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Press release from Business Wire

Important Permit for Continued Operations on the Kigosi Licenses Has Been Received from the Tanzanian Ministry of Natural Resources

Thursday, May 31, 2012

Important Permit for Continued Operations on the Kigosi Licenses Has Been Received from the Tanzanian Ministry of Natural Resources14:58 EDT Thursday, May 31, 2012 SOUTH SURREY, British Columbia (Business Wire) -- Joseph Kahama, Chairman and COO (Tanzania) of Tanzanian Royalty Exploration Corporation said that a contract for continued operations will now be negotiated with the Ministry. Having operated there now for more than nine years the tenets of the contract should mirror previous arrangements. Therefore this exercise should be simple. James Sinclair, President and CEO commented that receipt of this permit is a very important event for the company. We have been waiting for receipt of this document to allow us to move forward on the Kigosi project full speed. The Kigosi Project is located within the Kigosi-Miyabi and Ushirombo greenstone belts in northwestern Tanzania. The Kigosi-Miyabi granite-greenstone belt hosts small-scale artisanal workings at Luhwaika and Igunda both of which sub-crop intermittently along a strike length of approximately 4.8 kilometres in the Kigosi Project Area. Further to the southeast these artisanal workings are aligned with the Miyabi Gold Project owned by African Eagle. Tanzanian Royalty has been actively exploring Kigosi since November 2005 following the receipt of a permit from the Ministry of Wildlife and Nature Conservation. During this intervening period, the Company conducted extensive exploration in the form of soil geochemistry, geophysics, RAB, RC and diamond drilling throughout the property. The recent 43-101 compliant resource report for the Kigosi Project is available on SEDAR. Respectfully Submitted, Joseph Kahama Chairman and Chief Operating Officer (Tanzania) For further information, please contact Investor Relations at 1-800-811-3855 Visit our website: www.TanzanianRoyalty.com The Toronto Stock Exchange and NYSE Amex Equities 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 limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as “reserves”, “resources”, “geologic resources”, “proven”, “probable”, "measured", "indicated", or "inferred" which may not be consistent with the reserve definitions established by the SEC.U.S. Investors are urged to consider closely the disclosure in our SEC filings.You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml This news release contains certain forward-looking statements and forward-looking information. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to-time with the British Columbia, Alberta and Ontario provincial securities regulatory authorities. Certain information presented in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Investors are referred to our description of the risk factors affecting the Company, as contained in our SEC filings, including our annual report on Form 20-F and Registration Statement on Form F-10, as amended, for more information concerning these risks, uncertainties, and other factors. Tanzanian Royalty ExplorationJames Sinclair, 1-800-811-3855Investor RelationsEmail: investors@TanzanianRoyalty.comwww.TanzanianRoyalty.comorConnecticut Office:Tel: 860-364-1830Fax: 860-364-0673orSouth Surrey Office:Toll Free: 1-800-811-3855Tel: 604-536-7873Fax: 604-536-2529