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VANCOUVER, British Columbia, May 05, 2020 (GLOBE NEWSWIRE) – Tanzanian Gold Corp. (TSX: TNX) (NYSE American: TRX) with gold mining projects at Buckreef in Tanzania, is pleased to announce the commitment of PricewaterhouseCoopers Corporate Finance Inc. (“PwCCF“) to help secure project financing for the construction of two gold mining projects in Buckreef. Over the past 10 years, PwCCF provided financial advice on more than 4,000 transactions worldwide, and in 2019, Mergermarket ranked first in the count of agreements with more than 569 completed agreements.
PwCCF Advisory Mandate:
PwCCF has a global network of more than 3,000 professionals in 60 countries that provide a wide range of debt, equity and other advisory services; including, but not limited to, debt and equity increases, debt refinancing, public-private partnership agreements, mining financing (royalties, gold loans, etc.) and complex acquisitions, in all industrial sectors, corporations, private equity companies, public sector organizations, sovereign wealth and other investment funds.
States James Sinclair, CEO of the Tanzanian Gold Corporation “We have recruited a very talented international financial team with a globally recognized capacity to help us bring our two gold mining projects into production at Buckreef.” Mr. Sinclair goes on to say 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, Managing Director of Corporate Finance at PwCCF commented: “We are delighted to be working with Tanzanian Gold to arrange financing of mining projects for two gold mining operations. Buckreef is in a unique position with a significant resource of high grade of +2.0 million ounces of gold, with a shovel-ready oxide project and a fast-tracking sulfide project 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. To date, an ongoing drilling program along the 1.2-km Buckreef shear zone of continuous mineralization has more than doubled the size of the measured and indicated resources to 2.3 million ounces of gold. NI 43-101-compliant mine exploration targets contain the potential to add another 2 million ounces of gold to Buckreef’s resources. Tanzanian Gold is progressing rapidly on three value creation pathways simultaneously: 1. Gold production from an oxide processing plant will begin in mid-May, to operate as a stand-alone plant and mine, separate from the useful life of the large gold sulfide and mining processing operation; 2. The company goes to Final Viability for the gold sulfide operation at Buckreef and is now proposing a design more than 3 times larger than the one modeled in the 2018 Prefeasibility Study, and which could produce 150,000 to 175,000 ounces of gold annually. 3. The company started Ultra Deep Drilling and completed a Tier 1 platform 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,
“James E. Sinclair”
James E. Sinclair
CEO
For more information, contact Michael Martin, Investor Relations, by email at [email protected], hotline 860-248-0999, or visit the Company’s website at www.tangoldcorp.com
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Caution note for US investors. USA: The United States Securities and Exchange Commission limits the disclosure to the United States of mineral deposits that the company can extract or produce economically and legally. We use certain terms in this press release, such as “reserves”, “resources”, “geological resources”, “proven”, “probable”, “measured”, “indicated” or “inferred” that may not be consistent with the definitions reserve established by the SEC. US investors are urged to carefully consider disclosure in our filings with the SEC. You can review and obtain copies of these filings on the SEC’s website at http://www.sec.gov/edgar.shtml
This press release contains certain forward-looking statements and forward-looking information. All statements, except statements of historical fact, included in this document are forward-looking statements and forward-looking information that involve various risks and uncertainties. Such statements cannot be guaranteed to be accurate, and actual results and future events may 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 periodically with the provincial securities regulatory authorities of British Columbia, Alberta and Ontario.
Certain information presented in this release may constitute “forward-looking statements” within the meaning of Private Securities Litigation Reform Law 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, that may cause the Company’s actual results, performance, or achievements. . be materially different from any projected future results, performance or achievements expressed or implied in such forward-looking statements. For more information on these risks, uncertainties, please consult investors with our description of risk factors affecting the Company, as contained in our filings with the SEC, including our annual report on Form 20-F and the Statement. record on Form F-10, as amended. and other factors.
