James Sinclair, Chief Executive Officer, Tanzanian Royalty Exploration Corporation, stated, “The license renewal for the ten year term exceeds the normally expected term periods granted by industry standards. It is also significant to note that the company’s license was renewed now, when the renewal was not technically due until June 2017.
Sinclair continued, “license renewals and their term of years represent the anticipated viability of our mine. This renewal period clearly indicates that the Ministry of Energy and Minerals expects the Buckreef Project to be a viable producer well into the future.”
The mining license grant of mineral rights is for non-superficial deposits. The mining license and ten year term was approved on the basis of outstanding drill results including a significant new intersection of gold mineralisation in a drill hole at Eastern Porphyry Prospect, which intersected four new mineralisation zones on the target area.
“The latest assays indicating the discovery of additional gold mineralized veins at the Eastern Porphyry system continue to reinforce our belief that the prospect has significantly more potential as we continue to discover high grade gold mineralised vein systems near surface and at depth. Not only are the grades at the vein system significant but their northeast – south west orientation is new, opening up the potential for other veins of similar strike,” said the COO.