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TORONTO, May 27, 2022 (GLOBE NEWSWIRE) -- TRX Gold Corporation (TSX:TNX) (NYSE MKT:TRX) (the “Company” or “TRX Gold”) is pleased to announce that effective today at market open, the Company will begin trading as TRX Gold Corporation. The Company’s common shares (the “Common Shares”) will continue trading on the Toronto Stock Exchange (the “TSX”) under its current ticker symbol “TNX” and on the New York Stock Exchange (the “NYSE”) under its current ticker symbol “TRX”. The new CUSIP of the Common Shares is 87283P109 and the new ISIN is CA87283P1099.
The name change will better reflect the great strides that the Company has made over the last 18 months, most importantly:
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The start of gold production at its flagship Buckreef Gold Project and the reporting of positive operating cash flow at Buckreef Gold
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The expansion of the oxide processing plant to 1,000+ tpd, which is expected to be completed in calendar Q3 2022, and is forecasting production of 15,000 – 20,000 ounces of gold per year
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Ongoing drilling at Buckreef Gold with the goal of expanding current resources, discovering new resources and converting resources to reserves
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Continued focus on the highest ESG standards, by implementing several social programs, whilst developing a broader framework and policies, including important partnerships with the District and Regional Commissioners on school, water and health projects.
About TRX Gold Corporation
TRX Gold along with its joint venture partner, STAMICO is advancing a significant gold project at Buckreef in Tanzania. Buckreef is anchored by an expanded Mineral Resource published in May 2020. Measured Mineral Resource is 19.98 million tonnes (“MT”) at 1.99 grams per tonne (“g/t”) gold (“Au”) containing 1,281,161 ounces (“oz”) of gold and Indicated Mineral Resource is 15.89 MT at 1.48 g/t gold containing 755,119 oz of gold for a combined tonnage of 35.88 MT at 1.77 g/t gold containing 2,036,280 oz of gold. The Buckreef Gold Project also contains an Inferred Mineral Resource of 17.8 MT at 1.11g/t gold for contained gold of 635,540 oz of gold. The Company is actively investigating and assessing multiple exploration targets on its property. Please refer to the Company’s Updated Mineral Resources Estimate for Buckreef Gold Project, dated May 15, 2020 and filed under the Company’s profile on SEDAR and with the SEC on June 23, 2020 (the “Technical Report”), for more information.
Buckreef is being advanced in a value accretive sustainable manner through:
Expanding Production Profile: A 360 tonne per day (“tpd”) processing plant is being expanded to 1,000+ tpd, enabling a near term production profile of 15,000 - 20,000 oz of gold per year. Positive operating cash flow will be utilized for value enhancing activities, including exploration and Sulphide Project Development.