Tanzanian Gold Corporation (TSX: TNX) (NYSE MKT: TRX) recently appointed Stephen Mullowney–former Partner and Managing Director of PWC and Canada’s mining deal leader–as CEO.
Mullowney has an extensive mining background, working with miners, governments, and institutional investors across the world and supporting them in making key strategic business, financing, and policy decisions.
Tanzanian Gold Corporation is developing the Buckreef gold project in north-central Tanzania immediately to the south of Lake Victoria and 110km southwest of Mwanza.
The project area comprises the dormant Buckreef Gold Mine and four prospects with known mineralization: Buckreef, Buziba, Tembo and Bingwa.
The project was acquired from the Tanzanian State Mining Company (Stamico) in December 2010. Under a Heads of Agreement concluded with the state-owned company, Tanzanian Gold Corporation has the right to earn a 55% interest in Buckreef with Stamico holding the remainder.
Commenting on his appointment, Mullowney said: “I am pleased and enthusiastic to join Tanzanian Gold Corporation as it moves from being a junior gold mining operation toward a large-scale commercial gold mining enterprise. I look forward to and welcome the opportunity to work with our Joint Venture partner, Stamico. We have significant and profitable prospects and opportunities for our company and Tanzania. I look forward to using my skills and abilities in the achievement of our goals for success.”
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