SOUTH SURREY, British Columbia--(BUSINESS WIRE)--Tanzanian Royalty Exploration Corporation is very pleased to announce that the Company, through its wholly owned subsidiary, Tanzania American International Development Corporation 2000 Limited, has been awarded the Environmental Impact Assessment Certificate for its Kigosi Gold Project, in partnership with the State Mining Corporation (STAMICO) representing the Government of The United Republic of Tanzania. STAMICO are 15% shareholders of the Kigosi Project.
The Environmental Impact Assessment Certificate was issued and signed by The Minister of State, Vice-President's Office-Environment, The Honourable Dr. Terezya Luoga Huvisa (MP) on 24th January, 2013 and is critical to the development cycle of the Kigosi Project. Mr. Joseph Kahama, Chairman and Chief Operating Officer (Tanzania) stated, “This achievement again proves the truth of the time-honoured adage, ‘patience is a virtue.’ The process of obtaining an Environmental Impact Assessment Certificate is complex and involves multiple independent consultants, stakeholders and institutions having a say in the process and more significantly, giving their stamp of approval for the Project. We are thrilled that all these steps were undertaken thoroughly and successfully.”
Commenting on the significance of this development, Mr. Kahama asked: “As a shareholder you may be asking yourself, ‘what does this achievement mean and what importance does it have?’ Well, this achievement means that your Company is making material progress on the critical development path at Kigosi.”
The Kigosi Project has now passed all necessary steps to obtain the approval of the professional national environmental body, the National Environment Management Council (“NEMC”). The receipt of NEMC's approval and recommendation resulted in the Minister signing the Environmental Impact Assessment Certificate. The Company is now awaiting the issuance of a Mining License for Kigosi, a process now underway and to which the Minister’s approval of the Certificate is a required pre-condition.
In a message to shareholders, Mr. Kahama added: “I would like to thank all of the shareholders for their patience - now history and patience have delivered. Your Company takes great pride in being partners with STAMICO in the Kigosi Project and plans to make every effort to continue its advancement, for the benefit of its shareholders and for the people of Tanzania, who are her host and fellow shareholders in this important initiative.’
I look forward to exciting times ahead and to keeping you abreast of developments as we move steadily forward.”
Chairman and Chief Operating Officer (Tanzania)
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This news release contains certain forward-looking statements and forward-looking information. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to-time with the British Columbia, Alberta and Ontario provincial securities regulatory authorities.
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 SEC filings, including our annual report on Form 20-F and Registration Statement on Form F-10, as amended, for more information concerning these risks, uncertainties, and other factors.
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