Feb. 16, 2010 (Filing Services Canada) -- Tanzanian Royalty Exploration Corp (TNX - TSX, TRE - American),
Tanzanian Royalty Exploration Corporation is pleased to announce the completion of a National Instrument 43-101 compliant Technical Report for its Lunguya Project in the Lake Victoria Goldfields of northern Tanzania.
The Lunguya report was prepared by Martin J. Taylor, P.Geo, a Toronto-based independent consulting geologist who fulfills the requirements to be a "Qualified Person" for the purposes of NI 43-101.
The Lunguya property is located within one of the principal Archaean greenstone belts of Tanzania, 15-30 kilometres south of Barrick Gold's Bulyanhulu gold mine. The project area includes northwest-trending magnetic lineaments and shear sets that are parallel to those hosting the Bulyanhulu mine, Tanzania's largest gold producer.
A program of ground magnetics has been recommended for the Lunguya property followed by an orientation MMI (Mobile Metal Ion) soil survey on at least two of the east-west magnetic survey lines which is intended to provide a clearer picture of any gold anomalies.
Following the integration of this new exploration data with previous geochemical, geophysical and drilling data, drill targets will be selected for either RAB (Rotary Air Blast) or RC (Reverse Circulation) drilling.
The Company also plans a review of the quartz rubble areas at Lunguya in areas of artisanal mining to determine if there is a viable target remaining for a potential resource.
"James E. Sinclair"
James E. Sinclair
Chairman and Chief Executive Officer
For further information, please contact Investor Relations at 1-800-811-3855
Visit our website: www.TanzanianRoyaltyExploration.com
The Toronto Stock Exchange and NYSE Amex Equities have not reviewed and do not accept responsibility for the adequacy or accuracy of this release
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as "reserves", "resources", "geologic resources", "proven", "probable", "measured", "indicated", or "inferred" which may not be consistent with the reserve definitions established by the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 001-32500. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml.
Certain information presented in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act 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, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Investors are referred to our description of the risk factors affecting the Company, as contained in our Form 20-F, File No. 001-32500, for more information concerning these risks, uncertainties, and other factors.
Source: Tanzanian Royalty Exploration Corp (TNX - TSX) (TRE - AMEX) http://www.tanzanianroyaltyexploration.com
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