TRX Gold Appoints New Chief Operating Officer
TRX Gold Appoints New Chief Operating Officer
TORONTO, Dec. 06, 2024 -- TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) (the “Company” or “TRX Gold”) is
pleased to announce the appointment of Richard Boffey as Chief Operating Officer (“COO”), effective immediately. Mr. Boffey is
a seasoned executive, bringing more than 35 years of operational experience to the TRX Gold team and will be instrumental in
the continued growth and development of Buckreef Gold.
TRX Gold’s CEO, Stephen Mullowney stated: “We would like to welcome Richard to the team; he has an outstanding track
record delivering growth and operational excellence globally. He brings to this position a strong reputation for managing open
pit and underground operations in a variety of jurisdictions, and has a proven track record in enhancing production, reducing
operating costs and improving capital effectiveness. We continue to strengthen our management team as we advance
Buckreef Gold with the primary goal of enhancing shareholder value.”
Mr. Boffey joins TRX Gold having previously held senior executive positions with other multi-national mining companies. Most
recently, he held the position of General / Country Manager at the Tara Resources Brskovo Mine Project in Montenegro, where
he led the technical studies, engineering design, resource drilling, project financing, and site preparation activities for the
construction and development of a mining operation. Prior to this, he was the Chief Operating Officer at the Matilda Gold Mine
for Blackham Resources in Western Australia, where he recommenced open pit and underground mining for a 2 million tonne
per annum operation, including process plant commissioning, establishment of technical and operating teams, and
development of policies, systems and processes to optimize operations. Mr. Boffey also held the roles of General Manager at
the Khoemacau Copper Mine in Botswana for Cupric Canyon Capital and General Manager of the Efemcukuru Gold Mine in
Turkey for Eldorado Gold Corporation. Mr. Boffey previously spent 5.5 years at Barrick Gold Corporation, serving 4.5 years as
Regional Mining Manager for the Barrick Africa Regional Business Unit, overseeing 3 operations and 1 development project in
Tanzania, and 1 development project in South Africa. Prior to that, Mr. Boffey spent 10 years at Placer Dome Inc. Mr. Boffey
holds a Bachelor of Mining Engineering (Hons) from the University of Auckland and is a Member of AusIMM, Competent
Person (Reserves) under JORC, NI 43-101.
TRX Gold also announced the departure of the Company’s current COO, Andrew Cheatle. Mr. Cheatle also resigned as a
director of the Company.
About TRX Gold Corporation
TRX Gold is rapidly advancing the Buckreef Gold Project. Anchored by a Mineral Resource published in May 20201, the project
currently hosts an NI 43-101 Measured and Indicated Mineral Resource (“M&I Resource”) of 35.88 million tonnes (“MT”) at 1.77
grams per tonne (“g/t”) gold containing 2,036,280 ounces (“oz”) of gold and an Inferred Mineral Resource of 17.8 MT at 1.11 g/t
gold for 635,540 oz of gold. The leadership team is focused on creating both near-term and long-term shareholder value by
increasing gold production to generate positive cash flow. The positive cash flow will be utilized for exploratory drilling with the
goal of increasing the current mineral resource base and advancing the larger project development which represents 90% of
current mineral resources. TRX Gold’s actions are led by the highest environmental, social and corporate governance (“ESG”)
standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of
presence in the Geita Region, Tanzania. Please refer to the Company’s Updated Mineral Resources Estimate for Buckreef
Gold Project, dated May 15, 2020 1 and filed under the Company’s profile on SEDAR+ and with the SEC on June 23, 2020 (the
“2020 Technical Report”) for more information.
For investor or shareholder inquiries, please contact:
Investors
Christina Lalli
Vice President, Investor Relations
TRX Gold Corporation
+1-438-399-8665
www.TRXgold.com
Forward-Looking and Cautionary 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 TRX Gold management’s expectations or
beliefs regarding future events and include, but are not limited to, statements with respect to continued operating cash flow,
expansion of its process plant, estimation of mineral resources, ability to develop value creating activities, recoveries,
subsequent project testing, success, scope and viability of mining operations, the timing and amount of estimated future
production, and capital expenditure.
Although TRX Gold 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 TRX Gold 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 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 in reports that TRX Gold files with the SEC and the
various Canadian securities authorities. You can review and obtain copies of these filings from the SEC's website at
http://www.sec.gov/edgar.shtml and the Company’s profile on the System for Electronic Document Analysis and Retrieval
(“SEDAR+”) at www.sedarplus.ca.
The disclosure contained in this press release of a scientific or technical nature relating to the Company’s Buckreef Project
has been summarized or extracted from the technical report entitled “The National Instrument 43-101 Independent Technical
Report, Updated Mineral Resource Estimate for the Buckreef Gold Mine Project, Tanzania, East Africa For TRX Gold” with an
effective date (the “Effective Date”) of May 15, 2020 (the “2020 Technical Report”). The 2020 Technical Report was prepared
by or under the supervision Mr. Wenceslaus Kutekwatekwa (Mining Engineer, Mining and Project Management Consultant)
BSc Hons (Mining Eng.), MBA, FSAIMM, of Virimai Projects, and, Dr Frank Crundwell, MBA, PhD, a Consulting Engineer,
each of whom is an independent Qualified Person as such term is defined in NI 43-101. The information contained herein is
subject to all of the assumptions, qualifications and procedures set out in the 2020 Technical Report and reference should be
made to the full details of the 2020 Technical Report which has been filed with the applicable regulatory authorities and is
available on the Company’s profile at www.sedarplus.ca. The Company did not complete any new work that would warrant
reporting material changes in the previously reported Mineral Resource (“MRE”) and Mineral Reserve statements during the
year ended August 31, 2023.
The Company has engaged two globally recognized and respected mining consulting groups to undertake a comprehensive
review of the MRE, and economic analysis which was previously conducted under the 2003 CIM code. This in turn follows
significant infill and exploration drilling, plus other required technical work undertaken over the prior 18 months. This work is
currently being undertaken to be compliant with the November 2019 CIM Code for the Valuation of Mineral Properties, which
are different with respect to the 2003 guidelines. There can be no assurance that there will not be a change in the MRE and
Mineral Reserve as disclosed in the 2020 Technical Report after such work has been updated (in accordance with the 2019
CIM code).
The information contained in this press release is as of the date of the press release and TRX Gold assumes no duty to
update such information.
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1 See Forward-Looking and Cautionary Statements