Sales Update

12 July 2010

TanzaniteOne Limited

("TanzaniteOne" or "the Company") (AIM: TNZ)

Sales and Marketing Update

TanzaniteOne Limited ("TanzaniteOne" or "the Company") (AIM: TNZ), the gemstones producer and developer, today announces its third unaudited sales update for the year.

Highlights

·; Third official sale of 2010 resulted in a revenue of US$ 2.57 million

- 191,673 carats of rough tanzanite was sold at sight sale at an average price of US$13.4/carat

·; US$ 5.4 million in sales achieved in Q2 2010

- Represents an 80% improvement on the first quarter sales of $3million

- Best quarterly sales figures since Q2 2008

·; US$ 8.4 million in sales achieved in H1

- Initial half yearly results exceeding recovery expectations

The third formal sight sale for 2010 was conducted from 27 to 30 June 2010 in Dubai. Revenue of US$2.57 million was achieved at the sight from the sale of 191,673 carats of rough tanzanite, at an average of US$13.4 per carat. All rough tanzanite presented at the Dubai sight was sold and a large proportion of the material sold by value was from the B category resulting in the higher average price per carat (US$13.4/carat) achieved compared with the May sight (US$5.5/carat) (see the grading and classification system in the notes to editor section).

The combination of the two very successful sight sales in May and June and the growing revenue stream from the Company's own cutting, polishing and sales division has resulted in total revenue of US$5.4 million for the second quarter of 2010. The second quarter sales represent an 80% improvement on the first quarter sales of $3million. The second quarter sales revenue of US$5.4 million also represents the best quarterly sales figures achieved by the Company over the last two years (since Q2 2008) prior to the onset of the Global Financial Crisis.

Commenting today, Bernard Olivier, Chief Executive Director, said: "We are extremely pleased with the impressive sales results obtained in the second quarter of 2010 with sales revenues of over US$5.4 million achieved. This extremely encouraging quarterly revenue has surpassed both our internal recovery projections as well as market expectations. These are the best quarterly sales figures achieved by the Company in two years and are testament to the tanzanite gemstone market recovery and subsequent increase in demand for the stone. In addition to generating revenue from formal sights we are continuing to develop complimentary sales channels and a successful cutting and polishing division with these activities now helping to drive the improved revenue performance."

Notes to the Editor:

The intrinsic attraction of tanzanite and the finite nature of a single known resource at the foothills of Mount Kilimanjaro in northern Tanzania are undoubtedly part of tanzanite's allure.

TanzaniteOne is the largest and most scientifically advanced miner and supplier of rough tanzanite, a unique position that affords it the opportunity to support and influence the entire channel, from mine to market, ensuring that maximum stakeholder value is achieved at each stage of the process.

Our leading position in the tanzanite market has ensured TanzaniteOne the recognition and respect of its peers and provides the opportunity for expansion into a broader range of PCGs located at various key sites around the world.

The following modified tanzanite grading and classification system is currently being used by the Company:

For more information, please visit www.tanzaniteone.com or contact:

Willi Boehm, Company Secretary

+61 8 9367 5211

Bernard Olivier, Chief Executive Director

+61 408 948 182

Nominated Adviser and Broker

Ambrian Partners Limited

Richard Greenfield/ Richard Chase

+44 (0) 20 7634 4700

Public Relations

Threadneedle Communications

Laurence Read/ Beth Harris

+44 (0)7979 955 923