Tanzanian Royalty Reports That Laboratory Results Confirm Widespread Distribution of Diamond Indicator Minerals From Three Projects in Tanzania

Vancouver, Canada (ots/PRNewswire) - The Company is pleased to
report that a wide range of kimberlite indicator minerals has been
identified on three of its diamond projects in Tanzania. Kimberlite
is the host rock for most of the world's major diamond deposits
including the Williamson diamond pipe at Mwadui, Tanzania, the
largest ever mined.

"Visual identification of the indicator minerals from these three
project areas has also confirmed the presence of numerous chrome
diopsides, a mineral that is often associated with diamondiferous
kimberlites," noted the Company's Tanzania-based president, John
Deane.

"A selection of kimberlite indicator minerals from these areas
will be subjected to electron micro-probing to determine their
mineral chemistry and results from this laboratory work should be
available in the next quarter," he added.

All indicator mineral analysis is being conducted by Mineral
Services in Cape Town, South Africa. Twenty five kilogram samples
(55 lbs) were submitted to Mineral Services for analysis from each
hole in last year's Rotary Air Blast (RAB) drill program.

A recap of the drill program and the analytical results reported
by Mineral Services are presented below on a property-specific
basis. Please note that the same nomenclature (i.e. K1, K2......) is
used to identify the various kimberlite bodies on each property even
though they are different pipes.

Mwadui Project Area: Nyamigunga PL

The Nyamigunga PL is known to host five kimberlites within an area
of approximately two square kilometres. In actual fact, these
kimberlite bodies represent a "cluster" or assemblage of
carrot-shaped pipes which were likely intruded along some regional
structure that provided a pathway to surface for diamonds and their
associated kimberlite indicator minerals.

The five kimberlites were first tested more than 20 years ago by
the Madini-Mwadui partnership, a joint venture between the Tanzanian
government and DeBeers, the world's largest diamond mining and
trading organization.

In the early 1980s, 450 tonnes of surface gravels and two tonnes
of kimberlite were processed through a small wash plant, yielding
several good quality diamonds. "With diamond prices at historically
high levels, these previously assessed situations are certainly
worth revisiting," said Deane, adding: "Of particular interest to us
is the potential to identify any local hard rock source for these
diamonds."

Ground magnetic surveys were completed on these licenses in
September of 2005, identifying two new untested targets that were
subsequently tested by RAB drilling in November. All five kimberlite
bodies were intersected in the program and two previously
undiscovered pipes were found after drilling two untested magnetic
anomalies. Visual results from Mineral Services were received in
March 2006 and they are very encouraging as indicated in the table
below:

K1 pipe:
Chromite: 132 grains
Chrome Diopside: 30 grains
K2 pipe:
Purple Garnet: 189 grains
Orange Garnet: 55 grains
Chromite: 106 grains
Chrome Diopside: 62 grains
K3 pipe:
Purple Garnet: 5 grains
Chromite: 8 grains
Chrome Diopside: 1 grain
K4 pipe:
Chromite: 2 grains
Chrome Diopside: 7 grains
K6 pipe:
Chromite: 4 grains
K7 pipe:
Chromite: 2 grains

Poor ground conditions including heavy water inflows may have
produced contamination in the drill holes which could explain some
of the low grain counts in several pipes. Nevertheless, kimberlite
bodies within Tanzania often have variable indicator mineral
chemistry without diminishing their economic potential.

Igunga Project Area

Two brand new kimberlite pipes were also discovered in the Igunga
Project Area in November 2005. One RAB hole penetrated 67 metres of
lake profile overburden before intersecting kimberlite K1 from 67 to
82 metres. A second hole penetrated 83 metres of similar material
before intersecting kimberlite K2 from 83 to 102 metres. Both holes
were terminated in kimberlite after the Company successfully
recovered 25 kilogram samples for laboratory analysis. Further
exploration will be required on these kimberlites to determine their
geometric configuration and depth potential. Visual results from
Mineral Services for these pipes are highly encouraging as shown
below.

K1 pipe:
Purple Garnet: 1 grain
Orange Garnet: 1 grain
Ilmenite: 58 grains
Chromite: 19 grains
Chrome Diopside: 27 grains
K2 pipe:
Purple Garnet: 75 grains
Ilmenite: 52 grains
Chromite: 54 grains
Chrome Diopside: 35 grains

Nzega Project Area:

Two new kimberlite pipes were also discovered in this area, both
of which were internally generated geophysical targets. One pipe
occurs close to artisinal diamond activity for alluvials in a nearby
river bed. "This suggests that these kimberlite pipes - or others
nearby - may be the primary source of the diamonds in these alluvial
workings," said Deane. Visual results from Mineral Services include
the following kimberlite indicator minerals.

K1 pipe:
Orange Garnet: 1 grain
Ilmenite: 22 grains
Chromite: 5 grains
Chrome Diopside: 1 grain
K2 pipe:
Orange Garnet: 106 grains
Ilmenite: 40 grains
Chromite: 63 grains
Chrome Diopside: 45 grains

Confidentiality Agreements

The Company also wishes to announce that several companies have
either expressed an interest in or in fact have signed
Confidentially Agreements (CA's) with respect to certain properties
owned by the Company in the Lake Victoria Greenstone Belt of
Tanzania.

These agreements include gold and diamond prospects that are at
various stages of exploration. Under these agreements, interested
parties have the right to review technical data on the properties
but they are not allowed to share the information with others who
are not party to the agreement.

"I take great pride in the numerous accomplishments of our
management team and the competence, drive and successes of our
exploration group which is now being recognized by the growing
number of Confidentiality Agreements that are now in place or under
consideration," said the Company's Chairman and CEO, Jim Sinclair.
"With the largest exploration undertaking on the African Continent,
I look forward to more announcements of progress for our investors
and potential industry partners."

Mineral Services Disclaimer:

Results from examination of concentrate are reported on the basis
of possible kimberlitic indicators recovered by visual inspection of
concentrate under a binocular microscope by experienced mineral
sorters. Mineral classifications are reported on the basis of visual
identification unless otherwise specified. Such visual
classifications may be inaccurate and are provisional until
confirmed by analysis.

Qualified Person

The Company's Qualified Person is Mr. John Deane, the President of
Tanzanian Royalty Exploration, M.Sc. University of Cape Town (1993),
a registered scientist with SACNASP (Reg. No. 400005/05).

Respectfully submitted,

"James 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.

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