TRX - TanGold Announces Board and Management Change
TORONTO, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Tanzanian Gold Corporation (TSX: TNX) (NYSE American: TRX) (TanGold or the Company) announces the resignation of Ulrich Rath from the Company’s Board of Directors. We wish Mr. Rath tremendous success in his future endeavors.
Mr. Andrew Cheatle, another Director of the Company, has stepped into the role occupied by Mr. Rath and will lead the Company’s Technical Committee going forward.
Respectfully Submitted,
James E. Sinclair
Executive Chairman
About Tanzanian Gold Corporation
TanGold 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. An ongoing drill program has, to date, more than doubled the size of Measured and Indicated Mineral Resources to include 2.04 million ounces of gold. Exploration Targets determined in accordance with NI 43-101 standards have the potential to add up to another 2.0 million ounces of gold (see press release dated June 24, 2020). The Company commenced initial test production from oxide ore in June 2020 at an oxide test plant and is now anticipating government approval for an expanded (oxide) plant.
TanGold is advancing on three value-creation tracks:
- Strengthening its balance sheet by expanding near-term production to 15,000 - 20,000 oz. of gold per year from the processing of oxides upon approval of an expanded oxide plant;
- 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
- 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.
For further information, please contact Michael Martin, Investor Relations, m.martin@tangoldcorp.com , 860-248-0999, or visit the Company website at www.tangoldcorp.com
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The Toronto Stock E x chan g e a n d NYSE American ha v e n o t r e v i ewed and do n o t acce p t r e sponsibili t y for the a d equacy or accu r a cy of this r e l ease.
U . S. Investors a r e u r g e d to consider close l y the disclosure i n our SEC filings. You can r e vi e w and obtain cop i es of these filings f r om the SEC's w e bsite a t h tt p :/ / www. s ec . gov/edgar.s h t m l
This news release contains certain forwar d -l o oking statements and forward- l ooking information. All s t ate m ents, ot h e r t h an statements of hi storical fact, included h e r e in are forward-looki n g statements a n d forward-looking information that inv o lve v a r i ous risks and uncer t a int i es. The r e c a n be no assurance that such s t a tem ents will prove to be accur a t e , and act u a l resul t s and future ev e nts could d i ffer mat e ri a l l y from tho s e a n ti c ipa t ed in s uch st a te m ents. Im portant f a ctors that co u ld c a use a c tual results to differ m ate r i a l ly from the Co m pa n y's ex p e c ta t i o ns are disclosed in the Co m pa n y ' s docu m ents f iled from ti m e- t o-ti m e with t h e British Colu m bia, Alberta and Ontario pro v incial secur i ties r e gu l a t o r y autho r it i es.
Certain information presented in this release may constitute “ forward-looking statements ” within t h e m e aning of t h e Pr i v a t e Securit i es Litig a tion Reform A c t of 1995. Such forward-looking statements, include, but are not limited to, that Buckreef’s updated mine plan and amendments to the JV Agreement will be approved, and are b a sed on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including ri sks inher e nt in mineral expl o ration and develo pm ent, which may cause t h e a c tu a l results, perfor m anc e , or a c hie vem ents of the Co m pa n y to be ma ter i al l y d iffe r e nt from a n y pro je c ted f u ture res u l t s, performance, or achievements e x pressed or i m plied b y such forward-looking statements. Investors are refer r ed to our description of the risk factors affecting the C o mpa n y , as co n tained in our SEC filings, includi n g our annual re p ort on Form 20 - F and Form 6-K, f o r more information co nc erning these risks, uncertainties, and ot h e r f act o rs.