According to James E. Sinclair, President and CEO of Tanzanian Royalty, “The Company regrets that Kibo Mining was unable to fulfill the conditions for retaining its options on the Itetemia and Luhala properties even though we were exceedingly generous in allowing them extra time to reach an accommodation with us.”

The main gold prospect on Itetemia is the Golden Horseshoe Reef (GHR) which Kibo has been evaluating as a potential open pit mining operation. Kibo describes its preliminary economic assessment for Itetemia as “robust” and Mr. Sinclair confirms that an immediate priority for Tanzanian Royalty will be the preparation of a NI 43-101 compliant Technical Report for the project which will “enable further development and enhancement on an accelerated basis of the production model considered by Kibo.”

Only a small percentage of the Kigosi Project has been explored in any detail, providing the joint venture with additional room for resource development along established mineral trends, the Company confirms.

No statements pertaining buckreef financing have been made other.