President Magufuli’s Legacy a Global Respect for Tanzania

Rhea-AI Summary

Tanzanian Gold Corporation (NYSE American:TRX) expresses deep condolences following the loss of H.E. President John P. Magufuli of Tanzania. Recognized globally for his visionary leadership and high ethical standards, President Magufuli was instrumental in reforming government and business practices in Tanzania. Stephen Mullowney, CEO, emphasized the personal impact of this loss, especially near their joint-venture site at the Buckreef Gold Project. The company's leadership reflects on his legacy, highlighting his commitment to the people and the country.

Positive

• The loss of President Magufuli may create uncertainties, but the company's association with his legacy could strengthen ties in the region.
• The heartfelt message from company executives may enhance community relations and brand perception.

Negative

• The death of a prominent leader may result in political instability or changes in government policies in Tanzania, potentially affecting operations.
• The company's joint-venture project at Buckreef Gold may face uncertainties in development timelines due to the loss of local leadership.

TORONTO, March 18, 2021 (GLOBE NEWSWIRE) -- Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) (TanGold or the Company) operating through its wholly owned subsidiary in Tanzania (Tanzam2000) joins the United Republic of Tanzania in mourning the loss of H.E. President John P. Magufuli.

H.E. President Magufuli was a stalwart statesman who was globally recognized for his vision, ethical standards and innovative solutions for Tanzania. He was a renowned reformer of government institutions, business, industrial relations and political structures for the benefit of Tanzania. His anti-corruption platform attracted attention around the globe for his unyielding and high ethical standards. He was also known for his pragmatic approach towards resolving complex situations and achieving fair and tangible outcomes. In addition to his consummate abilities as a statesman and leader, he was well known for his love of the people of Tanzania. He will be truly missed.

“We mourn the loss of President Magufuli and extend our sincerest condolences to his family and the people of Tanzania from our Company, our stakeholders, and our families. President Magufuli was a highly regarded and respected leader whose record of achievements and outstanding performance in government and industry is world renowned. He was from the region where our joint-venture in the Buckreef Gold Project is located. His loss is especially felt so close to home,” said Stephen Mullowney, Chief Executive Officer.

“The passing of President Magufuli is a great loss to Tanzania and the world. It is with deepest sympathy we share and express our sincerest condolences. He leaves a legacy of respect and admiration. He was admired for his accomplishments and achievements in service to Tanzania and humanity,” said James E. Sinclair, Executive Chairman

For further information, please contact Michael Martin, Investor Relations, m.martin@tangoldcorp.com, 860-248-0999, or visit the Company website at www.tangoldcorp.com

The Toronto Stock Exchange and NYSE American have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

FAQ

What is the significance of H.E. President John P. Magufuli's passing for Tanzanian Gold Corporation (TRX)?

The loss of President Magufuli may affect political stability and government policies in Tanzania, impacting the operations of Tanzanian Gold Corporation.

How did Tanzanian Gold Corporation (TRX) respond to the death of President Magufuli?

Tanzanian Gold Corporation expressed deep condolences and emphasized the personal impact of President Magufuli's loss on their operations, especially regarding their Buckreef Gold Project.

What are the potential impacts on the Buckreef Gold Project after the death of President Magufuli?

The death of President Magufuli could lead to uncertainties in development timelines and potential changes in local government policies affecting the Buckreef Gold Project.