TANZANIA MINERALS CORP. IDENTIFIES PHASE 1 DRILL TARGETS

VANCOUVER, Nov. 29 /CNW/ - Tanzania Minerals Corp. (the "Company" or "Tanzania") (TSX-V: TZM.V) (FRANKFURT: CA87600X1087) announces that based on regional airborne magnetic, ground geophysics and soil sampling, it has identified seven anomalies on the wholly owned Mrangi Property.  From these seven anomalies the Company has selected three priority drill targets.  All of the targets on the Mrangi Property were appraised by Dr. Sandy Archibald (P.Geo.) of Aurum Exploration Services ("Aurum"), Kells, Republic of Ireland.  Aurum are contracted to act as an independent consultant to the Company.

The first priority target is the along strike extension of the Phoenix mine vein swarm.  The vein swarm is currently being mined on the neighbouring property by artisianal miners approximately one kilometre from the Mrangi Property.  The Company plans to drill five 200 metre overlapping diamond drill holes to explore for the vein swarm as well as to improve the understanding of the underlying geology.

The second priority target is a parallel magnetic linement approximately 600 metres to the north of the Phoenix vein swarm (priority one mentioned above).  Management believes this could be a new previously undiscovered vein structure in an area of deep overburden.

The third priority target is a brecciated banded iron formation (BIF) located in the west-central part of the licence.  The formation has been traced discontinuously via outcrop and continuously via ground geophysics for 450 metres.  Data suggests that the two structures mentioned previously may intersect this BIF.  Outcrop sampling of this BIF has returned grades ranging from 0.33 g/t to 3.78 g/t Au.

President and CEO Kal Matharu commented "This diamond drill program takes our company to an exciting new stage of exploration where we are optimistic that shareholder value will increase.  All our endeavours to date have progressed our exploration to the critical drill targeting stage.  This is a good day for our company".

The total program is expected to consist of 2,000 metres of diamond drilling which, depending on results, may generate a follow-up reverse circulation (RC) drill hole program.

Additional information, including technical reports and other public documents are available on SEDAR at www.sedar.com or on the Company's website at www.tanzaniaco.com. 

Tanzania Minerals Corp. is an emerging junior exploration company trading on the TSX Venture Exchange.  The Company has an extensive portfolio of projects in Tanzania.

Jim Walchuck, P.Eng. is the Qualified Person under National Instrument 43-101 who has approved the technical content of this news release.

On behalf of the Board of Directors of Tanzania Minerals Corp.

"Kal Matharu"

Kal Matharu, President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements".  Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions.  The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.

For further information:

Tanzania Minerals Corp.
Kal Matharu
President and CEO
Tel:  [phone]
Fax: [phone]
www.tanzaniaco.com