Novo Resources

Tanzanian Gold Announces Closing of Sale of $3,850,000 in Common Shares

TORONTO, Dec. 18, 2019 (GLOBE NEWSWIRE) -- Tanzanian Gold Corporation’s (TSX:TNX) (NYSE American:TRX) (the “Company’s”) Board of Directors is pleased to announce that it has completed the sale of 6,695,652 common shares raising $3,850,000, in the aggregate as previously announced in its press release of December 16, 2019. 

Tanzanian Gold Corporation has over the past twelve months successfully executed a professionally designed and managed pathway with our development at the Buckreef Project. As demonstrated by our news releases and presentations throughout 2019, the Company has undertaken the Buckreef mine development in a manner rarely seen in the junior mining sector. The Company believes that Gold mines in general and, more specifically Tier One Gold Mines, are not found they are made.

Mr. James E. Sinclair Executive Chairman commented “Financings of this nature are imperative for us for the development at the Buckreef Project. We believe that previous financings, as well as this one, have added fundamental value to the Buckreef Project, Company and its shareholders. The capital raised is designed to have immediate impact as it addresses the needs that we have as a Company to build a mine. That’s what we plan to do right here and what we will continue to do. We are extremely pleased to have completed this important transaction at this juncture with R.F. Lafferty, who has proven to be an excellent, ethical and valued partner in our process of mine building. I can say without reservation that our Company stands at the best fundamental position we have ever known.”

Respectfully Submitted, “James E. Sinclair”

James E. Sinclair Executive Chairman

For further information, please contact Michael Martin, Investor Relations, This email address is being protected from spambots. You need JavaScript enabled to view it., 860-248-0999, or visit the Company website at www.tangoldcorp.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 for the fiscal year ended August 31, 2019 as filed with the SEC on December 2, 2019.

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.

GET DAILY NEWS FLOW

Sign Up To Receive All Morning
News To Your Email Inbox

Please review our Disclaimer and Privacy Policy before subscribing.

Tanzanian Gold

Last Trade: C$0.74
Daily Change: -0.06 -7.50
Daily Volume: 44,900
Market Cap: C$104.440M
Tanzanian Gold Announces Doubling Of Resources In Measured + Indicated Categories And Highlights Upside In Exploration Targets on its Buckreef Gold Project
Tanzanian Gold Reports Annual Meeting Voting Results
Tanzanian Gold announces an upper level intercept of 48m (incl. 5m @6.6g/t and 1.0M @ 16.8 g/t ) and a deeper intercept of 13.4m (incl. 8.0m @ 4.9 g/t) in the first hole of the Phase III deep drilling program testing the underground potential at Buckreef
Tanzanian Gold Clarifies Disclosure
Tanzanian Gold announces 4,291,000 ounces of gold contained in unclassified resources at the conclusion of its Phases 1 & 2 Resource Upgrade drilling along the 1.2km Buckreef Shear Zone
Tanzanian Gold Update on Request for Proposal for Mining Process
Appellate Division Affirms New York Supreme Court Decision; Tanzanian Gold to Continue to Pursue Federal Matter
Tanzanian Gold Announces End of Phase II Drilling and Start of Phase III Ultra-Deep Drilling; 50m @ 1.8 g/t Au Including 5m @ 4.6 g/t Au, 7m @3.9 g/t Au and 1.0m @ 7.0 g/t Au Confirms Northeast Extension Still Open
Tanzanian Gold Corporation Announces Public Offering of Common Shares
Tanzanian Gold Corporation Plans to Start Mining at Buckreef Property; Continues Focus on the Development of the Buckreef Shear Zone; Announces 2019 Year End Results
Tanzanian Gold Corporation Provides Update On Buckreef Project
Tanzanian Gold Confirms that Buckreef Zone Still Open to N.E.

Condor Gold

Condor Gold

Condor Gold is revitalizing the historic La India gold mining district in Nicaragua. To date the company has produced a global N.I. 43-101 mineral resource totaling 2.1 million ounces of high grade gold, including open pit resources of over 1 million ounces grading 3.5 g/t gold. The December 2014 N.I. 43-101 Pre-Feasibility Study demonstrated an open pit mineral reserve of 675k ounces of gold that could produce 79,000 ounces annually over 8 years at all-in sustaining costs... LEARN MORE

No Internet Connection