Orezone Gold Corporation press release

Tanzanian Royalty Chairman Proceeds with Fifth Tranche of C$3 Million Private Placement

2006-05-02

TSX - Toronto Stock Exchange · Gold · Silver · Canada

Trade Symbol: TSX: TNX AMEX: TRE

VANCOUVER, May 2 /CNW/ - Tanzanian Royalty Exploration Corporation advises that Mr. James E. Sinclair is proceeding with the fifth tranche of the private placement announced on January 13, 2005 whereby Mr. Sinclair agreed to purchase common shares of the Corporation representing an aggregate value of $3,000,000. Such shares are to be purchased in 8 quarterly tranches of $375,000 each, commencing February 1, 2005. The fifth tranche will consist of 40,783 common shares of the Corporation having a purchase price of $9.195 per share for proceeds totaling $375,000. The purchase price reflects the weighted average trading price of the Corporation's shares for the five consecutive trading days of the fifth tranche quarterly period ended April 30, 2006. The private placement common shares are subject to certain mandated hold periods and resale restrictions and the certificates representing such shares are legended accordingly. No warrants, options or other rights have been issued or granted in connection with this placement.

Each tranche is subject to regulatory approval.

Respectfully submitted,

"James E. Sinclair" James E. Sinclair Chairman and Chief Executive Officer

The Toronto Stock Exchange and American Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as "measured", "indicated", and "inferred" "resources" that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-50634, which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.