TORONTO, Oct. 23, 2023 (GLOBE NEWSWIRE) -- TRX Gold Corporation (TSX: TNX) (NYSE American: TRX) (the “Company” or “TRX Gold”) is pleased to announce the appointment of Shubo Rakhit as Chairman of the Board.

Mr. Rakhit has had a prominent career as a highly respected strategist and sought after trusted advisor. His 30+ year career has included senior positions at several global and Canadian investment banks and advisory firms including CIBC, Bank of Nova Scotia, Bank of America Securities, KPMG Corporate Finance and Echelon Wealth Partners. Mr. Rakhit’s distinguished career includes leading over $90 billion of M&A transactions, and over $100 billion of global capital markets issuance, including many well-known transformational transactions and complex capital solutions, that have also encompassed mining companies. The strength of his relationships is characterized by authenticity and trust that will assist the Company in broadening its access to capital markets and its strategic direction at a time of rapid growth for the organization.

Stephen Mullowney, Chief Executive Officer of TRX Gold, states, “We are happy to welcome Shubo as Chairman of the Board of Directors of TRX Gold. Since joining the Board in 2021, Shubo has been a major contributor to the strategic and successful advancement of the Buckreef Gold Project. He has also been a valuable and active member of TRX Gold’s Audit & Risk Committee, as the Chair of the Corporate Governance Committee and as an active member of the Buckreef Gold Project Board of Directors, which includes members from joint venture partners STAMICO, a Tanzanian Government Agency.”

“I am honored to succeed James E. Sinclair as Chairman of the Board,” explains Shubo Rakhit. “I am a believer in the gold resource potential of our host region, the Tanzanian people’s ability and the cooperativeness of government – even more so now, after having recently met government and visited the mine site, local communities, schools and hospitals that have been shaped by TRX Gold’s Corporate Social Responsibility initiatives. I am excited and motivated by the Company’s growth potential, and I strongly believe, that together with my fellow directors and TRX management, the Company can become an important gold producer within the African landscape.”

About TRX Gold Corporation

TRX Gold is rapidly advancing the Buckreef Gold Project. Anchored by a Mineral Resource published in May 2020¹, the project currently hosts an NI 43-101 Measured and Indicated Mineral Resource of 35.88 million tonnes (“MT”) at 1.77 grams per tonne (“g/t”) gold containing 2,036,280 ounces of gold and an Inferred Mineral Resource of 17.8 MT at 1.11 g/t gold for 635,540 ounces of gold. The leadership team is focused on creating both near-term and long-term shareholder value by increasing gold production to generate positive cash flow. The positive cash flow will be utilized for exploratory drilling with the goal of increasing the current mineral resource base and advancing the larger project development which represents 90% of current mineral resources. TRX Gold’s actions are led by the highest environmental, social and corporate governance (“ESG”) standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in the Geita Region, Tanzania. Please refer to the Company’s Updated Mineral Resources Estimate for Buckreef Gold Project, dated May 15, 2020¹ and filed under the Company’s profile on SEDAR+ and with the SEC on June 23, 2020 (the “Technical Report”) for more information.