This weekend the Barron’s online website carried an article about the Company that portrayed it in a less than favorable light.

There may have been some rush to put out the article for the Easter weekend as it seems the fact checking normally conducted by this publication neglected to meet its usual standards.

One of the article’s shortcomings is its misunderstanding of our business model which is essentially that of a royalty company. Our highly regarded land position in northern Tanzania was acquired and is being developed within the context of this royalty model which is unique within our peer group.

Under a Royalty Option Agreement it is the task of the funding party to complete exploration work and any subsequent 43-101 compliant resource calculations. The significant capital expenses associated with building a mine under Royalty Agreements are the sole responsibility of the other party - not Tanzanian Royalty.

It is clearly evident on our corporate website that our primary focus has been on royalty-type agreements. Indeed, this is supported by the fact that Royalty Option Agreements are in place for approximately 60% of the ground we currently hold in Tanzania.

In comparing the business structure of our company to others, it might have been more appropriate to select a company in the Royalty business including those with royalty-based gold production. Those entities include Royal Gold and Franco-Nevada.

We are considering the possibility of segregating 15% of our existing property portfolio for non-royalty production purposes which of course will be contingent upon the continuation of favorable results from our exploration activities. On our most advanced-stage property, Kigosi, we are in the preliminary stages of compiling a 43-101 compliant geological report using a reputable South African consulting firm for this purpose.

With reference to the Barron’s article, when your company merged with Tanzanian American Development 2000 (TANZAM) the shares received for the vend-in were distributed to TANZAM’s directors, officers and employees. I was neither of these and therefore received no shares. The approximate 3% equity interest in Tanzanian Royalty Exploration that I hold today has been obtained primarily by private placements, at market prices, and without sweeteners of any kind.