TRX Gold Commissions expands Buckreef Gold factory, The Canadian Business Journal

TORONTO, Sept. 29, 2022 (GLOBE NEWSWIRE) — TRX Gold Corporation (TSX:TNX) (NYSE American: TRX) (the “Company” or “TRX Gold”) announced that it has We are pleased to announce that over 1,000 Tonnes (“tpd”) oxide mill circuits have been commissioned and are currently ramping up production. This factory expansion was planned in less than 12 months by him at a capital cost of US$4 million from the original 360 tpd capacity.

The first ore has been introduced into the expanded processing plant and the team is ramping up throughput over the next month to reach nameplate capacity by the end of October. Operating at a nameplate capacity of 1,000+ tpd, the operation is expected to produce an average of 15,000 to 20,000 ounces of gold annually over the life of the oxide mine project. Approximately 10% of Buckreef Gold’s total Mineral Resources consist of Oxide Mineral Resources.

The Buckreef Gold project has been transformed into a low-cost, high-margin operation that enables the execution of TRX Gold’s growth-oriented business strategy. Our focus is to use current gold production to fund value-adding activities such as mineral resource development, exploration and future processing plant expansions.

Image: Buckreef’s expanded plant in front, 360 tpd plant in background

We would like to thank our local employees, government, consultants and suppliers for their efficiency and dedication to this project.

“This is another big milestone for Buckreef Gold. We are very proud of the dedication and hard work our Tanzanian colleagues have achieved. from a cash flow test plant to a profitable, cash flow positive operation.

About TRX Gold Corporation

TRX Gold is rapidly moving forward with the Buckreef Gold project. Underpinned by Mineral Resources published in May 2020, the project currently includes an NI 43-101 Measured and Indicated Mineral Resource of 35.88 MT (1.77 g/t gold), comprising 2,036,280 ounces of gold and 17.8 Contains an estimated mineral resource of MT (1.11g/t). 635,540 ounces of gold in t gold. The leadership team is focused on creating short- and long-term shareholder value by increasing gold production and generating positive cash flow. The positive cash flow will be used for exploratory drilling with the goal of increasing the current gold resource base and advancing the sulfide ore project which represents 90% of the current gold resource. TRX Gold’s actions are guided by the highest ESG standards. This is evidenced by the relationships and programs the company has developed in the Geita region of Tanzania for nearly 20 years.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c7d24e72-4da6-4946-b89a-b0f9c601d160.

Investor

Christina Larry
Vice President of Investor Relations
TRX Gold Co., Ltd.
+1-438-399-8665
[email protected]
www.TRXgold.com

Forward-Looking Statements

This press release contains certain forward-looking statements as defined under applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are not always, but always, “anticipate,” “believe,” “hope,” “intend,” It is often identified by words such as ” or similar expressions. , or a statement that an event, condition, or result “occurs,” “could,” “could,” or “should.” Forward-looking statements relate to future events or future performance, reflect the expectations or beliefs of TRX Gold’s management regarding future events, and include statements regarding production at expected levels. include, but are not limited to: High-margin, low-cost operations Financing value-enhancing activities Expanding, estimating mineral resources Ability to develop value-creating activities Recovering future production and capital expenditures.

TRX Gold believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, but such statements are not guarantees of future performance. Actual results of TRX Gold or other future events or circumstances may differ materially from those reflected in forward-looking statements due to various risks, uncertainties and other factors. These risks, uncertainties and factors include general business, legal, economic, competitive, political, regulatory and social uncertainties. Performance and economic evaluation of exploration activities. changes in exchange rates; changes in costs; future prices of gold and other minerals; mining methods, production profiles and mining plans. Delays in exploration, development and construction activities. Changes in Government Laws and Regulations. Ability to obtain loans on acceptable terms and in a timely manner or at all. Disputes over ownership of property. Employee relations and shortage of skilled manpower and contractors. the speculative nature of exploration, development and mining operations and the risks associated therewith; These risks are described in reports filed by TRX Gold with the SEC. Copies of these documents may be obtained by reviewing the SEC’s website at http://www.sec.gov/edgar.shtml.

The information contained in this press release is current as of the date of the press release and TRX Gold does not undertake any obligation to update such information.

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