Tanzanian Royalty Exploration Corp. and Tanzania's State Mining Corp. have a definitive agreement for the development of a highly prospective venture in the north-central part of the African nation.
A unit of Tanzanian Royalty Exploration (TRE) will hold a 55 percent stake in the Buckreef Gold Project, the company said Sunday. State Mining Corp. will hold the rest of the interest.
TRE said it has about $30 million in working capital and strong interest expressed on the part of lenders and other financial institutions to fund the project to commercial production.
