TORONTO, February 5, 2020, (GLOBENEWSWIRE) - Tanzanian Gold Corporation, (TSX:TNX) (NYSE American:TRX) (the “Company”) is pleased to announce that it has advertised, issued, received and is reviewing the qualified bid responses for the Buckreef Gold Project’s (the “Project”) Request For Proposal (RFP) for its mining process.
The RFP included as part of its requirements a thorough and working understanding of current laws and regulations for mining processes and operations which are located in the United Republic of Tanzania, including, but not limited to “The Mining Local Content Regulation, 2018”, and compliance with this regulation. The Project is located near the Mnekezi Village, Geita District, Tanzania.
In short, the Company has accepted and is reviewing bids for work necessary for mining processes which include, but are not limited to, advising and taking an active role in final feasibility with particular emphasis on developing processing solutions for the recovery of gold. To be considered, bidders were required to offer and qualify as independent third parties to the Company for transparency, technical expertise and soundness, unbiased expertise to execute process testing, provide engineering services to develop and verify the CIL/CIP process plant proposed by the Company. Additional transparency requirements are to meet with Company’s authorized persons; engage in conversations about the process testing and project engineering; engage in discussions and respond to inquiries. Outstanding references were required and have been received among qualified bidders. A qualified bidder is required to develop Project resources and involve consultants and subcontractors to the extent authorized by the Company, and add value to the Project. Qualified bidders are also required to visit the Project site to establish equipment and infrastructure and evaluate what is available on site; identify the available feedstock and discuss representative sample requirements for further mineralogical and metallurgical testwork required to verify a required flow sheet and equipment sizing for the proposed plant. Qualified bidders are further required to assist in formulating the basis for the initial ~ tph gold processing plant, and provide engineering and consulting services for design of suitable processing plants.
Qualified bidders are required to provide Engineering, Procurement and Construction Management services as appropriate to facilitate implementation of the processing plant. The foregoing are the simplified and general requirements of qualified bidders.
The Company will choose among the field of qualified bidders, an organization which will ensure the path and process forward, including team objectives, and local legal requirements. The Company will also choose an organization with a history of success and one which will be flexible in the event the understandings of the Company and bidder require supplementation in our agreement for a smooth process forward.
The Company anticipates an expeditious analysis to conclude the RFP process, and further expects to move forward from the RFP process to a master services agreement which incorporates more specific terms and requirements of the Company followed by government oversight and review in the very near future. The finalization process includes a review by the STAMICO technical team with subsequent review for clearance with the Tanzanian Mining Commission. The Company has worked with this process before and anticipates no problems or significant delays.
The Company is pleased to provide these updates on the RFP process and will advise promptly when the process is concluded.
James E. Sinclair, Executive Chairman
Tanzanian Gold Corporation