TORONTO, Jan. 16, 2019 (GLOBE NEWSWIRE) -- Tanzanian Royalty Exploration Corporation's (TSX:TNX) (NYSE MKT:TRX)
(the "Company’s”) Board of Directors is pleased to announced that the Company has completed the sale of 3,924,386 common shares
raising $885,734 in the aggregate previously announced in its press release of January 12, 2019.
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.
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.
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.TanzanianRoyalty.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.
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.
CONNECTICUT OFFICE:
PO Box 577
Sherman, CT
U.S.A. 06784
Fax: (860) 799-0350
investors@TanzanianRoyalty.com
TORONTO OFFICE:
82 Richmond Street East
Suite 208
Toronto, Ontario M5C 1P1
Toll Free (844) 364-1830
www.TanzanianRoyaltyExploration.com
