LONDON (AFX) - Exploration and development company Tanzania Gold PLC
reported a wider first-half pretax loss, but said it is 'highly confident' about
the Mkurumu gold project in Tanga region, Tanzania.
The company reported a first-half pretax loss of 277,000 stg for the six
months to Dec 31 2006, compared with 73,000 year earlier.
In a statement, Tanzania Gold said the first phase of the exploration
programme at the Mkurumu project was completed within budget and time, with
sample grades of up to 2.82g/t gold returned in core drill samples.
It noted all 12 diamond drill holes intersected with the gold mineralisation
and that more than 10 pct of the 1,041m total core drilled yielded an average
grade of 0.28g/t gold.
The results of MMI analyses and the preliminary results of the first phase
of the high-grade epigenetic gold mineralisation investigations are expected to
be available in the second quarter of 2007, it added.
"We are excited about the next phase of the evaluation which will include
additional trenching, MMI analyses, soil sampling and drilling. We remain highly
confident in the Mkurumu project," said chief executive, Clive Sinclair-Poulton.
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