TORONTO, ONTARIO--(Marketwired - March 27, 2017) - Tanzanian Royalty Exploration Corporation (TSX:TNX)(NYSE MKT:TRX) (the "Company") is pleased to announce that the reported Tanzania Gold Export Ban does not apply to the Company. The export ban applies to companies which ship concentrate out of the United Republic of Tanzania. The concentrate cannot be weighed and measured for the purposes of tax revenues in Tanzania since it is in the form of concentrate which may or may not be fungible. The Company does not produce nor ship concentrate. The Company produces gold dore for shipment. Gold dore is able to be assayed, weighed and measured prior to export so that the Tanzanian tax revenues are assessable and able to be determined prior to export.
"The government of Tanzania is able to test the purity of the gold dore and therefore able to assess any taxes due prior to export." stated James E. Sinclair, Executive Chairman. "We don't export gold concentrate which is unable to be assayed for purity. Our gold export is in the form of dore, which is easily assayed for purity. The government of Tanzania can test our gold dore to determine any taxes due, prior to export. Therefore, the Company is not part of the gold export ban. We intend to continue the dore process with the completion of our new plant. We are not part of this ban. The Company produced and plans to continue producing gold in the form of dore" Sinclair concluded.
Dore is a bar of gold which Tanzanian inspectors can easily determine its weight and purity. The taxes are assessed by Ministry officials who determine exactly what is due at the point of pour, and a 4% levy is assessed and immediately due. Once Tanzanian taxes are assessed and paid, the dore gold is placed in officially sealed containers. Dore bars are placed in a helicopter directly in line of sight from the gold room under the Company's armed guards and watchful eyes of government inspectors. Upon placement in the helicopter, the gold dore is insured at 100% of market value on its transport to the Company's refinery in Zurich, Switzerland.
ABOUT TANZANIAN ROYALTY EXPLORATION CORPORATION:
Tanzanian Royalty Exploration Corporation is a mineral resource company, which engages in the acquisition, exploration and extraction of gold and other natural resources in the United Republic of Tanzania, Africa. The Company, after successfully exploring for Gold has identified three development projects, Buckreef, Kigosi, and Itetemia. In early 2016 in conjunction with our first gold pour, the Company was deemed a commercial gold producer by the Tanzanian Government. The Company is presently focused on its Buckreef Gold Project located in North central Tanzania.
Further information can be found in the Company's 43-101 reports, which can be viewed together with other reports and updates on the Company homepage at: www.TanzanianRoyalty.com
