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Press release from Business Wire

Examination of Historical Drilling Results at Buckreef by Tanzanian Royalty Reveals High Grade Gold Values Across Significant Widths

Tuesday, May 31, 2011

Examination of Historical Drilling Results at Buckreef by Tanzanian Royalty Reveals High Grade Gold Values Across Significant Widths13:41 EDT Tuesday, May 31, 2011 SOUTH SURREY, British Columbia (Business Wire) -- The Company is pleased to announce that it has completed a detailed review of historical diamond drilling results on the Buckreef Main, South and North Prospects which form the core of its recently acquired Buckreef Gold Project in Tanzania. Among the most interesting highlights of the drill programs were: 3.0 metres grading 12.3 g/t gold; 12 metres averaging 6.0 g/t gold; 3.0 metres grading 15.9 g/t gold; 29 metres averaging 3.43 g/t gold; 18.25 metres at 15.4 g/t; 16.3 metres averaging 31 g/t; 6.3 metres at 10.97 g/t; 22.6 metres averaging 3.52 g/t and 14 metres grading 10.92 g/t. The sample depths for these intercepts ranged from approximately 100 metres to 560 metres. Because of the widely spaced nature of the drill holes, true widths of the drill intercepts are unknown at this time. Several drilling programs were conducted on the Buckreef property between 1995 and 2004 by Kinross Gold, East Africa Mining, AngloGold Ashanti, Spinifex Gold and Gallery Gold among others. These programs generally targeted the main strike and down dip extension of the Buckreef shear zone along a strike length exceeding one kilometre. For cost reasons the deeper holes in the programs were widely spaced, with the expectation that infill drilling would take place at a later date. In addition, the companies were focusing on the open pit potential of the Buckreef prospect which, given the gold price at the time, was economically more attractive. As part of its ongoing review of historical data for the Buckreef Project, Tanzanian Royalty has been evaluating previous drill results in the context of establishing the economic significance of the deeper resources at the Buckreef Project using today's gold prices. At the present time, the Company's technical staff are updating the Scoping Study for Buckreef, paying specific attention to the exploration potential of the deep-seated underground inferred resources which will ultimately be incorporated into a full feasibility study. The tables below are a summary of the significant fire assay results from these various reconnaissance drilling programs: BUCKREEF ASSAY HIGHLIGHTS-EAST AFRICA MINES 1995-2002Hole_ID   Sample Depth(m)   Width(m)   AssayGrade (g/t)     Comment   From   To BMRC234 149 153 4 3.50 EAST AFRICA MINES 1995-2002 BMRC242 132 174 42 2.10 EAST AFRICA MINES 1995-2002 BMRC243 142 148 6 2.64 EAST AFRICA MINES 1995-2002 BMRC243 151 158 7 2.77 EAST AFRICA MINES 1995-2002 BMRC245 145 149 4 2.12 EAST AFRICA MINES 1995-2002 BMRC247 113 123 10 1.70 EAST AFRICA MINES 1995-2002 BMRC247 154 183 29 3.43 EAST AFRICA MINES 1995-2002   BUCKREEF ASSAY HIGHLIGHTS-KINROSS 1998Hole_ID   Sample Depth(m)   Width(m)   AssayGrade (g/t)     Comment   From   To BMRCD185 118 136.25 18.25 15.41 KINROSS 1998 BMRCD186 127.7 144 16.3 31.01 KINROSS 1998 BMRCD188 113 117 4 5.86 KINROSS 1998 BMRCD188 119 140 21 1.82 KINROSS 1998 BMRCD188 143 149.3 6.3 10.97 KINROSS 1998 BMRCD189 156 162 6 3.47 KINROSS 1998 BMRCD189 172 187 15 1.36 KINROSS 1998 BMRCD189 190 203 13 2.37 KINROSS 1998 BMRCD190 112 113 1 17.5 KINROSS 1998 BMRCD190 132 136 4 1.37 KINROSS 1998 BMRCD192 145 151 6 1.11 KINROSS 1998 BMRCD195 135 154 19 1.93 KINROSS 1998 BMRCD196 131 145 14 3.93 KINROSS 1998 BMRCD197 99.6 122.2 22.6 3.52 KINROSS 1998 BMRCD204 117 121 4 1.32 KINROSS 1998 BMRCD206 117 119 2 2.04 KINROSS 1998 BMRCD208 135 142 7 