Tanzanian Royalty Receives NI-43-101 Compliant Resource Reports for Itetemia and Luhala Gold Projects in Tanzania
Tanzanian Royalty (NYSE: TRX) announces the receipt of a joint NI-43-101 compliant Technical Report for its Itetemia and Luhala gold projects in the Lake Victoria Goldfields of Tanzania. The full report will be filed on www.sedar.com.
Itetemia is an advanced-stage exploration project that was previously the subject of an option royalty agreement with a UK-based mining exploration company. (See News Release December 21, 2011). The Itetemia Project adjoins African Barrick's Bulyanhulu gold mine, one of the largest gold producers in Tanzania.
The NI-43-101 report for Itetemia includes a Resource Summary for the Golden Horseshoe Reef which was the subject of a preliminary economic study in August 2009 that examined and confirmed the technical feasibility of open pit mining employing various processing plant options.
Based on a 1.0 g/t cutoff grade, Itetemia has an Indicated Resource of 2,799,000 tonnes grading 2.96 g/t, representing 266,000 troy ounces and an Inferred Resource of 1,433,000 tonnes averaging 3.39 g/t, representing 156,000 ounces. Under the existing ownership structure, 90% of these resources will accrue to Tanzanian Royalty.
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