PwC to assist project financing for gold mining at Buckreef
VANCOUVER, British Columbia, May 05, 2020 (GLOBE NEWSWIRE) -- Tanzanian Gold Corp. (TSX:TNX) (NYSE American: TRX) with gold mining projects at Buckreef in Tanzania, is pleased to announce the engagement of PricewaterhouseCoopers Corporate Finance Inc. ("PwCCF") to assist in securing project financing for construction of two gold mining projects at Buckreef. In the last 10 years, PwCCF provided financial advice on over 4,000 transactions globally and in 2019, was ranked first by deal count by Mergermarket with over 569 deals completed.
PwCCF Advisory Mandate:
PwCCF has a global network of more than 3,000 professionals across 60 countries that provide a full range of debt, capital and other advisory services; including but not limited to debt and equity raising, debt refinancing, public-private partnership arrangements, mining finance (royalties, streams gold loans, etc.) and complex procurement, across all industry sectors, to corporations, private equity firms, public sector bodies, sovereign wealth and other investment funds.
States James Sinclair, Executive Chairman of Tanzanian Gold Corporation “ We have engaged a very talented international finance team with a world recognized ability to help us bring our two gold mining projects at Buckreef into production ” Mr. Sinclair goes on to state that “The PwCCF team has worked for several months conducting extensive due diligence and we look forward to working with them during this exciting period”.
Mr. Stephen Mullowney, PwCCF's Managing Director of Corporate Finance commented, "We are pleased to be working with Tanzanian Gold to arrange project mining financing of two gold mining operations. Buckreef is uniquely positioned with a significant high-grade resource of +2.0 million ounces of gold, with a shovel ready oxide project and a sulphide project fast tracking through a Bankable Feasibility Study.”
About Tanzanian Gold Corporation
Tanzanian Gold Corporation is building a world class gold mine at the Buckreef Project in Tanzania. An ongoing drill program along the continuously mineralized 1.2km long Buckreef Shear Zone has, to date, more than doubled the size of measured and indicated resources to 2.3 million ounces of gold. NI 43-101 compliant exploration mining targets contain the potential to add up to another 2 million ounces of gold to the Buckreef resources. Tanzanian Gold is rapidly advancing on three value-creating tracks, simultaneously: 1. Gold production from an oxide processing plant to begin by the middle of May , to operate as a stand-alone plant and mine, separately from the full life of the larger mining and gold sulphide processing operation; 2. The company moves to Final Feasibility for the gold sulphide operation at Buckreef and now proposes a design more than 3 times larger than modelled in the Pre-Feasibility Study of 2018, and which could produce 150,000 to 175,000 ounces of gold annually. 3. The company has begun Ultra-Deep Drilling and completed a Level 1 stope design to consider an underground gold mining component at Buckreef. See https://www.tangoldcorp.com/wp-content/uploads/2020/04/200424-TNX-NR.pdf
Respectfully Submitted,
“James E. Sinclair”
James E. Sinclair
Executive Chairman
For further information, please contact Michael Martin, Investor Relations, via email at m.martin@tangoldcorp.com, direct line 860-248-0999, or visit the Company website at www.tangoldcorp.com
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