becoming a world class gold mine, and we need the best executives to lead us to that outcome.
We heartily welcome Stephen as our new CEO and are thrilled, delighted, and deeply gratified to have
him onboard.” said James E. Sinclair, Executive Chairman.
Thank you in welcoming Stephen Mullowney as CEO and member of the Board of Directors of
Tanzanian Gold Corporation.
About Tanzanian Gold Corporation
Tanzanian Gold Corporation is building a significant gold project at the Buckreef site in Tanzania that
is based on an expanded resource base and the treatment of its mineable reserves in two stand alone
plants. An ongoing drill program has, to dat e, more than doubled the size of Measured and Indicated
Resources to 2.036 million ounces. E xploration mining targets determined in accordance with NI 43 -
101 have the potential to add up to another 2 million ounces. The Company commenced production from
oxides in June 2020 at a new oxide plant and is now anticipating government approval for an expanded
oxide plant to the level of 40tph.
Tanzanian Gold is advancing on three value-creation tracks:
1. Strengthening its balance sheet from expanding near -term production of gold to the range of
15,000 oz. -20,000 oz. of gold production per year from processing oxides;
2. Advancing the Final Feasibility Study for a stand -alone sulphide treating plant that is
substantially larger than previously modelled, targeting annual gold production of 150,000 to
175,000 oz.; and
3. Continuing with a drilling program to further test the potential of its resource base by: (i) drilling
at ultra-deep levels; (ii) drilling new oxide targets; (iii) infill drilling to upgrade ounces currently
in the Inferred category; and (iv) a step-out drilling program in the Northeast Extension.
Respectfully Submitted,
James E. Sinclair, Executive Chairman
For further information regarding Tanzanian Gold Corporation please visit our website at:
www.tangoldcorp.com or for further or additional information, please contact
Michael Martin, Investor Relations at: [email protected]
Please follow us on social media for more updates.
www.Twitter.com/TanzanianGold
www.Linkedin.com/company/Tanzanian-gold-corporation/
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www.facebook.com/tanzaniangold
The Toronto Stock Exchange a nd NYSE American LLC have not reviewed and do
not accept responsibility for the adequacy or accuracy of this release
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission limits disclosure for U.S.
reporting purposes to mineral deposits that a company can economically and legally extract or produce. We may use
certain te rms on t his news release, such as “ reserves”, “resources”, “geologic resources”, “proven”, “probable”,
"measured", "indicated", or "inferred" which may not be consistent with the reserve definitions established by the
SEC. 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
This news release contains certain forward-looking statements and forward-looking information. All statements, other than
statements of historical fact, included herein are forward-looking statements and forward-looking information that involve
various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in such statements. Important factors that could cause actual
results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to-
time with the British Columbia, Alberta and Ontario provincial securities regulatory authorities.
Certain information presented in this release may constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on numerous assumptions, and
involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and
development, which may cause the actual results, performance, or achievements of the Company to be materially different
from any projected future results, performance, or achievements expressed or implied by such forward-looking statements.
Investors are referred to our description of the risk factors affecting the Company, as contained in our SEC filings, including
our annual report on Form 20-F for more information concerning these risks, uncertainties, and other factors. Such forward-
looking statements include, but are not limited to, that the Company will be able to build shareholder value, that the Company
will be successful in its expansion at the Buckreef project, that it will be able to build a mine, and that the Company will be
able to achieve positive cash flow.