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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%.
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