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February 24, 2014
08:13 EDTTRXTanzanian Royalty announces LoI for JV development at Buziba-Busolwa, Buckreef
Tanzanian Royalty and Allied Gold of United Arab Emirates are pleased to announce the signing of a letter of intent to develop a commercially producing mine in the area known as Buziba-Busolwa in Tanzania, in a stand-alone development that will encompass the Buziba site within the Company's Buckreef Gold Project. Buckreef Gold, a project subsidiary of Tanzanian Royalty owned 55% by Tanzanian Royalty and 45% by the State Mining Company of Tanzania, has signed a letter of intent with ARL Gold Tanzania Limited, a subsidiary of AGC, to conclude a Definitive Joint Venture Agreement in connection with a joint venture to be created for the development of a producing gold mine at Buziba-Busolwa. Buziba-Busolwa is located in the prolific Lake Victoria Goldfields of northern Tanzanian within the Rwamagaza Greenstone Belt. The Buziba-Busolwa Project will combine the Company's resource at its Buziba site with ARL's adjoining properties, now being reviewed for inclusion in a pre-feasibility study in progress. The company's BGCL joint venture with Stamico will hold a 40% interest in the Buziba-Busolwa Project, with AGC holding the remaining 60%.
News For TRX From The Last 14 Days
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February 9, 2016
08:18 EDTTRXTanzanian Royalty acknowledges, accepts resignation of chairman
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February 8, 2016
13:00 EDTTRXTanzanian Royalty completes first gold pour at Buckreef gold project
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February 5, 2016
08:58 EDTTRXTanzanian Royalty subsidiary provides notice of Force Majeure
Tanzanian Royalty announces that its subsidiary Tanzam has provided notice of Force Majeure under its agreement with STAMICO, owned by Tanzanian Treasury. "This notice of Force Majeure is based upon the invasion and forced occupation by several hundred illegal miners of our mining properties including the South Pit and other areas within the Buckreef site, thereby endangering our team and preventing Tanzam from continuing its mining operations. This continuing intrusion into our mines now at night is well known to the government authorities, as are the active illegal mining operations taking place right on our border. We ordered our security force to stand down in order to prevent a more serious confrontation. This event, we believe, may have been incited by an energetic speech made in the local village by the Deputy Minister of Energy and Minerals stating that land would be given to the artisans for legal mining within 14 days. On the 15th day the large invasion took place. Our decision to act was to protect the assets of our stockholders and put a stop to these actions which do not respect contracts or due process of law. Invasions are continuing by stealth and at night. The Deputy Minister requested a meeting onsite in early January. During the meeting cell phones and note books were forbidden by the Deputy Minister's staff, but the Deputy Minister's speech was videotaped. We have the master of this videotape. This same Deputy Minister made many other requests to be accomplished within 14 days that were not contractual obligations or required by mining law. The company was threatened with extreme sanctions without due process of law if the demands were not met. We intend to file various other legal actions with other ministries in connection with our mining and exploration equipment on the site of the Kigosi Mining License which is in good standing, including acts preventing our employees from entering the mining areas under license to us in order to take inventory of our equipment. In no case would any government official issue a letter to us concerning their verbal orders denying us access to the Kigosi site."

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