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Press release from Business Wire

Tanzanian Royalty Update

Monday, December 17, 2012

Tanzanian Royalty Update17:50 EST Monday, December 17, 2012 SOUTH SURREY, British Columbia (Business Wire) -- Mr. James E. Sinclair, Chief Executive Officer of Tanzanian Royalty Exploration Corporation, has made a gift to a family member of 175,000 common shares of the company, prior to the possible expiry of the applicable tax exemption in 2013. The family member receiving this gift has agreed to a minimum one-year hold period. Respectfully Submitted,James E. SinclairPresident and Chief Executive Officer For further information, please contact Investor Relations at 1-800-811-3855 Visit our website: www.TanzanianRoyalty.com The Toronto Stock Exchange and NYSE MKT LLC 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. To view this press release as a webpage, please click on the following link: http://www.usetdas.com/pr/tanzaniandec172012.htm Tanzanian Royalty Exploration CorporationJames Sinclair, 1-800-811-3855investors@TanzanianRoyalty.comwww.TanzanianRoyaltyExploration.comorConnecticut Office:Tel: 860-364-1830Fax: 860-364-0673orSouth Surrey Office:Toll Free: 1-800-811-3855Tel: 604-536-7873Fax: 604-536-2529