TRX Gold Corporation reports developments tied to the Buckreef Gold Project in Tanzania, where the company operates an open-pit gold operation and processing plant while pursuing exploration and resource growth. Company updates commonly cover gold production, operating and financial results, processing plant expansion plans, mineral-resource work and the project economics described in its preliminary economic assessment.
Recurring news also includes annual meeting voting results, governance matters, capital-structure disclosures and material agreements. As a Canadian foreign issuer with securities trading on the TSX and NYSE American under TRX, company announcements often combine mine-site progress with shareholder and regulatory disclosure topics.
Tanzanian Gold Corporation (TRX) announced the sale of 5,545,325 common shares and warrants to purchase 2,772,637 common shares, raising a total of $2,993,390. The shares and warrants were sold at a price of $0.5398, with warrants allowing the purchase of shares at $1.50 each for three years. Proceeds will fund capital expenditures, exploration, and working capital. The transaction, expected to close around December 23, 2020, is subject to customary conditions, including acceptance by the NYSE American and Toronto Stock Exchange.
Tanzanian Gold Corporation (NYSE MKT: TRX, TSX: TNX) announces the appointment of Stephen Mullowney as CEO and Board member, pending approval at the 2021 AGM. Formerly a Partner at PwC, Mullowney brings extensive experience in mining and finance, having executed over 60 capital raise and M&A mandates worth over $15 billion. The company's Buckreef Project will benefit from his leadership as it transitions from a junior operation to a large-scale gold mining enterprise. Notably, Measured and Indicated Resources have more than doubled to 2.036 million ounces, with potential for an additional 2 million ounces.
Tanzanian Gold Corporation (NYSE American:TRX) has filed a universal shelf registration statement with the SEC, allowing for the sale of up to US$25 million in common shares, warrants, and debt securities. This registration, which awaits SEC effectiveness, enables the company to offer these securities in one or more offerings at future dates. The company is advancing its gold project at Buckreef, which has now increased its Measured and Indicated Resources to 2.036 million ounces, with further exploration expected to add up to 2 million ounces more.
Tanzanian Gold Corp. (NYSE American: TRX) reported progress at its 5tph test plant that achieved commercial gold production on June 17, 2020. From June 30 to October 30, 2020, the plant produced 427.9 oz of gold, with key metrics including 21,900 tons of ore mined and an average recovery rate of 82%. The company is advancing plans for a larger 40tph plant, aiming for annual production of 15,000 to 20,000 oz. Tanzanian Gold is also working on a Final Feasibility Study for a sulphide plant targeting 150,000 to 175,000 oz. per year.
Tanzanian Gold Corporation (NYSE MKT: TRX) has announced the appointment of Andrew Cheatle to its Board of Directors. Cheatle brings over 30 years of experience in the mineral resources industry, including roles as CEO and Director at various mining companies. His expertise is expected to enhance the company's efforts on the Buckreef Gold Project, which aims for substantial growth. The company recently reported a significant increase in Measured and Indicated Resources to 2.036 million ounces, with the potential for further expansion.
Tanzanian Gold Corp. (NYSE American: TRX) has updated its Corporate Presentation and announced its participation in the virtual Red Cloud Securities Oktoberfest Fall Mining Showcase from October 21-23, 2020. The company's ongoing drill program has doubled its Measured and Indicated Resources to 2.036 million ounces and may add another 2 million ounces. Tanzanian Gold commenced production at a new oxide plant in May 2020 and is awaiting regulatory approval to expand its oxide processing capacity to 40tph.