VANCOUVER, BRITISH COLUMBIA — 3 April 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce the appointment of Mr. Samer Khalaf as a non-executive Director effective immediately. Mr. Khalaf is the Director for Africa and Middle East at GPB Global Resources. GPB Global Resources is an international group of companies engaged in petroleum and mineral resource projects in various parts of the globe, including Africa, South America and the Middle East and is based in the Netherlands.
Mr. Khalaf is also Managing Director of Ketina Minerals DMCC, a Dubai based Group Company focused on gold exploration. Mr. Khalaf has over 25 years of investment banking experience in the Middle East, Africa and Europe. He has held senior positions at various institutions including Nomura Securities, Gazprombank and PrimeCorp Finance SA. Samer holds an economics degree from Syracuse University and an MBA in finance from Columbia Business School. He has also completed the executive program for energy at Harvard Business School.
Terry L Tucker, Executive Chair of Tango commented: “We are delighted that Samer has joined the Board of Tango. He will be invaluable in assisting the Company to drive its ongoing corporate development program to grow the business using the successful past 19-year business model of the South African operations in the coal, base and precious metal and precious stone mining sector in Southern Africa. On behalf of the Board and management we would like to welcome Samer and look forward to working with him”.
Pursuant to its stock option plan, the Company has granted stock options of the Company to purchase up to a total of 450,000 common shares in the capital stock of the Company to a Director. The options are exercisable at a price of $0.05 per share for a term of five years from the date of granting.
About Tango Mining Limited
Tango has four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Exxaro and Glencore. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province, South Africa. The Company also holds an interest in the Oena Project, a producing alluvial diamond property, Northern Cape Province, South Africa.
On behalf of the Board of Directors of Tango Mining Limited
Mr Terry L. Tucker, P.Geo.
Executive Chairman and Interim CEO
Tango Mining Limited
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.
Certain information set forth in this news release contains “forward-looking statements” and “forward-looking information” under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include management’s assessment of future plans and operations and are based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as “forecasts”, estimates”, “expects” “anticipates”, “believes”, “projects”, “plans”, “outlook”, “capacity” and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them.
Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to statements with respect to the estimation of mineral resources; the realization of mineral resource estimates; anticipated future production, capital and operating costs; cash flows and mine life; potential size of a mineralized zone; potential expansion of mineralization; potential types of mining operations; permitting timelines; government regulation of exploration and mining operations; risks that the presence of diamond deposits mentioned nearby the Company’s property are not indicative of the diamond mineralization on the Company’s property, the supply and demand for, deliveries of and the level and volatility of prices of rough diamonds, risks that the actual revenues will be less than projected; risks that the target production for the existing mining contracts will be less than projected or expected; risks that production will not commence as projected due to delay or inability to receive governmental approval of the Company’s acquisition or the timely completion of an NI43-101 report; technical problems; inability of management to secure sales or third party purchase contracts; currency and interest rate fluctuations; foreign exchange fluctuations and foreign operations; various events which could disrupt operations, including labor stoppages and severe weather conditions; and management’s ability to anticipate and manage the foregoing factors and risks.
The forward-looking statements and information contained in this news release are based on certain assumptions regarding, among other things, future prices for coal and diamonds; future currency and exchange rates; the Company’s ability to generate sufficient cash flow from operations and access capital markets to meet its future obligations; coal consumption levels; and the Company’s ability to retain qualified staff and equipment in a cost-efficient manner to meet its demand. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update any of the forward-looking statements contained in this news release unless required by law. The statements as to the Company’s capacity to achieve revenue are no assurance that it will achieve these levels of revenue.