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Tanzanian Royalty Prioritizes Exploration Targets in Kibara Nickel Belt
Vancouver, Canada (ots/PRNewswire) -
The Company is pleased to report that it has prioritized exploration targets on its holdings in the Kibara Nickel Belt in Tanzania following an examination of historical data for the prospecting licenses.
The Kibara belt hosts the Kabanga nickel deposit (Barrick Gold) which was discovered by the United Nations Development Program (UNDP) during the 1970s. The discovery was made following a comprehensive geochemical and geophysical program that identified a chain of coincident airborne magnetic and geochemical anomalies within a 20-30 kilometre wide northeasterly trending belt that extends for over 200 kilometres from Burundi in the south, through western Tanzania, to Uganda in the north.
In 2004, the Company recognized that base metal prices were set to move substantially higher and applied for open ground within the Kibara nickel belt that was considered to be a favorable host for magnetic anomalies.
The Company's seven prospecting licenses represents a combined area of 4,434 square kilometers within the Kibara Fold Belt of northwestern Tanzania. One of the Company's prospecting licenses is located within a zone of two parallel magnetic highs that extends down to the Kabanga Nickel deposit, while another license hosts a 50 kilometre long magnetic anomaly with a geophysical signature of similar intensity to Kabanga. Moderate nickel-in-soil anomalies are evident on some of the properties as well.
"Tanzania's nickel potential is world class and the country's proximity to Asian markets will be a major driver of this segment of its minerals industry for many years to come," said Jim Sinclair, Chairman and CEO of Tanzanian Royalty. "The Company's nickel holdings will account for a major part of our exploration budget in the years ahead and we are optimistic that our exploration efforts will produce tangible results for shareholders," he added.
For further details on these properties and information on other projects in the Company's exploration portfolio, please visit our website at: www.tanzanianroyaltyexploration.com.
"James E. Sinclair"
James E. Sinclair
Chairman and Chief Executive Officer
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 permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as "measured", "indicated", and "inferred" "resources" that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-50634, which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.
ots Originaltext: Tanzanian Royalty Exploration Corporation
Im Internet recherchierbar: http://www.presseportal.ch
For further information: Investor Relations at 1-800-811-3855; Visit
our website: www.TanzanianRoyaltyExploration.com/