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Press release from Business Wire

Tanzanian Royalty Reports High Grade Assay Results at Buckreef Project including 3.5 Metres @ 35.54 g/t Au, 7 Metres @ 18.47 g/t Au, 4 Metres @ 14.47 g/t Au and 17 Metres @ 5.26 g/t Au

Monday, August 06, 2012

Tanzanian Royalty Reports High Grade Assay Results at Buckreef Project including 3.5 Metres @ 35.54 g/t Au, 7 Metres @ 18.47 g/t Au, 4 Metres @ 14.47 g/t Au and 17 Metres @ 5.26 g/t Au09:00 EDT Monday, August 06, 2012 SOUTH SURREY, British Columbia (Business Wire) -- Tanzanian Royalty Exploration Corporation is pleased to announce the release of new assay results from its current deep drill program at the Buckreef Gold Project in Tanzania targeting the deep extension potential. These results are part of the ongoing drill program designed to determine the potential for expanding the size of the mineral resource estimate published in June 2011. The results of the systematic drilling in the deep extension of Main zone and North zone demonstrate that this zone continues to deliver interesting results at depth as indicated below: Drill hole BMDD166 returned an interval of 7.66 metres at 5.56g/t gold, including 3 metres at 9.35g/t gold and a second zone of 7 metres grading 18.47g/t Au, including 3.5 metres at 35.54g/t Au and a third zone of 7 metres at 1.81g/t Au. Drill hole BMDD170 returned an interval of 8 metres grading 4.07g/t Au, including 3 metres at 7.91g/t Au and a second zone of 6.9 metres at 2.69g/t Au. Drill hole BMDD171 returned an interval of 30 metres grading 1.36g/t Au, including 1 meter at 5.02g/t Au and a second zone of 4 metres at 2.16g/t Au from 339m. Drill hole BMDD172 returned an interval of 10 metres grading 6.7g/t Au, including 4 metres at 14.47g/t Au from 315m. Drill hole BMDD174 returned an interval of 42.1 metres grading 3.23g/t Au, including 17 metres at 5.26g/t Au from 376m. The intersection reported here is a core length and may not represent true width but the true width is estimated to be 50 – 60%. The gold mineralization at the Buckreef is hosted in shear zones emplaced along the fine grained basaltic sequence, medium grained dolerite and strongly altered felsic porphyry units, associated with gold-bearing quartz-sericite-carbonate-pyrite alteration assemblages. The best gold grades are confined within brecciated and altered dolerite with felsic porphyry intercalation and grey quartz vein with fine disseminated pyrite. “We are pleased with these higher grade assay results from core drilling at Buckreef” commented Joseph K. Kahama, Chairman and Chief Operating Officer (Tanzania). “These results show that our drilling has been successful and has provided the first opportunity to sample the deep mineralization at Buckreef,” he further added. “This drill intercept has confirmed the width and gold grade of a greater than 12m wide hydrothermal veined mineralized system with a well developed silica-sericite-carbonate-pyrite alteration. This will serve to further increase our level of confidence associated with the Buckreef gold project as we continue exploration to determine the potential for increasing our resource base. Meanwhile, all mineralized zones below a vertical depth of 350m below surface remain largely untested.” Sample Protocol and QA/QC The samples chain of custody is managed by the Buckreef technical team under the supervision of Anthony Minde. Gold analyses reported in this release were performed by standard fire assay using a 50-gram charge with atomic absorption finish (0.01ppm LLD) and a gravimetric finish for assays greater than 10 grams per tonne. All assays were performed by SGS laboratory in Mwanza. Sampling and analytical procedures are subject to a comprehensive quality assurance and quality control program. The QA-QC program includes duplicate samples, blanks and analytical standards. Intervals of core to be analyzed are split with a mechanized core cutter in half with one half to be sent to the laboratory for geochemical analysis and the remaining half to be kept in the storage for future reference and uses. SGS laboratory is ISO 90001 and 17025 accredited and employs a Laboratory Information Management System for sample tracking, quality control and reporting. Qualified Person The information in this press release has been reviewed and approved by Mr. Phillip Kaniki. Mr. Kaniki has a Bachelor of Science in Geology degree from the University of Dar es Salaam (1997), and is a registered scientist with the Canadian Institute of Mining, Metallurgy and Petroleum (Reg. No. 156370). Respectfully submitted, Joseph KahamaChairman and Chief Operating Officer (Tanzania) For further information, please contact Investor Relations at 1-800-811-3855Visit our website: www.TanzanianRoyalty.comThe 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