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TEMBO GOLD CORP UPDATE

The initial high level of investment was strongly driven by highly favourable tax and investment incentives incorporated in mine development agreements and written into the prevailing legislation.

Buzwagi Gold Mine of Barrick, an open pit in production since 2009 and having produced in excess of 1Moz Au, is due to close shortly.

North Mara Mine of Barrick, a combined open pit underground operation in production since 2002, is forecast to produce 240k to 270k oz Au in 2020 and has a combined reserve and resource of approximately 6Moz Au.

Tuluwaka Mine of Barrick operated from 2005 to 2013 and produced nearly 1Moz from an open pit and underground operation, before being sold to the Tanzanian government.

Production is due to recommence in Q4 2020.

Bulyanhulu Mine of Barrick Gold, Tembo's immediate neighbour, an underground narrow vein operation, has a total reserve and resource of more than 10Moz and produced 250k to 350k oz Au per annum between commissioning in 20, when the mining was halted pending resolution of the Cu concentrate export with the Tanzanian government.

Commissioned in 2000 Geita Gold Mine of Anglogold Ashanti, an open pit mine now transitioning to underground operations, currently produces more than 500k oz Au per annum from a resource of 6.6Moz Au.The 1990s witnessed a very high level of activity in gold exploration in the underexplored Lake Victoria goldfield that led to the discovery of a number of significant orebodies and the opening of a number of mines.After nearly 30 years of strong socialist policies the Tanzanian economy was opened up for capitalist investment in the late 1980s, which led to an influx of exploration and subsequent mining investment and the opening of the first 'modern' gold mine in the late 1990s by Resolute Mining at Golden Pride, which closed in 2013 having produced 2.2Moz Au in its 15-year life.

TEMBO GOLD CORP UPDATE

(TSXV: TEM) ("Tembo" or the "Company") is pleased to provide this update on Tanzania and the Lake Victoria goldfield, and the position of the Company and the Tembo Project in this context. Vancouver, British Columbia-( Newsfile Corp.