11/05/2019 | Press release | Distributed by Public on 11/05/2019 02:42
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:
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.