(Kitco News) - Tanzanian Gold (TSX: TNX) announced today that it has been granted an extension to the renewal date for the Special Mining License (SML 04/92) at the Buckreef gold project in Tanzania.

The company said it received a certificate for Renewal of Special Mining License (SML) from the Mining Commission, a division of the Ministry of Minerals of the United Republic of Tanzania.

According to a press-release, the Special Mining License renewal period for Buckreef Gold has now been extended by an additional 5 years from 2027 to 2032.

"The company, along with its joint venture partner STAMICO and the Government of the United Republic of Tanzania, is excited by the continued development and ramp-up of Tanzania's next large gold mine at Buckreef Gold," Tanzanian Gold said in a statement.

The duration of the Special Mining License covers the estimated life of mine, with specified renewals over that period. The company anticipates the life of mine will extend significantly beyond 2032, and therefore the SML will be renewed prior to the renewal date, in accordance with the requirements under the Tanzanian Mining Act.

"The company is delighted to receive this license extension and it is a testament to the significant progress being made at Buckreef Gold and the hard work by the team on the ground in Tanzania. We look forward to working together in building the next large gold mine in Tanzania," said CEO Stephen Mullowney. - Vladimir Basov, Kitco News