Tanzanian Royalty Announces Senior Executive Appointments and New Addition to Board of Directors
24 Februar 2011 - 8:08PM
Business Wire
The Company wishes to announce changes at the executive level
that will facilitate and expedite the decision making process
during this critically important period in its history. James E.
Sinclair will now hold the positions of President and Chief
Executive Officer while Joseph K. Kahama, the Company’s current
president, will assume the position of Chairman and Chief Operating
Officer (Tanzania).
In his role as Chief Operating Officer (Tanzania), Mr. Kahama
will be responsible for all the Company’s operations in the United
Republic of Tanzania including development of the newly acquired
Buckreef Gold Project along with the bulk sampling and evaluation
of surface gravels at Kigosi, Lunguya and Ushirombo. In his
capacity as Chairman, he will continue to foster cordial
relationships with government ministries and officials and with
Tanzanian Royalty’s various industry partners including Jinchuan
Mining and Beijing Songshanheli Mining who are exploring the
Company’s Kabanga Nickel Project.
“Joseph Kahama has laid much of the foundation for our success
in Tanzania and his appointment as Chairman and Chief Operating
Officer (Tanzania) will ensure continuity to our operations in
Tanzania as we evolve from an exploration stage company to a full
fledged gold producer,” said Mr. Sinclair.
In addition, the Company is pleased to announce the appointment
of Dr. Abdulkarim Hamisi Mruma to its Board of directors and Mr.
Steven van Tongeren as Chief Financial Officer, replacing Regina
Kuo-Lee who will take on the newly created executive position of
Corporate Controller.
Dr. Mruma is a graduate of the University of Dar es Salaam where
he currently serves as a Professor of Geology. His post graduate
studies included research sabbaticals at universities and
government institutions in Germany; Belgium, Zimbabwe and
Finland.
In addition to his academic duties, Dr. Mruma is Chief Executive
Officer of the Geological Survey of Tanzania, a position he has
held since October 2004. He also serves as a Board member of
Williamson Diamonds Limited and the State Mining Corporation
(STAMICO) of Tanzania, the Company’s joint venture partner for the
Buckreef Gold Mine Re-development Project.
Dr. Mruma has authored and contributed to numerous technical
journals on a broad range of geology-related topics. His expertise
and knowledge will be of enormous benefit to the Company during
this critical period in its evolution.
Mr. van Tongeren holds a Bachelor of Science degree from the
State University of New York and is a Certified Public
Accountant.
In the past, Mr. van Tongeren held executive positions in
finance with Gulf & Western, Borden Inc., Polygram Video and
Polygram International BV. His responsibilities included domestic
and international audits, special project due diligence for
subsidiaries, and consolidated world-wide financial reporting
covering 34 countries including the U.S.A., Europe and South
Africa.
His broad range of experience includes acting as Executive
Director, Finance for a large European restaurant chain which
he brought to full listing status on the London Stock Exchange and
for which he successfully completed a major financing and
acquisition.
Respectfully Submitted,
“James E. Sinclair”
James E. Sinclair
President and Chief Executive Officer
For further information, please contact
Investor Relations at 1-800-811-3855
Visit our website:
www.TanzanianRoyaltyExploration.com
The Toronto Stock Exchange and NYSE Amex
Equities 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 use certain terms
on this 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 Form 20-F, File No. 001-32500.
You can review and obtain copies of these filings from the SEC's
website at http://www.sec.gov/edgar.shtml.
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 Form 20-F, File No. 001-32500, for more information
concerning these risks, uncertainties, and other factors.
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