Tanzanian Royalty Announces Completion of 43-101 Technical Report For Lunguya Project
17 February 2010 - 8:10AM
Business Wire
Tanzanian Royalty Exploration Corporation is pleased to announce
the completion of a National Instrument 43-101 compliant Technical
Report for its Lunguya Project in the Lake Victoria Goldfields of
northern Tanzania.
The Lunguya report was prepared by Martin J. Taylor, P.Geo, a
Toronto-based independent consulting geologist who fulfills the
requirements to be a "Qualified Person" for the purposes of NI
43-101.
The Lunguya property is located within one of the principal
Archaean greenstone belts of Tanzania, 15-30 kilometres south of
Barrick Gold’s Bulyanhulu gold mine. The project area includes
northwest-trending magnetic lineaments and shear sets that are
parallel to those hosting the Bulyanhulu mine, Tanzania’s largest
gold producer.
A program of ground magnetics has been recommended for the
Lunguya property followed by an orientation MMI (Mobile Metal Ion)
soil survey on at least two of the east-west magnetic survey lines
which is intended to provide a clearer picture of any gold
anomalies.
Following the integration of this new exploration data with
previous geochemical, geophysical and drilling data, drill targets
will be selected for either RAB (Rotary Air Blast) or RC (Reverse
Circulation) drilling.
The Company also plans a review of the quartz rubble areas at
Lunguya in areas of artisanal mining to determine if there is a
viable target remaining for a potential resource.
“James E. Sinclair”James E. SinclairChairman and Chief Executive
Officer
For further information, please
contact Investor Relations at 1-800-811-3855Visit our website:
www.TanzanianRoyaltyExploration.com
The Toronto Stock Exchange and NYSE
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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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