PwC to assist project financing for gold mining at Buckreef
05 May 2020 - 11:46PM
Tanzanian Gold Corp. (TSX:TNX) (NYSE American: TRX) with gold
mining projects at Buckreef in Tanzania, is pleased to announce the
engagement of PricewaterhouseCoopers Corporate Finance
Inc. ("
PwCCF") to assist in securing project
financing for construction of two gold mining projects at Buckreef.
In the last 10 years, PwCCF provided financial advice on over 4,000
transactions globally and in 2019, was ranked first by deal count
by Mergermarket with over 569 deals
completed.
PwCCF Advisory Mandate:
PwCCF has a global network of more than 3,000
professionals across 60 countries that provide a full range of
debt, capital and other advisory services; including but not
limited to debt and equity raising, debt refinancing,
public-private partnership arrangements, mining finance (royalties,
streams gold loans, etc.) and complex procurement, across all
industry sectors, to corporations, private equity firms, public
sector bodies, sovereign wealth and other investment
funds.
States James Sinclair, Executive Chairman of
Tanzanian Gold Corporation “ We have engaged a very talented
international finance team with a world recognized ability to help
us bring our two gold mining projects at Buckreef into production ”
Mr. Sinclair goes on to state that “The PwCCF team has worked for
several months conducting extensive due diligence and we look
forward to working with them during this exciting
period”.
Mr. Stephen Mullowney, PwCCF's Managing
Director of Corporate Finance commented, "We are pleased to be
working with Tanzanian Gold to arrange project mining financing of
two gold mining operations. Buckreef is uniquely positioned with a
significant high-grade resource of +2.0 million ounces of gold,
with a shovel ready oxide project and a sulphide project fast
tracking through a Bankable Feasibility Study.”
About Tanzanian Gold
Corporation
Tanzanian Gold Corporation is building a world
class gold mine at the Buckreef Project in Tanzania. An ongoing
drill program along the continuously mineralized 1.2km long
Buckreef Shear Zone has, to date, more than doubled the size of
measured and indicated resources to 2.3 million ounces of gold. NI
43-101 compliant exploration mining targets contain the potential
to add up to another 2 million ounces of gold to the Buckreef
resources. Tanzanian Gold is rapidly advancing on three
value-creating tracks, simultaneously: 1. Gold production from an
oxide processing plant to begin by the middle of May , to operate
as a stand-alone plant and mine, separately from the full life of
the larger mining and gold sulphide processing operation; 2. The
company moves to Final Feasibility for the gold sulphide
operation at Buckreef and now proposes a design more than 3 times
larger than modelled in the Pre-Feasibility Study of 2018, and
which could produce 150,000 to 175,000 ounces of gold annually. 3.
The company has begun Ultra-Deep Drilling and completed a Level 1
stope design to consider an underground gold mining component at
Buckreef. See
https://www.tangoldcorp.com/wp-content/uploads/2020/04/200424-TNX-NR.pdf
Respectfully Submitted,
“James E. Sinclair” James E. SinclairExecutive
Chairman
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 Apr 2024 to May 2024
TRX Gold (TSX:TNX)
Historical Stock Chart
From May 2023 to May 2024