Tanzanian Royalty Has Retained Venmyn Rand Limited to Prepare Mineral Resource Block Models and Updated Mineral Resource Statements for Tanzanian Royalty's Buckreef Project in Tanzania
South Surrey, British Columbia CANADA, October 19, 2012 /FSC/ - Tanzanian Royalty Exploration Corp (TNX - TSX, TRX - American), Venmyn Rand (Pty) Ltd. (Venmyn) has been retained by Tanzanian Royalty Exploration Corporation to prepare Canadian National Instrument (NI 43-101) compliant Mineral Resource block models and Mineral Resource estimates for its Buckreef Project in Tanzania. Venmyn has previously prepared N143-101 Independent Technical Reports (ITR) and a Preliminary Economic Assessment (PEA) on the Buckreef Project, which have been published on the System for Electronic Document Analysis and Retrieval (SEDAR). The PEA has formed the basis of a planned Preliminary Feasibility Study (PFS).
The previous ITRs were based on original Hellman and Schofield (2007) resource estimates using Multiple Indicator Kriging (MIK) techniques and in-house modeling programmes. Venmyn utilised the 2007 resource estimates as the basis for the PEA and recommended that new Datamine(tm) block models be constructed for the Buckreef Project to eliminate any incompatibility with mine design scheduling programmes going forward into the PFS and ultimately the "Definitive Feasibility Study" (DFS). In addition, new exploration data from a recently completed Mineral Resource drilling programme is available and will be incorporated into a new and updated Mineral Resource estimate for the project.
James E. Sinclair
President and Chief Executive Officer
For further information, please contact Investor Relations at 1-800-811-3855
Visit our website: http://www.TanzanianRoyalty.com
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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 SEC filings. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml
This news release contains certain forward-looking statements and forward-looking information. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to-time with the British Columbia, Alberta and Ontario provincial securities regulatory authorities.
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 SEC filings, including our annual report on Form 20-F and Registration Statement on Form F-10, as amended, for more information concerning these risks, uncertainties, and other factors.
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Source: Tanzanian Royalty Exploration Corp (TNX - TSX) (TRE - AMEX) http://www.tanzanianroyaltyexploration.com
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