Tanzanian Royalty Announces the Selection of Consulmet for Construction and Management of the Kigosi and Bingwa/Tembo Gold Mining Projects
South Surrey, British Columbia CANADA, June 25, 2013 /FSC/ - Tanzanian Royalty Exploration Corp (TNX - TSX, TRX - NYSE),is pleased to announce that having concluded the selection process, they have informed Consulmet Metals (Pty) Limited of South Africa ("Consulmet") of the award of the contracts for Kigosi and Bingwa/Tembo for plant construction and management on a turnkey basis. Bingwa and Tembo are prospects located within the area covered by the Buckreef Mining Licence.
The Company is adequately financed to begin construction on the properties and there will be no equity or debt offering, and no forward sale of gold, in order to launch these projects.
Consulmet is a Tier 1 project engineering firm with extensive experience in the construction and development of gold projects around the world, including Africa. Consulmet will provide all necessary services to support the design, supply and construction of the modular plants and mineral processing solutions at the Kigosi and Bingwa/Tembo projects on a turnkey basis, including plant design, fabrication, project management and process engineering.
The Company is further looking forward to finalizing a new resource upgrade model relating to the recent successful drilling program on the Buckreef prospects as early as possible this summer.
Respectfully submitted, James Sinclair President and CEO