Tanzanian Gold Corporation Provides Update On Buckreef Project

Tanzanian Gold Corporation Provides Update On Buckreef Project

FOR IMMEDIATE RELEASE November 4, 2019

TORONTO, November 4, 2019 (GlobeNewswire) — Tanzanian Gold Corporation’s, (TSX:TNX) (NYSE American: TRX) (the “Company’s”) Board of Directors is pleased to provide shareholders with a simplified guide to the progress that the Buckreef Project has made since the Company acquired it. This guide is based on the 43-101 Standard of Reporting.

Regulators in Canada require that on any significant matter related to mining, listed companies must follow National Instrument 43-101 (“NI 43-101”).

Disclosures covered by NI 43-101 include news releases of mineral exploration results, reporting of resources and reserves, technical studies, various levels of feasibility studies, presentations, oral comments, and websites.

For a typical mining project the NI 43-101 Standard of Reporting recognizes several distinct stages of reporting as a project moves from exploration to production. These stages are:

 Exploration
 Preliminary Resources
 Technical Studies
 Resources and Reserves
 Preliminary Economic Assessment  Pre-Feasibility Study
 Final Feasibility Study
 Environmental Impact Study
 Construction and Operation Plan

Each of these stages has more rigorous requirements of underlying work that must be completed in order to improve the confidence that a project is viable under a broad range of assumptions. These are increasingly demanding, such as more drilling even as part of a Final Feasibility Study that can be costly and time consuming. For example, estimates of costs in a Final Feasibility Study can be only +10% to -10% and must be based on at least 3 vendor quotes.

191104 TNX News Release