Tanzanian Gold Update on Request for Proposal for Mining Process
06 February 2020 - 2:53AM
Tanzanian Gold Corporation, (TSX:TNX) (NYSE American:TRX) (the
“Company”) is pleased to announce that it has advertised, issued,
received and is reviewing the qualified bid responses for the
Buckreef Gold Project’s (the “Project”) Request For Proposal (RFP)
for its mining process.
The RFP included as part of its requirements a
thorough and working understanding of current laws and regulations
for mining processes and operations which are located in the United
Republic of Tanzania, including, but not limited to “The Mining
Local Content Regulation, 2018”, and compliance with this
regulation. The Project is located near the Mnekezi Village, Geita
District, Tanzania.
In short, the Company has accepted and is
reviewing bids for work necessary for mining processes which
include, but are not limited to, advising and taking an active role
in final feasibility with particular emphasis on developing
processing solutions for the recovery of gold. To be considered,
bidders were required to offer and qualify as independent third
parties to the Company for transparency, technical expertise and
soundness, unbiased expertise to execute process testing, provide
engineering services to develop and verify the CIL/CIP process
plant proposed by the Company. Additional transparency requirements
are to meet with Company’s authorized persons; engage in
conversations about the process testing and project engineering;
engage in discussions and respond to inquiries. Outstanding
references were required and have been received among qualified
bidders. A qualified bidder is required to develop Project
resources and involve consultants and subcontractors to the extent
authorized by the Company, and add value to the Project. Qualified
bidders are also required to visit the Project site to establish
equipment and infrastructure and evaluate what is available on
site; identify the available feedstock and discuss representative
sample requirements for further mineralogical and metallurgical
testwork required to verify a required flow sheet and equipment
sizing for the proposed plant. Qualified bidders are further
required to assist in formulating the basis for the initial ~ tph
gold processing plant, and provide engineering and consulting
services for design of suitable processing plants. Qualified
bidders are required to provide Engineering, Procurement and
Construction Management services as appropriate to facilitate
implementation of the processing plant. The foregoing are the
simplified and general requirements of qualified bidders.
The Company will choose among the field of
qualified bidders, an organization which will ensure the path and
process forward, including team objectives, and local legal
requirements. The Company will also choose an organization with a
history of success and one which will be flexible in the event the
understandings of the Company and bidder require supplementation in
our agreement for a smooth process forward.
The Company anticipates an expeditious analysis
to conclude the RFP process, and further expects to move forward
from the RFP process to a master services agreement which
incorporates more specific terms and requirements of the Company
followed by government oversight and review in the very near
future. The finalization process includes a review by the STAMICO
technical team with subsequent review for clearance with the
Tanzanian Mining Commission. The Company has worked with this
process before and anticipates no problems or significant
delays.
The Company is pleased to provide these updates
on the RFP process and will advise promptly when the process is
concluded.
Respectfully Submitted,
James E. Sinclair, Executive ChairmanTanzanian
Gold Corporation
For further information, please contact Michael Martin, Investor
Relations, via email at m.martin@tangoldcorp.com, direct line
860-248-0999, or visit the Company website at
www.tangoldcorp.com
The Toronto Stock Exchange and NYSE MKT LLC 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 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.
TRX Gold (TSX:TNX)
Historical Stock Chart
From May 2024 to Jun 2024
TRX Gold (TSX:TNX)
Historical Stock Chart
From Jun 2023 to Jun 2024