Tanzanian Royalty Exploration Corp. (US), AMEX:TRX a Strong Buy

Tanzanian Royalty Exploration Corp. (US), AMEX:TRX has been upgraded to a strong buy with a 2012 price target of $9 issued today by Shayne Heffernan.

In a note to traders today Shayne Heffernan said the Lake Victoria Greenstone Belt and Kabanga/Kagera Nickel Belt regions of Tanzania look very promising on a number of levels, the strong partnerships the company has should result in success.

Tanzanian Royalty Exploration Corp announced that it has closed a $30 million financing pursuant to an underwriting agreement with Casimir Capital Ltd.. The Company issued 5,263,158 units to the Underwriter on a bought deal basis at a price of $5.70 per Unit, for distribution to the public in Canada and the United States. Each Unit consists of one common share of the Company and one Common Share purchase warrant exercisable at a price of $6.25 per warrant share for a period of two years following closing of the Offering. In connection with the offering of the Units, the Company filed a short form prospectus in the Provinces of British Columbia, Ontario and Alberta and a registration statement in the United States under the multi-jurisdictional disclosure system. The initial use of the funds will be for the completion of a Preliminary Economic Assessment and, subject to the results of the assessment, a Definitive Feasibility Study on the Company’s Buckreef Gold Project in Tanzania.

Tanzanian Royalty Exploration Corporation is a mineral resource company with exploration stage properties. The Company’s general area of interest has been in the exploration of gold properties, with a focus on exploring for gold properties in Tanzania.

As of August 31, 2010, it had royalty agreements with five industry partners covering many of its prospecting licenses. These licenses are under agreement with Barrick Exploration Africa Limited (BEAL), MDN Inc. (MDN), Sloane Developments Ltd. (Sloane), Kazakh Africa Mining Ltd. (Kazakh), and Songshan Mining Co. Ltd. (Songshan).

As of August 31, 2010, its land position totaled 132 prospecting licenses in the Lake Victoria Greenstone Belt and Kabanga/Kagera Nickel Belt regions of Tanzania, covering an area of approximately 6,770 square kilometers.

In February 2010, it entered into an Option and Royalty Agreement with Joseph Magunila and Partners (JMP) over an area in the Kahama District in Tanzania 100% owned by JMP.

% Shares Owned:	13.15%
# of Holders:	57
Total Shares Held:	12,422,290
3 Mo. Net Change:	-300,016
# New Positions:	7
# Closed Positions:	7
# Increased Positions:	19
# Reduced Positions:	23
# Net Buyers:	-4

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Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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For More Information Contact

Petchada Kingwattanakul

Business Development Director

Heffernan Capital Management

Info@Heffcap.com

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