Tanzanian GOLD Corporation is Pleased to Announce and Welcome Michael P. Leonard as Chief Financial Officer
TANZANIAN GOLD CORPORATION IS PLEASED TO ANNOUNCE AND WELCOME
MICHAEL P. LEONARD AS CHIEF FINANCIAL OFFICER
FOR IMMEDIATE RELEASE – March 1, 2021
TORONTO, March 1, 2021 (GLOBE NEWSWIRE) - Tanzanian Gold Corporation (TSX:TNX) (NYSE
American:TRX) (TanGold or the Company) is pleased to announce and welcome Michael P. Leonard,
CPA, CA as Chief Financial Officer of Tanzanian Gold Corporation.
Mr. Leonard has had a distinguished career as a financial leader in the gold industry with broad,
progressive experience in investor relations and corporate global finance. He had an impressive,
respected and esteemed career of more than 17 years in financial leadership at Barrick Gold and
possesses the vision and foresight needed by the Company as a vital member of our leadership team.
He brings his extensive knowledge and experience to the Company and is renowned for his knowledge
of the gold industry, big picture outlook, and results oriented mindset. He is respected for his integrity,
frankness, and financial prowess, and is a venerable addition to the Company’s strategic management
team. As CFO, he will assist the Company in its inevitable digital transformation and fill a vital role for
the Company’s strategy moving forward, including use of state-of-the-art technology, and development
and implementation of financial models, financial controls and procedures for financial management.
“It is with great pleasure on behalf of Tanzanian Gold Corporation that we welcome Michael P. Leonard
as Chief Financial Officer. Michael has a consistent track record of successful performance in finance
and for achieving results. He has broad knowledge of the gold industry and a proven exemplary record
of success during his many years with Barrick. We are excited to have Michael be a part of our
executive team in developing our long term strategic planning on behalf of the Company. The
development of financial controls and procedures is vital in good, strategic management” said Stephen
Mullowney, CEO.
Mr. Leonard’s background includes extensive experience in implementing global investor relations
strategy, acting as a primary interface communicating with the external market, advising management
on investor perceptions and creating market transparency on strategy and performance. He has the
experience to address the daily needs of the Company and the ability to project current needs into
long term financial planning and focus as a Chartered Professional Accountant.
“We are delighted to have Michael Leonard join our executive team. The CFO plays such an important
role in our corporate development. Michael brings knowledge, vision, and experience to our executive
management team. We are moving fo rward and growing at such a fast pace, we need the highest
caliber executive team. Michael is the superior choice for CFO in every regard and will serve with
distinction.” said, James E. Sinclair, Executive Chairman.
“I am very excited to be a member of the executive team for Tanzanian Gold Corporation. I know my
years of experience with Barrick will be invaluable in the Company’s endeavours and further
successful achievements in Tanzania. I welcome the opportunity to bring my background and
experience to the Company in moving us forward as a successful gold mining enterprise in Tanzania.”
Chief Financial Officer Michael P. Leonard, said.
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 contai ning 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 exploration 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 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
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 s tatements 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 expressed 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 materi ally 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, developm ent 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, as amended, as filed with the SEC.
The information contained 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.