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Buckreef Gold – Special Mining License Renewal Date Extended, Canadian Business Journal

Toronto, March 11, 2022 (GLOBE NEWSWIRE) — Tanzanian Gold Corporation (TSX: TNX) (NYSE American: TRX) (TanGold or our company) announces that the special mining renewal date has been extended. .. Licensed under the Buckreef Gold Project (Buckreef Gold) (SML 04/92).

We have received a Certificate of Special Mining License Renewal (SML) from the Mining Commission, a division of the Ministry of Minerals of the United Republic of Tanzania. Buckreef Gold’s special mining license renewal period has been extended for an additional five years from 2027 to 2032.

Under Tanzania’s Mining Act, SML grants owners the exclusive right to perform mining operations and explore minerals (within SML), as specified in the license. Together with our joint venture partners STAMICO and the Government of the United Republic of Tanzania, we are excited to continue developing and launching Backleaf Gold, Tanzania’s next largest gold mine.

The special mining license period covers my estimated lifespan with certain renewals during that period. We expect the mine to have a lifespan of significantly over 2032, so the SML will be renewed before the renewal date in accordance with the requirements of the Tanzania Mining Act.

“We are pleased to receive this license extension, which is a testament to the great progress we have made in Backleaf Gold and the efforts of our team in the field in Tanzania. We are the Honorary Minister of Mines, Chairman and Member of the Mining Commission. Thanks to our joint venture partner STAMICO, and Backleaf Gold and all other government officials in Tanzania for supporting the long-term development of the project. Working together to build the next big gold mine in Tanzania. We look forward to doing so, ”said Stephen Mullowney, Chief Executive Officer of Tan Gold.

About Tanzanian Gold Corporation

TanGold is working with its joint venture partner STAMICO on an important gold project at Buckreef, Tanzania. Buckreef is secured by the extended mineral resources published in May 2020. The measured mineral resources are 1.99 grams / ton (“g / t”) of gold (“Au”), including 1,281,161 ounces (“oz”), which is 19.98 million tons (“MT”). ) Gold and labeled mineral resources are 15.89 MT with 1.48 g / t gold including gold, and a gross tonnage of 1.77 g / t gold with gold is 35.88 MT, including 755,119 ounces of gold. The Buckreef Gold Project also includes an estimated mineral resource of 17.8 MT at 1.11 g / t gold, including 635,540 ounces of gold. We are actively investigating and assessing multiple exploration targets for our assets. Updated Mineral Resources Estimates for the Backleaf Gold Project submitted under the company profile amended to SEDAR on June 23, 2020 on May 15, 2020 and to the SEC on June 23, 2020. See (“Technical Report”). ), For more information. Buckreef is advancing in a sustainable way with added value in the following ways:

Expansion of production profile: A processing plant of 360 tonnes (“tpd”) per day will be expanded to 1,000 + tpd, enabling a short-term production profile of 15,000-20,000 ounces of gold per year. Positive operating cash flow will be used for value-enhancing activities such as exploration and sulfide project development.

search: Continue drilling programs aimed at expanding resources, discovering new resources, and converting resources into reserves in the following ways: (I) Step-out excavation at the northeastern extension of the backleaf main. (Ii) Infill drilling to upgrade mineral resources currently included in the backleaf main estimated category. (Iii) Buckreef West infill drilling program. (Iv) Develop a newly discovered Anfield Zone exploration program. (V) Upgrade the historic mineral resources of Bingwa and Tembo. (Vi) Identifying new prospects for the Backleaf Gold Project and the East African region.

Sulfide development project: Unleash the value of sulfide projects where “sulfide ore” accounts for about 90% of resources. Our goal is to significantly exceed all indicators outlined in the technical report, such as annual production and strip rate.

For more information, please contact CEO Stephen Mullowney or CFO Michael Leonard (IR@tangoldcorp.com) or visit the company website (www.tangoldcorp.com).

Our COO and Director Andrew M. Cheatle, P. Geo. Is a qualified person as defined by NI 43-101, who reviews and is responsible for the technical content of this press release.

Toronto stock EXChangeand NYSE American have no ot revMeewed When do no oaccesspt reVoluntaryty y for the adequality Also accuraCy this relSimple. Tanzanian Gold Corporation provides a reference for research reports in this press release for informational purposes only.

Description of future prospects

This press release contains statements regarding specific future prospects as defined by applicable securities law. All statements except historical facts are forward-looking statements. Statements about future prospects are not always, but “expect”, “expect”, “believe”, “hope”, “intention”, “estimated”, “possible”, ” It is often identified by expressions such as “possible”. , Or a statement that an event, condition, or result “occurs”, “possibly”, “possibly”, or “must occur”, or is achieved. Forward-looking statements relate to future events or performance and reflect Tan Gold management’s expectations or beliefs about future events, as well as ongoing operating cash flow, process plant expansion and the ability to succeed. Contains, but is not limited to. Expand production to 1,000 tpd, estimate and recover mineral resources, subsequent project testing, success, scope and feasibility of mining operations, estimated future production timing and quantity, and capital spending.

TanGold believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, but such statements do not guarantee future performance. The actual outcome of Tan Gold or other future events or situations may differ materially from those reflected in the forward-looking statements due to various risks, uncertainties and other factors. These risks, uncertainties, and factors include general business, legal, economic, competition, political, regulatory, and social uncertainties. Actual results of exploration activities and economic valuations. Exchange rate fluctuations; Cost changes; Future prices of gold and other minerals. Mining method, production profile, mining plan. Delays in exploration, development and construction activities. Changes in government laws and regulations. Ability to raise funds in a timely or totally acceptable manner. A dispute over property ownership. Lack of employee relationships and skilled personnel and contractors. The speculative nature of exploration, development and mining and the risks associated with it. These risks are described in a report filed by Tanzanian Gold with the SEC. A copy of these filings can be found and obtained from the SEC website (http://www.sec.gov).

The information contained in this press release is current as of the date of the press release and Tan Gold undertakes no obligation to update such information.


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Buckreef Gold – Special Mining License Renewal Date Extended, Canadian Business Journal

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