TORONTO, Jan. 12, 2019 (GLOBE NEWSWIRE) -- Tanzanian Royalty Exploration Corporation's (TSX:TNX) (NYSE MKT:TRX)
(the "Company’s”) Board of Directors is pleased to announce the entering into subscription agreements for the sale of 3,924,386
common shares raising $885,734 in the aggregate with two investors.
The proceeds from the sale of common shares will be used in furtherance of the Company’s Three-Phase Drill Program
at the Buckreef Project previously announced.
The common shares are being offered pursuant to an effective shelf registration statement on Form F-3, that was
previously filed with the Securities and Exchange Commission and declared effective on September 5, 2018. The sale of the common
shares is expected to close on or before on January 16, 2019, subject to the satisfaction of customary closing conditions,
including acceptance of the listing of the common shares by the NYSE American and the Toronto Stock Exchange.
Respectfully Submitted,
"James E. Sinclair"
James E. Sinclair
Executive Chairman
For further information, please contact Michael Martin, Investor Relations, m.martin@tanzaninaroyalty.com, 860-248-0999, or visit the Company website at www.tanzanianroyalty.com
Cautionary Note Regarding Forward-looking Statements
Certain of the statements made herein may contain forward-looking statements or information within
the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often,
but not always, forward- looking statements and forward-looking information can be identified using words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives
thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, ,occur or be achieved. Forward-looking statements or information herein include, but are not limited to
the Positive Feasibility Study on Buckreef, the timing and the results of the proposed drilling program.
Forward-looking statements and forward-looking information by their nature are based on
assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by
such forward-looking statements or information. We have made certain assumptions about the forward-looking
statements and information and even though our management believes that the assumptions made and the expectations represented by
such statements or information are reasonable, there can be no assurance that the forward-looking statement
or information will prove to be accurate. Furthermore, should one or more
of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may
vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors
include, among others, the following: gold price volatility; discrepancies between actual and estimated production, mineral
reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks;
regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign
investment; currency fluctuations; speculative nature of gold
exploration; global economic climate; dilution; share price volatility;
competition; loss of key employees; additional funding requirements; and defective title to mineral claims or
property, as well as those factors discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors"
in the Company's Form 20-F Annual Report dated November 29, 2018.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place
undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to
update forward- looking statements and information continually as conditions change and you are referred to the full discussion of
the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the
U.S.
Cautionary Note Regarding Mineral Reserves and Mineral Resources
The terms "Mineral Reserve", "Proven Mineral
Reserve" and "Probable Mineral Reserve" used in this
release are Canadian mining terms as defined in accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects under the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum (the
"CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM
Council on August 20, 2000 as may be amended from time to time by the CIM. These definitions differ
from the definitions in the United States Securities
Exchange Commission ("SEC") Guide 7. In the United
States, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally
extracted or produced at the time the mineral reserve determination is made.
The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource", "Inferred Mineral
Resource" used in this release are Canadian mining terms as defined in accordance with National Instruction
43-101 – Standards of Disclosure for Mineral Projects under the guidelines
set out in the CIM Standards. Mineral Resources
which are not Mineral Reserves do not have demonstrated economic
viability.
For a detailed discussion of Buckreef resource and reserve estimates and
related matters see the Company's reports, including the Form 20-F Annual Report dated November 29, 2018 and technical reports
filed under the Company's name at our website at: www.TanzanianRoyaltyExploration.com.
Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred
Resources
Note to U.S. Investors. While the terms "mineral resource", "measured mineral resource," "indicated
mineral resource", and "inferred mineral resource" are recognized and required by Canadian regulations, they are not defined terms
under standards in the United States and normally are not permitted to be used in reports and registration statements filed with
the SEC. As such, information contained in this report concerning descriptions of mineralization and resources under Canadian
standards may not be comparable to similar information made public by U.S companies in SEC filings. With respect to "indicated
mineral resource" and "inferred mineral resource" there is a great amount of uncertainty as to their existence and a great
uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "indicated mineral
resource" or "inferred mineral resource" will ever be upgraded to a higher category. Investors are cautioned not to assume that any
part or all mineral deposits in these categories will ever be converted into reserves.
CONNECTICUT OFFICE:
PO Box 577
Sherman, CT
U.S.A. 06784
Fax: (860) 799-0350
investors@TanzanianRoyalty.com
TORONTO OFFICE:
82 Richmond Street West
Suite 208
Toronto, Ontario M5C 1P1
Toll Free (844) 364-1830
www.TanzanianRoyaltyExploration.com
