According to recent reports, Geier International Strategies Fund LLC, a Florida based investment fund, has bought additional stakes in the Tanzanian Royalty Exploration Corporation earlier this month.
In recent years, Tanzania become one of the fastest emerging gold producers in Africa and is currently the fourth largest gold producing country on the continent, only out-produced by South Africa, Ghana and Mali.
Some of the largest mines in Tanzania can be found in the area of Lake Victoria Goldfields that surrounds Buckreef and includes the Barrick’s Bulyanhulu mine and the Anglogold Ashanti’s Geita mine.
In a recently released statement from the President and CEO of the Tanzanian Royalty Exploration, James Sinclair explained that the Geier International Strategies Fund increased its stake in the Tanzanian company from 8.77 to 10.3 percent and further clarified that the shares had been purchased through the open market.
“The Company wishes to announce that Geier International Strategies Fund LLC has disclosed through an SEC filing that it now owns 10.3 percent, or 9,681,791 shares of Tanzanian Royalty Exploration Corporation,” stated Mr. Sinclair in the released statement.
According to reports, the Tanzanian Royalty Exploration Corporation, which currently owns a significant number of claim titles in the Lake Victoria Greenbelt region, entered into a joint venture with the State Mining Corporation earlier last year in order to develop a Buckreef gold mine in Mwanza.
“The open market purchases by Geier International represent a strong vote of confidence in the company and its program to develop commercial gold production in Tanzania from its Buckreef gold mine re-development project,” said Mr. Sinclair, “We are confident of a long and mutually rewarding relationship with Geier and its investment team.”
As a result of the recent increase in gold resources at the company’s newly acquired and fully licensed Buckreef gold mining project, the decision was made to accelerate both the proposed Tanzania Royalty mine development program as well as the exploration of target rich areas in an effort to further increase their resource base.
Following a detailed review that was conducted on the Buckreef property before it was purchased by Tanzanian Royalty, the company was able to significantly increase its understanding of the geological controls as well as the variety of styles and continuity of mineralization at the Buckreef property
“Based on what we see after the detailed technical review,” said Mr. Sinclair, “I genuinely believe we can now significantly accelerate our expected gold production plans and simultaneously increase resources.”