Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) (TanGold or the Company) is pleased to announce that it has been granted an extension to the renewal date for the Special Mining License (SML 04/92) at the Buckreef Gold Project (Buckreef Gold).
The Company received a certificate for Renewal of Special Mining License (SML) from the Mining Commission, a division of the Ministry of Minerals of the United Republic of Tanzania. The Special Mining License renewal period for Buckreef Gold has now been extended by an additional 5 years from 2027 to 2032.
Under the Tanzanian Mining Act, a SML confers on the holder the exclusive right to carry out mining operations and to prospect (within the SML) for minerals as specified in the license. The Company, along with its joint venture partner STAMICO and the Government of the United Republic of Tanzania, is excited by the continued development and ramp-up of Tanzania’s next large gold mine at Buckreef Gold.
The duration of the Special Mining License covers the estimated life of mine, with specified renewals over that period. The Company anticipates the life of mine will extend significantly beyond 2032, and therefore the SML will be renewed prior to the renewal date, in accordance with the requirements under the Tanzanian Mining Act.
“The Company is delighted to receive this license extension and it is a testament to the significant progress being made at Buckreef Gold and the hard work by the team on the ground in Tanzania. The Company would like to thank the Honorable Minister for Minerals, the Chairman and members of the Mining Commission, our joint venture partner STAMICO and all other Government officials in Tanzania who have supported Buckreef Gold and the long-term development of the project. We look forward to working together in building the next large gold mine in Tanzania.” noted Stephen Mullowney, Chief Executive Officer of TanGold.
