Tanzanian Gold Announces Founder James E. Sinclair Steps Down As Executive Chairman

Retiring After Many Years Of Stellar Service

Tanzanian Gold Corporation (TSX:TNX) reports that founder, James E. Sinclair has retired as Executive Chairman to continue service as Chairman of the Board of Directors for the Company.

The company said it has had the privilege of being founded and directed since 2000 by the leadership of the renowned James Sinclair. It is with profound gratitude that the company acknowledged his contribution to the present success and long-term resilience of our enterprise. The company is on the path to further achievements which stem from the foundation created by Mr Sinclair.

Mr Sinclair is well known in gold, mining, and commercial markets. He has been known and respected fondly as “Mr. Gold” since he boldly and accurately predicted the price of gold would rise from US$150 per troy ounce in 1977 to US$900 per troy ounce.

The price of gold in 1980 fell just short of his now famous prediction. He has had a stellar career as a precious metals specialist, market maker, and commodities and foreign currency trader. He was the original founder and explorer of the Bulyanhulu mine through Sutton Resources, which has been one of the most productive gold mines in Tanzania.

Mr Sinclair is known for the successful Sinclair companies which have operated around the globe and was the individual who liquidated the Hunt’s precious metals position in the 1980’s. He has authored numerous books, magazine and newspaper articles regarding a variety of investment topics, including precious metals, trading strategies, geopolitical events and their relationship to global economics, and markets. He is also a sought-after commentator on these subjects for media interviews.

“I have had a love affair with gold, mining and the financial markets for over 60 years since I was kid. I remember fondly working with my father, the late Bert Seligman in my teenage years,” Mr Sinclair said.

“My deep affection for our company and Tanzania is profound. The company has been my mission since 2000, and I now feel that my major part of this mission is accomplished. The new management team at TanGold have my absolute confidence to move our company forward and I welcome working with them.

“This is an exciting time for TanGold, as the Company moves forward the Buckreef Project in conjunction with our joint venture partner, Stamico. It is time for me to work with the new executive team as we move steadily toward our greater success. It is gratifying to have accomplished this achievement.”  

What is perhaps less well known is Mr. Sinclair’s philanthropy, socio-political and economic activism in support of Tanzania and elsewhere in the world. Philanthropy is a key part of his life and purpose, however, he has often downplayed this. He is sometimes uncomfortable discussing his giving and preferred to give through charities.

Through various charitable organisations the Sinclair family have given to various causes over the last three decades, including but certainly not limited to: (i) building roads and providing means of potable water to remote areas in Tanzania and elsewhere; (ii) building the first state of the art hospital in Bulyanhulu; (iii) providing private funding grants for Tanzanian citizens to attend college abroad; (iv) provided equipment and supplies for school children; (v) providing maize mills and other equipment for several communities; and (vi) rebuilding a major hospice and orphanage on the Burundi / Tanzanian highway. His contributions have also been evidenced by the terms of the joint venture agreement between the Company and Stamico, the agent in Tanzania for mining endeavours, and specifically the 55% – 45% shareholding for the Company and Stamico, respectively.

“On behalf of the entire Company, we congratulate Mr. Sinclair on turning 80 and would like to take this opportunity to thank Mr. Sinclair for his invaluable services and executive management. We look forward to working with him going forward as he continues his dedicated service as Chairman of the Board of Directors” CEO, Stephen Mullowney, said.

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