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Ruby Creek Resources (Tanzania) Limited

By Edited Mar 11, 2014 0 2

Ruby Creek Resources (Tanzania) Limited ("Ruby Creek Tanzania") is a company that has 70% of its ownership being Ruby Creek Resources, Inc. The Tanzanian entity which operates the gold project in Mkuvia, is establishing infrastructure. Furthermore, it has started the process of getting permits to go along with full development and the beginning of operations on the project. [1]

Ruby Creek Resources (Tanzania) Limited leads the way for Ruby Creek Resources, Inc. (OTCBB: RBYC) to be able to mine operations in the Mkuvia Gold Project. This announcement was made in June 3, 2010. The joint venture company is owned by Ruby Creek Resources (70%), Douglas Lake Minerals (25%) and Mr. Mkuvia Maita (5%). Now 125 sq km of the 380 sq km of Mkuvia, considered to be one of Tanzania's largest alluvial goldfields, has its exclusive mineral and mining rights owned by the New York company. [4]

The Mkuvia Gold Project is located in the Liwale and Nachingwea Districts, Lindi Region of the United Republic of Tanzania. Also, it is the subject of a report titled "Technical & Resource Report on the Mkuvia Gold Project," Prepared by Laurence Stephenson, P. Eng. of British Columbia, Canada and Ross McMaster MAusIMM of Queensland, Australia. Mr. Stephenson and Mr. McMaster are independent and Qualified Persons ("Q. P.s") in accordance with JORC and NI 43-101. [2]

Some Information About Tanzania

Tanzania is Africa's third-largest gold-producing country after South Africa and Ghana, according to an article dated November 22, 2009. It has come forthe as one of the fasted gold producer in the continent. Its annual production of gold was about 43.2 tonnes in 2002. Next year, it was increased to about 48.0 tonnes. [3]

The areas of Lindi and Nachingwea districts in the southern part of the country has been receiving attention for being spots where gold has been discovered. This news could find Tanzania becoming the biggest gold producing country in Africa. Majority of gold mining is located in the Lake Victoria zone, Mbeya and Rukwa region. The southern portion was never anticipated as a potential zone with presence of gold in it. [3]

Based on current projects and mines in productions, it has estimated that Tanzania's gold reserves have been calculated at a conservative total of at least 36 million oz (1000 t). [3]

Tanzania has vast amounts of natural resources including chrome, coal, coltan, diamonds, gold, iron ore, nickel, niobium, platinum, tin, and uranium, and other minerals. [1]

In 2003, Tanzania reported a 20% increase in gold exports from United States that was $414 million and then became $504 million. It accounted for 49% of total export revenues in 2002. That increased to 62% in the next year. The reason for a large increase in gold exports which resulted in the signing of another gold-mining contract between Pangea Minerals, Ltd. and the Government of Tanzania. [3]

Every year since 1998, a new gold mine has been opened in Tanzania. They are owned by Ashanti Goldfields in joint venture with AngloGold, Barrick Gold Corp, Meremata Ltd, Pangea Goldfields, Inc, in joint venture with Miniere du Nord, Placer Dome, Inc. and Resolute Ltd. Half of the Geita mine is owned by AngloGold Ashanti. It started its production in August 2000. Two years later, it produced 579,043 oz at a cash operating cost of $163/oz. In 2003, it produced a record 661,045 oz at $170/oz. The favorable outcome due to the commission to upgrade the crushing and leach tank sections of the processing plant in the first quarter of 2003 led to the significance increased to the capacity of the plant. [3]

Professor Dr. Abdulkarim Mruma

Professor Dr. Abdulkarim Mruma, B. Sc. M. Sc. Ph.D. Geology has been retained by Ruby Creek to advise on geological issues within the Mkuvia and surrounding regions. Dr. Mruma is a Professor of Geology and was the head of the Department of Geology, University of Dar es Salaam from 1994 to 2004. He has been the Vice Chairman of the Association of Geological Surveys of Africa since 2004. He currently is the CEO of the Geological Survey of Tanzania and the Ministry of Energy and Minerals. [4]

Dr. Abdulkarim Mruma may provide valuable consultations from his extensive participation as a board and steering committee member of many geological and environmental research groups and projects. He also has published over thirty international publications. Moreover, he has authored and consulted on more than twenty technical reports in the fields of Resource Assessments and Engineering Geology. Lastly, he will be coordinating the field training programs of third- and fourth-year geology students with Ruby Creek Tanzania offering the funding and facilities at the Mkuvia being utilized. [4]

Robert Slavik sees securing aid to geology students as a first step to give back to the local community in a meaningful way. He also states all students around the globe need assistance to succeed. Fortunately, Professor Mruma has shared his ideas and guidance for that. [4]

Robert Slavik, President and CEO of Ruby Creek Resources and Managing Director of Ruby Creek Tanzania, said that in May 2010 Dar es Salaam became the location for Ruby Creek Tanzania's corporate headquarters. The venture company also retained the law firm of CRB Africa Legal, a leading full-service Tanzanian commercial law practice with expertise in that country's mining industry. [4]

Robert Slavik highlighted the company's May meeting in London with Madame H. E. Mwanaidi Sinare Maajar. She has been Tanzania's High Commissioner to the United Kingdom for the past four years, and effective August 1, 2010 will take her appointed position as Tanzania's Ambassador to the United States. Madame Maajar was one of the architects of the 1998 Tanzanian Mining Act that was a great importance that stimulated the transformation of the country's mining industry that led to and continues to develop its enormous growth. The emerging distinction of the industry created great economic vitality. It persists to assist in the development of Tanzania's economy and world image. The Ambassador's insight was very informative especially the company is just getting started. Her basic message is clear: Tanzania wants development and investment. [4]

Final Information

Ruby Creek Resources, Inc. has the location of its headquarters at:
750 Third Avenue, Eleventh Floor
New York, NY 10017
United States

website: www.rubycreekresources.com/

The address of its joint venture company:
Sixth Floor, Amani Place, Ohio Street
Dar es Salaam, Tanzania

If you have any interest or questions regarding investing in Ruby Creek Resources, Inc. or Ruby Creek Resources (Tanzania) Limited, notify
Investor Relations Contact:
Porter, LeVay & Rose, Inc.
Michael Porter, President


[1] http://www.ibtimes.com/articles/61773/20100913/ruby-creek-resources-inc-rbyc-ob-signs-purchase-agreement-for-kapinga-property.htm
[2] http://www.marketwire.com/press-release/Ruby-Creek-Acquires-Exclusive-Mineral-Mining-Rights-Entire-Mkuvia-Gold-Project-From-1276863.htm
[3] http://allafrica.com/stories/200911231624.html
[4] http://www.marketwire.com/press-release/Ruby-Creek-Resources-Incorporates-Joint-Venture-in-Tanzania-and-Reports-on-Progress-1270567.htm



Dec 25, 2010 9:01pm
Interesting summary, Investing in areas of potential polical instibility needs to be done carefully but you can do worse than Tanzanea
Jan 15, 2011 12:42am
Thank you for commenting and reading my article, JadeDragon. I was thinking Indonesia has a lot of natural resources to exploit. I'm sure they do. Yet, I'm not informed about that nation. The only way for me to find out is to do research.
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