TORONTO, March 01, 2021 (GLOBE NEWSWIRE) — Tanzanian Gold Company (TSX:TNX) (NYSE American:TRX) (TanGold or the Firm) is happy to announce and welcome Michael P. Leonard, CPA, CA as Chief Monetary Officer of Tanzanian Gold Company.
Mr. Leonard has had a distinguished profession as a monetary chief within the gold business with broad, progressive expertise in investor relations and company international finance. He had a powerful, revered and esteemed profession of greater than 17 years in monetary management at Barrick Gold and possesses the imaginative and prescient and foresight wanted by the Firm as an important member of our management group. He brings his intensive data and expertise to the Firm and is famend for his data of the gold business, large image outlook, and outcomes oriented mindset. He’s revered for his integrity, frankness, and monetary prowess, and is a venerable addition to the Firm’s strategic administration group. As CFO, he’ll help the Firm in its inevitable digital transformation and fill an important position for the Firm’s technique shifting ahead, together with use of state-of-the-art know-how, and growth and implementation of economic fashions, monetary controls and procedures for monetary administration.
“It’s with nice pleasure on behalf of Tanzanian Gold Company that we welcome Michael P. Leonard as Chief Monetary Officer. Michael has a constant monitor document of profitable efficiency in finance and for attaining outcomes. He has broad data of the gold business and a confirmed exemplary document of success throughout his a few years with Barrick. We’re excited to have Michael be part of our govt group in growing our long run strategic planning on behalf of the Firm. The event of economic controls and procedures is significant in good, strategic administration,” mentioned Stephen Mullowney, CEO.
Mr. Leonard’s background contains intensive expertise in implementing international investor relations technique, appearing as a major interface speaking with the exterior market, advising administration on investor perceptions and creating market transparency on technique and efficiency. He has the expertise to deal with the each day wants of the Firm and the flexibility to venture present wants into long run monetary planning and focus as a Chartered Skilled Accountant.
“We’re delighted to have Michael Leonard be part of our govt group. The CFO performs such an essential position in our company growth. Michael brings data, imaginative and prescient, and expertise to our govt administration group. We’re shifting ahead and rising at such a quick tempo, we want the very best caliber govt group. Michael is the superior alternative for CFO in each regard and can serve with distinction,” mentioned James E. Sinclair, Govt Chairman.
“I’m very excited to be a member of the chief group for Tanzanian Gold Company. I do know my years of expertise with Barrick will likely be invaluable within the Firm’s endeavours and additional profitable achievements in Tanzania. I welcome the chance to carry my background and expertise to the Firm in shifting us ahead as a profitable gold mining enterprise in Tanzania.” Chief Monetary Officer Michael P. Leonard, mentioned.
About Tanzanian Gold Company
Tanzanian Gold Company together with its three way partnership associate, STAMICO is constructing a big gold venture at Buckreef in Tanzania that’s based mostly on an expanded Mineral Useful resource base and the remedy of its mineable Mineral Reserves in two standalone vegetation. Measured Mineral Useful resource now stands at 19.98MT at 1.99g/t gold containing 1,281,161 ounces of gold and Indicated Mineral Useful resource now stand at 15.89MT at 1.48g/t gold containing 755,119 ounces of gold for a mixed tonnage of 35.88MT at 1.77g/t gold containing 2,036,280 ounces of gold. The Buckreef Mission additionally comprises an Inferred Mineral Useful resource of 17.8MT at 1.11g/t gold for contained gold of 635,540 ounces of gold. The Firm is actively investigating and assessing a number of exploration targets on its property. Please confer with the Firm’s Up to date Mineral Sources Estimate for Buckreef Gold Mission, dated Could 15, 2020, for extra info.
Tanzanian Gold Company is advancing on three value-creation tracks:
- Strengthening its steadiness sheet by increasing near-term manufacturing to fifteen,000 – 20,000 oz. of gold per yr from the processing of oxide materials from an expanded oxide plant.
- Advancing the Remaining Feasibility Examine for a stand-alone sulphide treating plant that’s considerably bigger than beforehand modelled and focusing on important annual gold manufacturing.
- Persevering with with a drilling program to additional check the potential of its property, Exploration Targets and Mineral Useful resource base by: (i) figuring out new prospects; (ii) drilling new oxide/sulphide targets; (iii) infill drilling to improve Mineral Sources at the moment within the Inferred class; and (iv) a step-out drilling program within the Northeast Extension.
Andrew M. Cheatle, P.Geo. is the Firm’s Certified Particular person as outlined by the NI 43-101 who has verified the information disclosed on this information launch and has in any other case reviewed and assumes duty for the technical content material of this press launch.
The Toronto Inventory Exchange and NYSE American have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.
U.S. Traders are urged to contemplate shutly the disclosure in our SEC filings. You can review and acquire copies of these filings from the SEC’s website at http://www.sec.gov/edgar.shtml
This press launch comprises sure forward-looking statements as outlined within the relevant securities legal guidelines. All statements, apart from statements of historic info, are forward-looking statements. Ahead-looking statements are steadily, however not at all times, recognized by phrases reminiscent of “expects”, “anticipates”, “believes”, “hopes”, “intends”, “estimated”, “potential”, “doable” and related expressions, or statements that occasions, circumstances or outcomes “will”, “might”, “might” or “ought to” happen or be achieved. Ahead-looking statements relate to future occasions or future efficiency and mirror Tanzanian Gold administration’s expectations or beliefs relating to future occasions and embrace, however should not restricted to, statements with respect to the estimation of mineral reserves and sources, recoveries, subsequent venture testing, success and viability of mining operations, the timing and quantity of estimated future manufacturing, and capital expenditure.
Though TanGold believes the expectations expressed in such forward-looking statements are based mostly on affordable assumptions, such statements should not ensures of future efficiency. The precise achievements of TanGold or different future occasions or circumstances might differ materially from these mirrored within the forward-looking statements as a consequence of quite a lot of dangers, uncertainties and different elements. These dangers, uncertainties and elements embrace basic enterprise, authorized, financial, aggressive, political, regulatory and social uncertainties; precise outcomes of exploration actions and financial evaluations; fluctuations in foreign money change charges; modifications in prices; future costs of gold and different minerals; mining methodology, manufacturing profile and mine plan; delays in exploration, growth and development actions; modifications in authorities laws and regulation; the flexibility to acquire financing on acceptable phrases and in a well timed method or in any respect; contests over title to properties; worker relations and shortages of expert personnel and contractors; the speculative nature of, and the dangers concerned in, the exploration, growth and mining enterprise. These dangers are set forth beneath Merchandise 3.D in Tanzanian Gold’s Kind 20-F for the yr ended August 31, 2020, as amended, as filed with the SEC.
The knowledge contained on this press launch is as of the date of the press launch and TanGold assumes not obligation to replace such info.
Be aware to U.S. Traders
US traders are suggested that the mineral useful resource and mineral reserve estimated disclosed on this press launch have been calculated pursuant to Canadian requirements which use terminology per the necessities CRIRSCO reporting requirements. For its fiscal yr ending August 31, 2021, and thereafter, the Firm will comply with new SEC rules which makes use of a CRIRSCO based mostly templet for mineral sources and mineral reserves, that features definitions for inferred, indicated, and measured mineral sources.