1.24 KINROSS 1998 BMRCD210 115 116 1 11.4 KINROSS 1998 BMRCD215 149 150 1 2.37 KINROSS 1998 BMRCD216 211 225 14 10.92 KINROSS 1998 BMRCD216 228 232 4 3.52 KINROSS 1998 BMRCD216 294 298 4 1.16 KINROSS 1998 BMRCD216 301 303 2 3.13 KINROSS 1998 BMRCD217 269 273 4 1.29 KINROSS 1998   BUCKREEF ASSAY HIGHLIGHTS-ASHANTI 2000Hole_IDSample Depth(m)Width (m)AssayGrade (g/t)   Comment   FromTo BMRCD220 249 250 1 8.59 ASHANTI 2000 BMRCD220 557 560 3 12.33 ASHANTI 2000 BMRCD221 257 271 14 4.29 ASHANTI 2000 BMRCD221 292 295 3 2.25 ASHANTI 2000 BMRCD222 303.1 304.4 1.3 9.38 ASHANTI 2000 BMRCD222 477 484 7 4.87 ASHANTI 2000 BMRCD222 524 527 3 1.75 ASHANTI 2000 BMRCD222 534 536 2 2.17 ASHANTI 2000 BMRCD222 537 538 1 5.55 ASHANTI 2000   BUCKREEF ASSAY HIGHLIGHTS-SPINIFEX 2002Hole_ID   Sample Depth(m)   Width(m)   AssayGrade (g/t)     Comment   From   To BMRCD235 218 232 14 0.87 SPINIFEX 2002 BMRCD237 229 253 24 2.85 SPINIFEX 2002 BMRCD246 201 213 12 6.00 SPINIFEX 2002 BMRCD249 125 129 4 0.99 SPINIFEX 2002 BMRCD249 171 181 10 1.92 SPINIFEX 2002 BMRCD249 193 198 5 1.28 SPINIFEX 2002 BMRCD250 122 132 10 0.89 SPINIFEX 2002 BMRCD251 107 115 8 0.58 SPINIFEX 2002   BUCKREEF ASSAY HIGHLIGHTS-GALLERY GOLD 2003-2004Hole_ID   Sample Depth(m)   Width(m)   AssayGrade (g/t)     Comment   From   To BMRCD288 330 331 1 4.92 GALLERY GOLD 2003-2004 BMRCD288 409 414 5 2.44 GALLERY GOLD 2003-2004 BMRCD290 470 471 1 4.43 GALLERY GOLD 2003-2004 BMRCD290 545 548 3 2.22 GALLERY GOLD 2003-2004 BMRCD290 582 589 7 3.44 GALLERY GOLD 2003-2004 BMRCD291 360 363 3 2.05 GALLERY GOLD 2003-2004 BMRCD291 366 369 3 15.98 GALLERY GOLD 2003-2004 BMRC282 120 126 6 1.17 GALLERY GOLD 2003-2004 BMRC282 132 142 10 1.06 GALLERY GOLD 2003-2004 In the near future, the Company intends to implement a definitive drilling program aimed at increasing the drill-hole density and upgrading the present deep-seated mining resource on the Buckreef Gold Project from its current Inferred category to the Indicated category. Qualified Person The Company's Qualified Persons are Mr. Peter Tererai Zizhou, the General Manager and Mr. Phillip Kaniki, the Resource Evaluation Manager of Tanzanian Royalty Exploration Corporation Limited. Mr. Zizhou has a Master of Science (Exploration Geology) degree from the University of Zimbabwe (2000) and is a registered scientist with SACNASP (Reg. No.400028/08). Mr. Kaniki has a Bachelor of Science (Geology) degree from the University of Dar es Salaam (1997) and is a registered scientist with AusIMM (Reg. No.221963/07). Mr. Kanikihas reviewed and validated the RC and DD drill-hole data for this particular prospect. Analysis Several reports on the Buckreef Gold Mine Project covering these results have been done and all details of QAQC control measures at that time of these drilling programs are amply summarized therein. Respectfully Submitted, Joseph Kulwa KahamaChairman and Chief Operations Officer For further information, please contact Investor Relations at 1-800-811-3855 Visit our website: www.TanzanianRoyaltyExploration.com The Toronto Stock Exchange and American Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release Cautionary Note to U.S. Investors -The United States Securities and Exchange Commission permits U.S.mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.We use certain terms on this news release, such as “measured”, “indicated”, and “inferred” “resources” that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC.U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-50634, which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.Tanzanian Royalty ExplorationDavid DuvalPh: 604-980-1669dkduval@gmail.comorVancouver Office:Toll Free: 1-800-811-3855Tel: (604) 669-5598Fax: (604) 669-8915Email: investors@TanzanianRoyaltyExploration.comWebsite: www.TanzanianRoyaltyExploration.com