Orezone Gold Corporation press release

Tanzanian Royalty Chairman Completes Sixth Tranche of C$3 Million Private Placement

2006-08-15

TSX - Toronto Stock Exchange · Gold · Silver · Canada

Trade Symbol: TSX: TNX AMEX: TRE

VANCOUVER, Aug. 15 /CNW/ - Tanzanian Royalty Exploration Corporation confirms that the sixth tranche of the private placement (the "Placement") by James E. Sinclair, the Company's Chairman and CEO, announced on August 1, 2006 closed on August 14, 2006. The sixth tranche consists of 44,664 common shares of the Corporation having a purchase price of $8.396 per share for proceeds totaling $375,000. Inclusive of the proceeds of the sixth tranche, and the interest free advance of $750,000 to be repaid upon the completion of the remaining tranches of the Placement, Mr. Sinclair's total share placements to date aggregate C$11.3 million. All 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 the Placement.

Respectfully Submitted, "James E. Sinclair" James E. Sinclair Chairman and Chief Executive Officer

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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.