Geza Ulole
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- Oct 31, 2009
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Tanzanian Gold CEO salutes U$7m investors after exiting
February 3, 2021
03Feb 2021
The Guardian Reporter
Dar es Salaam
Business
The Guardian
Tanzanian Gold CEO salutes U$7m investors after exiting
THE retirement of U$7 million convertible debt through normal share selling by YA II PN and Riverfort Global Opportunities Plc is a major milestone in the development of Tanzanian Gold Corporation which is undertaking gold extraction at Geita based Buckreef Gold project.
In a statement t announce the official retirement of the two investors, TanGold CEO, Stephen Mullowney said the share selling which was done through normal course sales in the market is significant to the company.
“We would like to thank both Riverfort and YA for their original and future support as we continue to move forward the Buckreef Gold Project in Tanzania with our joint venture partner, the State Mining Corporation (STAMICO),” Mullowney said.
Tanzanian Gold Corporation along with STAMICO is building a significant gold project at Buckreef that is based on an expanded mineral resource base and the treatment of its mineable mineral reserves in two standalone plants.
“Measured and indicated mineral resources now stand at a combined tonnage of 35.88 metric tons at 1.77grams per ton gold containing 2,036,280 ounces of gold. The Buckreef Project also contains an inferred mineral resource of 17.8MT at 1.11g/t gold for contained gold of 635,540oz,” the miner said.
The statement further added that company is actively investigating and assessing multiple exploration targets on its property. TanGold is advancing on three value-creation tracks: Strengthening its balance sheet from expanding near-term production to 15,000 - 20,000 oz. of gold per year from the processing oxides upon approval of an expanded oxide plant.
It is also advancing the final feasibility study for a stand-alone sulphide treating plant that is substantially larger than previously modelled and targeting significant annual gold production; and third continuing with a drilling program to further test the potential of its mineral resource base by: drilling at deeper levels; drilling new oxide targets; infill drilling to upgrade mineral resources currently in the inferred category; and a step-out drilling program in the Northeast Extension...read more on https://epaper.ippmedia.com