Tanzanian Royalty chief plans to buy up to C$3 million in stock

By Sheri Kasprzak

New York, July 25 - Tanzanian Royalty Exploration Corp. said its chief executive officer, James Sinclair, intends to proceed with a sixth round of private placements for C$3 million.

Sinclair plans to buy shares of Tanzanian at prices equal to the weighted average trading price of the company's stock for the five consecutive trading days ended July 31.

So far, Sinclair has invested in five financing rounds of the offering, each time buying shares in eight quarterly tranches of C$375,000. The offering began in February 2005.

Before the latest tranche prices, Sinclair will advance to the company C$750,000, interest free, to be repaid once the remaining tranches of the offering are completed.

Tanzanian Royalty, formerly known as Tan Range Exploration Corp., is a gold exploration company based in Vancouver, B.C.

On July 24, the company's stock gained 37 cents to close at C$8.33 (Toronto: TNX).

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