Tanzanian Gold Corporation Provides Update On Buckreef Project
FOR IMMEDIATE RELEASE November 4, 2019
TORONTO, November 4, 2019 (GlobeNewswire) — Tanzanian Gold Corporation’s, (TSX:TNX) (NYSE American: TRX) (the “Company’s”) Board of Directors is pleased to provide shareholders with a simplified guide to the progress that the Buckreef Project has made since the Company acquired it. This guide is based on the 43-101 Standard of Reporting.
Regulators in Canada require that on any significant matter related to mining, listed companies must follow National Instrument 43-101 (“NI 43-101”).
Disclosures covered by NI 43-101 include news releases of mineral exploration results, reporting of resources and reserves, technical studies, various levels of feasibility studies, presentations, oral comments, and websites.
For a typical mining project the NI 43-101 Standard of Reporting recognizes several distinct stages of reporting as a project moves from exploration to production. These stages are:
- Exploration
- Preliminary Resources
- Technical Studies
- Resources and Reserves
- Preliminary Economic Assessment Pre-Feasibility Study
- Final Feasibility Study
- Environmental Impact Study
- Construction and Operation Plan
Each of these stages has more rigorous requirements of underlying work that must be completed in order to improve the confidence that a project is viable under a broad range of assumptions. These are increasingly demanding, such as more drilling even as part of a Final Feasibility Study that can be costly and time consuming. For example, estimates of costs in a Final Feasibility Study can be only +10% to -10% and must be based on at least 3 vendor quotes.
