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Press release from Filing Services Canada

Tanzanian Royalty Reports New Drilling Results from the Buckreef Project

Friday, August 17, 2012

Tanzanian Royalty Reports New Drilling Results from the Buckreef Project13:10 EDT Friday, August 17, 2012FSC / Press ReleaseTanzanian Royalty Reports New Drilling Results from the Buckreef ProjectSouth Surrey, British Columbia CANADA, August 17, 2012 /FSC/ - Tanzanian Royalty Exploration Corp (TNX - TSX, TRX - NYSE AMEX), is pleased to announce that new assay results from its ongoing deep diamond drill program at the Buckreef Gold Project in Tanzania have been received, confirming continuity of the wide, higher-grade gold mineralization.Significant intercepts reported include:-* BMDD183 which intersected 10m at 2.43g/t Au from 297m, including 3m @ 3.77g/t Au from 302m, and a second wide zone of 21m at 3.24 g/t gold from 310m, including 3m at 8.39g/t Au from 327m.* Drill hole BMDD185 returned an interval of 15 metres grading 5.45g/t Au from 300m, including 3m at 12.20g/t Au from 302m and 1 metre at 8.54g/t Au from 309m. * Drill hole BMDD186 returned an interval of 1m grading 2.77g/t Au from 93m, an interval of 1m at 2.11g/t Au from 182m, an interval of 4 metres at 2.56g/t Au from 197m, including 0.7m at 5.94g/t Au from 199m, an interval of 2m at 1.27g/t Au from 418m and an interval of 11 metres at 0.66g/t Au from 424m. * Drill hole BMDD187 returned an interval of 1 metre grading 1.87g/t Au from 238m and a second interval of 4m grading 2.79g/t Au, including 1 metre at 6.92g/t Au from 304m. * Drill hole BMDD188 returned an interval of 19 metres grading 3.43g/t Au from 254m, including 4m at 4.38g/t Au from 263m. These higher grade zones are encouraging as the Company continues its exploration of the potential for Buckreef to expand its future growth profile. The intersection reported here is a core down - holes length and may not represent true width but the true width is estimated to be 50 - 60%.The gold mineralization at 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. Joseph K. Kahama, Chairman and Chief Operating Officer (Tanzania), commented "We are very encouraged by the new drilling results which intersected a mineralized zone of significant width at a depth of 300m below surface and confirmed the presence of structure control gold mineralization at depth." He added, "drilling to date on the deeper Buckreef has validated the geological interpretation".Sample Protocol and QA/QCThe samples chain of custody is managed by 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 in half with a mechanized core cutter with one half to be sent to the laboratory for geochemical analysis and the remaining half to be kept in 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 PersonPeter Zizhou Msc (Geology), is a qualified person registered in SACNASP (Reg. No. 400028/08) as defined by NI-43-101 and has reviewed the technical information that this press release contains.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 releaseCautionary 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.shtmlThis 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.To view this press release as a webpage, please click on the following link: http://www.fscwire.com/pr/tanzanianaug172012.htmSource: Tanzanian Royalty Exploration Corp (TNX - TSX) (TRE - AMEX) http://www.tanzanianroyaltyexploration.com Maximum News Dissemination by FSCwire. http://www.fscwire.com