Name of the Project
Buckreef gold project.

Location
Geita district, in the Lake Victoria greenstone belt, in central Tanzania.

Client
Tanzanian Royalty Exploration Corporation.

Project Description
The project has proven and probable reserves of 19-million tonnes grading 1.54 g/t of gold.

A prefeasibility study (PFS) has determined that the mineral reserves at the Buckreef project can support a 1.5-million-tonne-a-year mine for 16 years.

The ore material will be mined from the four openpits and then sent for processing at a plant located at Buckreef designed to achieve gold recovery of 92.3% and 85% for the oxides and sulphides material respectively over the life of the project. Over the estimated life of the mine about 822 000 oz of gold is expected to be produced.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated after-tax net present value, at a 5% discount rate, of $130.96-million and an internal rate of return of 74%, with a payback of four years.

Value
The project’s estimated initial capital outlay for the earthmoving equipment, processing plant and related infrastructure will be $76.5-million, which includes a 15% contingency.

Duration
Not stated.

Latest Developments
The company plans to conduct additional drilling and analysis to not only upgrade inferred resources into higher categories but also further define the prospects at depth.

Key Contracts and Suppliers
Virimai Projects (PFS).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Tanzanian Royalty Exploration Corporation, email investors@tanzanianroyalty.com.