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Wednesday, 20th December 2006 (5552 views)

Tanzania Royalty Exploration has announced that its partner MDN Northern Mining has made a significant gold find in Kagera.

The company revealed that the high grade gold discovery was made in the Tulawaka area of the Kagera region and reflects the wide range of resources at the Lake Victoria site.

It is understood that the Canadian-based MDN Northern Mining conducted Rotary Air Blast (RAB) drilling in the Mnezeki area and discovered gold finds at 30.08 g/t – one of the highest grades found in the region for some time.

The find is reported to be located around 20 kilometres from the Tulawaka Gold Mine, which is jointly owned by Barrick Gold and MDN Northern Mining.

Tanzanian Royalty chairman and chief executive officer, James Sinclair, said: "These results confirm that our criteria for selecting properties and royalty partners within the Lake Victoria Gold Belt are sound from a business and technical perspective."

"We expect to see many more discoveries like this in the future," Mr Sinclair added.

 

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