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Tanzanian Royalty Enters Into Exclusivity Agreement With Company From the People's Republic of China
Vancouver, Canada (ots/PRNewswire) - Tanzanian Royalty Exploration (AMEX: TRE/TSX: TNX) ("TRE") is pleased to announce that it has signed a letter of intent with a company from the People's Republic of China (the "PRC company") to enter into negotiations with a view to concluding a definitive option agreement providing for the exploration, development and production of mineral products from a portfolio of properties held by TRE in the Republic of Tanzania.
The PRC company was approved by the China-Africa Business Council whose President, the Hon. Minister Hu Deping, witnessed the signing.
Following a series of preliminary discussions that culminated in high level meetings in Beijing, China between Tanzanian Royalty Chairman and CEO , James E. Sinclair and executives from the PRC company, TRE granted the company an exclusivity period of 150 days to evaluate the properties in question within the context of concluding an option agreement acceptable to both parties.
Any definitive agreement with the PRC company would cover properties held by TRE that are currently not the subject of option agreements with other parties. The licenses under consideration for exploration and production of mineral products will include but not be limited to nickel, gold and diamonds.
During the exclusivity period, TRE has agreed not to solicit or engage in negotiations, or enter into any agreement or understanding with any third party regarding the granting of option rights in connection with nickel mineral products from the Kabanga Nickel Belt or any other nickel- prospective areas held by TRE in Tanzania. With respect to mineral products other than nickel, TRE has agreed to grant the company the right of first offer to enter into definitive agreements under similar commercial terms and conditions if any third party proposes to enter into a definitive agreement with TRE to explore, develop and produce such mineral products.
The letter of intent is a non-binding proposal with respect to the basis upon which the parties intend to enter into negotiations, and the parties are not legally bound to conclude any transaction in connection with the properties unless and until they sign a binding Definitive Agreement.
In addition to the above, TRE and the PRC company have both expressed an interest in jointly pursuing other minerals-related opportunities in Tanzania, including the acquisition of new licenses. At some point, both parties have also agreed to actively consider cooperative opportunities in capital markets as well as cross-board representation possibilities.
Tanzanian Royalty Exploration is a unique, publicly-traded, financial minerals exploration company whose business strategy is to develop royalty income under partnership arrangements from its world class gold, diamond and nickel assets in the Lake Victoria Greenstone and Kabanga/Kagera Nickel Belts of Tanzania.
"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.
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. 0-50634, for a more information concerning these risks, uncertainties, and other factors.
ots Originaltext: Tanzanian Royalty Exploration Corporation
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