(Ecofin Agency) - Tanzanian Royalty Exploration Corporation announced the renewal for ten years of mining license for its Buckreef gold project, Tanzania. The renewal was technically not due until June 2017.

“The mining license renewals are significant for many important and gratifying reasons. […]This renewal period clearly indicates that the Ministry of Energy and Minerals expects the Buckreef Project to be a viable producer well into the future,” said CEO of the company, James E. Sinclair (picture).

The ten year term was approved on the basis of outstanding drill results at the mine. For example, the firm reported that diamond drilling at Eastern Porphyry prospect at the project has intersected in drill hole BMDD202 12.22m at 6.20g/t Au from 99.78m including 2m at 31.75g/t Au.

Tanzanian Royalty Exploration corp acquired the project 2010 from Stamico, a company owned by the Tanzanian state, in a deal that granted it a 55% stake in the project. Remaining 45% are held by Stamico.

Louis-Nino Kansoun