AMN - TANZANIA: Buckreef completes first gold pour

Tanzanian Royalty Exploration Corporation’s 55% owned Buckreef re-development gold project in the Republic of Tanzania has successfully completed its first gold pour.

Key highlights include:

First gold has been poured from the pilot Carbon-in-Column process plant at the Project. The timing and amount of the pour of gold was not a decision of management but was done in response to a request made by the Deputy Minister of Energy and Minerals of Tanzania.

As a show of reasonable willingness to cooperate on this non-contract item, the company did what it preferred not to do - pour prematurely to proper market price. It is the opinion of management that in time the gold price will rise to at least $800 higher than it was at the time of the pour.

The pilot CIC process plant is in the process of being de-commissioned and assimilated into a more flexible CIL process plant designed with an initial through put of 45,000 tonnes of mineralized material per month.

The company is in the process of completing a Feasibility Study with a view to targeting full-scale commercial gold production starting in the second half of this year. .

All civil works and steel erection site plans of the Buckreef Gold Mine CIL Plant Site have now been completed. Phase one of the Tailings Storage Facility penstock line will utilize the existing pilot heap leap pads that have sufficient storage for 18 months of operations. Work on actual construction of the CIL plant is scheduled to resume on phase two after the wet season.

Commenting on the Buckreef Gold Project's gold pour, President and Chief Executive Officer of Tanzanian Royalty Exploration Corporation James Sinclair says: "This is a significant milestone for Buckreef Gold Mine, the Company and the Republic of Tanzania as a whole, and is a culmination of a tremendous amount of hard work by the company's employees and contractors through what have often been difficult and adverse conditions."

www.tanzanianroyalty.com

News courtesy of International Mining