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Tanzanian Gold Announces Retirement of Remaining Convertible Debt

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Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) is pleased to announce the retirement of US$7.0 million of convertible debt provided by YA II PN and Riverfort Global Opportunities PLC. The Investors have advised us that they have sold all their shares through normal course sales in the market.

 

Mr. Stephen Mullowney, Chief Executive Officer, commented, “We would like to thank both Riverfort and YA for their original and future support as we continue to move forward the Buckreef Gold Project in Tanzania with our joint venture partner, the State Mining Corporation.”

 

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 and Indicated Mineral Resources now stand at 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 635,540oz. The Company is actively investigating and assessing multiple exploration targets on its property.

 

Tanzanian Gold Corporation is advancing on three value-creation tracks:

 

  1. Strengthening its balance sheet from expanding near-term production to 15,000 – 20,000 oz. of gold per year from the processing oxides upon approval of 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 Mineral Resource base by: (i) drilling at deeper levels; (ii) drilling new oxide 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 reviewed and assumes responsibility for the technical content of this press release.

 

Posted February 2, 2021

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