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Drill Program at Tanzanian Royalty's Kigosi
Project Yields New
Discovery With High Grade Gold Values
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Tanzanian Royalty is pleased to announce that all assay results have
been received from the Phase 6 Reverse Circulation (RC) drill program
at Kigosi which was completed on June 3, 2008.
The Kigosi drill program continues to generate near-surface, high grade
gold values in previously established gold shoots, along with some of
the best grades reported to date in new IP/soil anomalies northeast of
the Luhwaika area. Among the exceptional gold values reported from this
new target area was 3.0
metres grading 22.24 g/t (0.64 oz/t) and 1.0
metre averaging 66.06 g/t
(2.0 oz/t).
According to James E. Sinclair, Chairman and CEO, "The new target area
adds an entirely new dimension to Kigosi which we intend to advance
aggressively in the coming year. As an added bonus, it is highly
encouraging to see a continuation of the high grade gold values we are
encountering on other parts of the property which I feel is a testament
to Kigosi's bulk tonnage potential."
The Phase 6 drill program consisted of 93 holes aggregating 5,933
metres, bringing the total drilled metres at Kigosi to 23,226 in 471
holes. Drilling was conducted along nine control lines, with a central
baseline having a strike length of 2.8 kilometres.
Tanzanian Royalty President, John Deane states: "We are particularly
encouraged by these initial results on the new targets that were
drilled. It confirms our belief that Kigosi represents another large
gold belt in the Lake Victoria Goldfields of Tanzania."
The objective of this sixth phase of drilling was to conduct some
infill drilling along the drilledout part of the Luhwaika Main and West
Reef systems in order to confirm the continuity of high grade gold
shoots tested in previous drill phases.
Due to heavy rains, limited access was available so the Company also
drilled three new IP/soil targets 200 metres, 600 metres and 1,300
metres to the northeast of the Luhwaika Main shoot which have a similar
trend to Luhwaika Main. Hole spacing was 30 metres. A summary of
the
better results is presented in the table below:
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Hole No
From To Intercept
Gold Including Comments
(m) (m)
(m) g/t
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Line 1510N
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KG20RC-379 66
67 1
5.90
Albatross Shoot
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KG20RC-380 90
91 1
1.83
Edge of Albatross
Shoot
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KG20RC-381 106
107 1
*0.77
Albatross Shoot
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KG20RC-382 120
123 3 4.37 1m
@ 12.23 Albatross Shoot
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Line 1850N
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KG20RC-387 78
80 2
1.27
West Zone
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KG20RC-388 73
77 4 1.78
2m @ 3.09 New Zone
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Line 2350N
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KG20RC-408
8 13
5 1.16 1m @
3.66 Falcon Shoot
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KG20RC-409 16
21 5
1.11 1m @ 3.77 Falcon Shoot
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KG20RC-411 38
40 2
3.27
Goshawk Shoot
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KG20RC-412 44
50 6
1.89 1m @ 9.11 Goshawk Shoot
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KG20RC-413 57
59 2
2.45
Goshawk Shoot
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KG20RC-414 69
71 2
5.17 1m @ 9.90 Goshawk Shoot
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KG20RC-416
2 4
2
1.07
Gravel
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KG20RC-416 95
97 2
5.29 1m @ 9.68 Bateleur Shoot
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KG20RC-417
2 4
2 7.72 1m @
14.70 Gravel
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KG20RC-417 107
110 3
2.68 1m @ 8.70 Bateleur Shoot
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Line 2750N
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KG20RC-398
0 1
1
3.42
Gravel
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Line 3050N
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KG20RC-441 42
43 1
1.03
New IP/Soil target
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KG20RC-457
2 4
2
5.04
New IP Soil target
- gravels
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KG20RC-462 28
31 3 22.24 1m @
66.06 New IP/Soil target
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KG20RC-463 63
64 1
4.44
New IP/ Soil target
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Line 3250N
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KG20RC-434 39
40 1
1.29
New IP/Soil target
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Line 4100N
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KG20RC-453 12
13 1
2.76
New IP/Soil target
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* Duplicate run:
2.46g/t.
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The above intersections are estimated to be very close to true
thicknesses with all the drill inclinations being -60 degrees and the
dip of the reef being -22 degrees. All holes are drilled perpendicular
to the assumed strike of the reef(s).
