Tanzanian Gold Announces Closing of Sale of $3,000,000 in Common Shares

Tanzanian Gold Announces Closing of Sale of $3,000,000 in Common Shares

FOR IMMEDIATE RELEASE August 13, 2019

TORONTO, August 13, 2019 (GLOBENEWSWIRE) — Tanzanian Gold Corporation’s (TSX:TNX) (NYSE American:TRX) (the “Company’s”) Board of Directors is pleased to announce that it has completed the sale of 4,000,000 common shares raising $3,000,000, in the aggregate as previously announced in its press release of August 9, 2019.

Tanzanian Gold Corporation is extremely pleased to have worked with R.F. Lafferty to complete this important financing. The proceeds from this sale of common shares will allow the Company to continue apace with extremely comprehensive development plan designed for the Buckreef project. This development has systematically been built through a progression of infill drilling within the Company’s planned open pit mine design, drilling of the previously untested area just below the designed pit, and now, preliminary planning for much deeper drilling. In addition to the drill program the Company has added a Down Hole Geophysical survey to complement and expand its knowledge of the controlling structures found at Buckreef. All of the data collected will be entered into the Company’s new resource-geologic model. The entire program has been conducted in a manner not usually employed by junior mining companies. This professional approach will continue.