Appellate Division Affirms New York Supreme Court Decision; Tanzanian Gold to Continue to Pursue Federal Matter

TORONTO, Feb. 05, 2020 (GLOBE NEWSWIRE) — Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) (the “Company”) announces that the Appellate Division, First Judicial Department, Supreme Court of the State of New York has affirmed the Supreme Court of the State of New York, County of New York granting of summary judgment to Crede CG III, LTD under a Securities Purchase Agreement entered into on September 1, 2016 between Crede and the Company. The Company is currently reviewing its rights including the right to appeal.

The Appellate Division’s decision does not affect the Company’s federal claim against Crede for market manipulation, among other claims.

Respectfully Submitted,

“James E. Sinclair”

James E. Sinclair Executive Chairman

For further information, please contact Michael Martin, Investor Relations, via email at [email protected], direct line 860-248-0999, or visit the Company website at www.tangoldcorp.com

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Cautionary Note Regarding Forward-looking Statements