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Press release from Business Wire

Tanzanian Royalty Reports Significant New Intersection of High Grade Gold Mineralization at Eastern Porphyry Prospect, intersects 11m @ 9.82g/t Au, including 3m @ 28.53g/t Au

Thursday, October 04, 2012

Tanzanian Royalty Reports Significant New Intersection of High Grade Gold Mineralization at Eastern Porphyry Prospect, intersects 11m @ 9.82g/t Au, including 3m @ 28.53g/t Au15:36 EDT Thursday, October 04, 2012 SOUTH SURREY, British Columbia (Business Wire) -- Tanzanian Royalty Exploration Corporation is pleased to report that diamond drilling at Eastern Porphyry prospect at the Buckreef Gold Project in Tanzania has recorded a significant new intersection of gold mineralization in drill hole BMDD202. This drill hole intersected four new mineralization zones on the target area. The best intercept from that hole includes 12.22m @ 6.20g/t Au from 99.78m, including 2m @ 31.75g/t Au; 6m @ 1.46g/t Au from 103m; 3m @ 6.74g/t Au from 165m, including 2m @ 9.67g/t Au and 11m @ 9.82g/t Au from 186m, including 3m @ 28.53g/t Au. The Eastern Porphyry target is located approximately 800m east of Buckreef Main Zone. Gold mineralizations at Eastern Porphyry occur in a sequence of fine grained basalts to medium grained dolerites. This mafic package has been intruded by a series of porphyritic felsic dykes. The dykes are typically pink in colour and possess both quartz and feldspar phenocrysts phases in a fine-grained ground mass. The target area has been partially drilled and drilling continues at this zone. 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 latest assays indicating the discovery of additional gold mineralized veins at the Eastern Porphyry system continue to reinforce our belief that the prospect has significantly more potential as we continue to discover high grade gold mineralized vein systems near surface and at depth. Not only are the grades at the vein system significant but their NE-SW orientation is new, opening up the potential for other veins of similar strike," commented Mr. Joseph K. Kahama, Chairman and Chief Operating Officer (Tanzania). "The Eastern Porphyry vein system is one of the potentially significant discoveries made this year in terms of gold grade, intercept width, strike length and the potential for extensions with further drilling". 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 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 Person The Company's Qualified Person, Mr. Peter Zizhou, has reviewed and approved the contents of this news release. Mr. Zizhou has a Master of Science (Exploration Geology) degree from the University of Zimbabwe (2000) and is a registered professional natural scientist with SACNASP (Reg. No 400028/08). 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.com The Toronto Stock Exchange and NYSE MKT LLC have not reviewed and do not accept responsibility for the adequacyor 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 Exploration CorporationJames 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