Tanzanian Royalty’s Buckreef Gold Project Resource Base Climbs to Approximately Two Million Ounces Utilizing Lower Cutoff...
15 April 2011 - 6:19PM
Business Wire
The Company is pleased to provide an update on
its recently acquired Buckreef Gold Mine
Re-development Project in Tanzania’s Lake Victoria Greenstone Belt.
The Buckreef Project is a 55/45 joint venture between Tanzanian
Royalty Exploration and the State Mining Corporation of Tanzania
(Stamico). This update is based on a comprehensive review
conducted by the Company of previous work completed on the
Buckreef Project prior to our acquisition.
The review process to date has expanded our knowledge and
confidence in the continuity of the Buckreef and adjoining
deposits. Since the Heads of Agreement for Buckreef was signed in
December 2010, the Company’s technical staff have been evaluating
the extensive database for the project with the intention
of completing an exploration and development program for
the Buckreef property.
This program is already at a significantly advanced stage
and will be facilitated by the fact that approximately $35 million
was invested in the Buckreef project prior to our
acquisition. The technical staff members involved in this
process were part of the geological team that advanced the Buckreef
property on behalf of IAMGOLD.
A key element in this evaluation process has been the
recalculation of resources for the Buckreef Project in the context
of current gold prices. The economics of the project were
considered to be very attractive at approximately $750 gold when
control of Buckreef reverted to Stamico in 2008. Since that time
the gold price has almost doubled and management believes this
factor alone is certain to boost the economic viability of the
various development models being considered for the Buckreef
Project.
The Company is delighted to report that a substantial increase
in resources has been established for the Buckreef Project by
reducing the cutoff grade from 1 g/t to 0.5 g/t. In a news release
dated December 21, 2010, the Company announced 43-101 compliant
resources in the following resource categories: measured resources,
265,000 ounces; indicated resources, 440,000 ounces; inferred
resources, 826,000 ounces. All these resources were calculated at a
1 g/t cutoff grade which is defined “as the level of mineral in an
ore below which it is not economically feasible to mine it.”
Cut Off
Grade
(g/t)
0.500
MEASURED
INDICATED INFERRED Tonnage
(Mt)
GoldGrade(g/t) Contained(ounces)
(Moz)
Tonnage
(Mt)
GoldGrade(g/t) Contained(Moz) Tonnage
(Mt)
Gold Grade (g/t) Contained(Moz) Buckreef 4.705 2.000
0.303 1.878 1.680 0.101 9.457 1.900 0.590 Tembo - - - - - - 0.725
2.180 0.051 Bingwa - - - - - - 1.120 2.400 0.088 Buziba -
- - 18.284 1.070 0.629
7.170 1.000 0.231
By applying a 0.5 cutoff grade, the aggregate resource base for
the Buckreef Project has grown by approximately 30%, with the
breakdown of the resources calculated as follows: measured
resources, 303,000 ounces; indicated resources, 730,000
ounces; inferred resources, 960,000 ounces. These resources
occur within four principal zones on the project: Buckreef, Tembo,
Bingwa and Buziba. This mineral resource estimate was prepared in
accordance with National Instrument 43-101 standards of disclosure
for mineral projects. See NI 43-101 Report filed on SEDAR on
February 21, 2011 for more information.
According to James E. Sinclair, President and CEO, “As a
starting point, these resources are exceptional by any standard.
What is equally as important is that we have set the wheels in
motion to expand and develop the resource base on the Buckreef
Project in target rich areas that received only cursory exploration
in the past. In fact, an aggressive exploration program will soon
be inaugurated to realize and achieve this important
objective.”
Sinclair points out that a number of huge gold deposits occur in
relative close proximity to the Buckreef Project including the
Geita and Bulyanhulu deposits which have contributed to Tanzania
becoming the fourth largest gold producer on the African
continent.
“We also have a well defined gravel resource on the Buckreef
Project that could provide an early source of cash flow at a
relatively minimal capital expenditure. This would allow us
to accelerate and expand exploration and development on
the property,” he said.
Qualified Person
The Company's Qualified Person, Mr. Peter Zizhou, has reviewed
and approved the contents of this news release. Mr. Zizhou is the
Exploration Manager of Tanzanian Royalty Exploration Corporation
Limited. He has a Master of Science (Exploration Geology) degree
from the University of Zimbabwe (2000) and is a registered
scientist with SACNASP (Reg. No.400028/08).
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.
Tan Range Exploratio (AMEX:TRE)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Tan Range Exploratio (AMEX:TRE)
Historical Stock Chart
Von Dez 2023 bis Dez 2024