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Tanzanian President Jacaya Kikwete Speaks on the Tanzanian Minerals Industry In Pretoria, South Africa
Vancouver, Canada (ots/PRNewswire) - Tanzanian President Jacaya Kikwete played the leading role in the Government of Tanzania as Minister of Energy and Minerals in the early 1990s in opening his country to foreign direct investment in the mining sector and in encouraging international companies to make long-term investment commitments to his country. That initiative has attracted many companies and yielded significant benefits for them and the people of Tanzania. But, as the President has indicated in his latest speech, it is important for companies to abide by all contracts undertaken and to adhere to the laws of Tanzania. This includes, of course, the payment of all appropriate taxes and the pursuit of all legal and ethical actions that combine to demonstrate good corporate citizenship.
Our company supports the President's stand. We see it as a fundamental pillar of our governance approaches that we demonstrate a solid long-term commitment to the peoples of the countries in which we operate and that this comprehensively include adherence to all of their laws and fiscal regulations. We are proud of our relationship with the peoples of Tanzania and of the excellent ties that have been forged with the government that reflect our commitment to the highest standards of business ethics.
We interpret the President's most recent comments as being supportive of international investment and the activities of mineral exploration and production companies that act as we do in full accord with the laws of Tanzania. We believe that companies that take this approach will benefit in Tanzania.
President Kikwete's remarks under the headline "Fairness in Mining Guaranteed -JK" can be reviewed on the web at: http://www.ippmedia.com/ipp/guardian/2006/04/08/63820.html
James E. Sinclair, Chairman & CEO
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
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