2020 Activities and Accomplishments
Doubling of Measured & Indicated Resources at the
Continued to move forward key components of the Feasibility Study for a stand-alone sulphide processing plant:
The Company's technical partner, the
SGS also continued geotechnical, rock stress and other test work; and
The Company has also started to develop internal open pit models for Buckreef.
Successful completion, ramp-up and operation of a 5 tons per hour (tph) test oxide plant. The test plant has operated 7 days a week with two 12-hour shifts. Ultimately, the test plant has significantly de-risked the development of a much larger oxide operation (upon Government approval) which will be capable of producing 15,000 - 20,000 ounces of gold per year. (See press release dated
Continued exploration through the Phase III drilling program, which has indicated the Buckreef deposit is open at depth. Further results are pending, and the Company will provide updates in the future. (See Management's Discussion & Analysis for Q1-2021 filed
Discovered an additional gold bearing shear zone at surface approximately 1 kilometer to the west of the main
Added Mr.
Appointed on
TanGold and Stamico, working together submitted an updated mine plan for Buckreef to the
TanGold and STAMICO agreed to amendments to the Buckreef Joint Venture Agreement (the 'JV Agreement') to bring the agreement in line with recent changes in Tanzanian mining laws and to modernize the working arrangement between the parties (the original JV Agreement was entered into in 2011). The amendments are subject to the obtaining of necessary Government approvals and the finalization of relevant legal documentation. (See press release dated
Mr.
About
TanGold along with its joint venture partner, STAMICO, is building a significant gold project at Buckreef in
TanGold is advancing on three value-creation tracks:
Strengthening its balance sheet by expanding near-term production to 15,000 - 20,000 oz. of gold per year from the processing of oxides upon approval of an expanded oxide plant;
Advancing the Final Feasibility Study for a stand-alone sulphide treating plant that is substantially larger than previously modelled, targeting annual gold production of 150,000 to 175,000 oz.; and
Continuing with a drilling program to further test the potential of its Mineral Resource base by: (i) drilling at deeper levels; (ii) drilling new oxide targets; (iii) infill drilling to upgrade Mineral Resources currently in the Inferred category; and (iv) a step-out drilling program in the Northeast Extension.
Qualified Person
The Company's Qualified Person, Mr. Peter Zizhou, has reviewed and approved the contents of this news release. Mr. Zizhou has a Master of Science (Exploration Geology) degree from the
Respectfully Submitted,
CEO
Contact:
Investor Relations
m.martin@tangoldcorp.com
860-248-0999
www.tangoldcorp.com
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U.S. Investors are urged to consider closely the disclosure in our
This news release contains certain forward-looking statements and forward-looking information. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to-time with the
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, include, but are not limited to, that Buckreef's updated mine plan and amendments to the JV Agreement will be approved, and 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
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