Tanzanian Royalty Exploration Corporation advises that it has reached agreement in principle for a private placement of up to $1,250,000. The private placement will consist of a three-year note in the principal amount bearing interest at 3% and convertible into up to 241,453 common shares at the price of $5.177 per share, representing the five-day weighted average trading price of the common shares on the Toronto Stock Exchange for the period ended September 3, 2010, less a discount of 15%. The funds will be utilized for the purchase of equipment and for general corporate expenses. The proposed private placement is subject to regulatory approval.

Further to the Company’s release also dated September 7, 2010, the number of shares into which the $1,000,000 note is convertible is 221,337 common shares at a price of $4.518 per share.

In addition, Tanzanian Royalty announces that the $800,000 private placement with Mr. James E. Sinclair announced August 26, 2010 has closed.

Respectfully submitted,

“James E. Sinclair”

James E. Sinclair Chairman 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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