The infill drilling on Luhwaika Main and West reefs has allowed the
Company to interpret the high grade shoots as steepening in pitch
towards the northwest. This target is now too deep for the Company's
in-house RC rig to test and drill tender documents for deeper RC holes
have been submitted to all the current drilling companies operating in
East Africa. This drilling will hopefully be achieved during the
current dry season.
The seventh phase of in-house RC drilling commenced on July 2nd. This
phase will include a continuation of infill drilling on the Luhwaika
Main and West reefs in areas inaccessible during the wet season.
Approximately 10 holes are planned. The rig will then continue drilling
out the new IP/soil anomalies to the northeast of Luhwaika. Sixteen
holes are planned in these two areas.
The next target is the Igunda artisanal workings some 2.5 kilometres to
the southeast of the Luhwaika prospect area. These workings have a
strike length of 300
metres and represent a steeply dipping high grade
quartz vein (with grab samples up to 50.32g/t gold). IP and soils
suggest that this zone extends for approximately 1 kilometre with the
possibility of a second zone existing. In total, 120 RC holes have been
planned for this area.
A first phase RAB (rotary air blast) program has also been planned for
August to test other IP/Soils targets in the larger Luhwaika-Igunda
area. This drilling is designed to test shallow CBI (cover/bedrock
interface) holes to test the IP and soil anomalies and to basically
generate critical geological data. Approximately 700 holes have been
planned along 20 line kilometres
aggregating some 7,000
metres of drilling.
Analysis
Fire assay with flame AAS finish was conducted by Humac Laboratories in
Mwanza. Blanks, Duplicates and Standards were inserted in the sample
stream approximately every 20 samples. One batch of blanks returned
unfavourable results with the entire batch being outside the acceptable
limit for blanks, ranging from 0.03 to 0.12 g/t Au. The duplicates have
a correlation coefficient of 58.77%, which is accounted for by the
large nugget effect within the sampling. The high value of 66.06 g/t
returned a duplicate of 13.90g/t. If this sample is taken out of the
statistics, the correlation increases to 87.85%. 2% of the standards
fall outside the acceptable 3rd standard deviation. Due to the large
nugget effect at Kigosi, to validate the assay results 95% of the high
gold samples have been submitted to ALS Chemix lab in Johannesburg,
South Africa as an umpire check. This test is currently in progress.
The figures used in this press release are the average grades taken for
between one and three duplicates run by the labs on each analysis.
Qualified Person
The technical information contained in this document has been reviewed
and approved by John Deane, President, Tanzanian Royalty Exploration
Corporation Limited, a qualified person as defined by NI 43-101. He has
an M.Sc. from the University of Cape Town (1993) and is a registered
scientist with SACNASP (Reg. No.400005/05).
Respectfully Submitted,
"James Sinclair"
James E. Sinclair
Chairman and Chief Executive Officer
For further information, please contact Investor Relations at
1-800-811-3855
Visit our website: www.TanzanianRoyaltyExploration.com
The Toronto Stock Exchange and American Stock Exchange have not
reviewed and do not accept responsibility for the adequacy or accuracy
of this release
Cautionary Note to U.S. Investors - The United States Securities and
Exchange Commission limits disclosure for U.S. reporting purposes to
mineral deposits that a company can economically and legally extract or
produce. We use certain terms on this news release, such as
"reserves",
"resources", "geologic resources", "proven",
"probable", "measured",
"indicated", or "inferred" which may not be consistent with
the reserve
definitions established by the SEC. U.S. Investors are urged to
consider closely the disclosure in our Form 20-F, File No.001-32500.
You can review and obtain copies of these filings from the SEC's
website at http://www.sec.gov/edgar.shtml.
Certain information presented in this release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are based on numerous assumptions, and involve known and
unknown risks, uncertainties and other factors, including risks
inherent in mineral exploration and development, which may cause the
actual results, performance, or achievements of the Company to be
materially different from any projected future results, performance, or
achievements expressed or implied by such forward-looking statements.
Investors are referred to our description of the risk factors affecting
the Company, as contained in our Form 20-F, File No. 001-32500, for a
more information concerning these risks, uncertainties, and other
factors.
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Copyright (c) 2008 TANZANIAN ROYALTY EXPLORATION CORPORATION (TNX) All
rights reserved. For more information visit our website at
http://www.tanzanianroyaltyexploration.com/ or send
mailto:info@tanzanianroyaltyexploration. line.
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