TANGO ANNOUNCES ACQUISITION OF ALLUVIAL DIAMOND PROJECT IN BOTSWANA

Download as PDF

VANCOUVER, BRITISH COLUMBIA — 21 December 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce that it will acquire an 75% unencumbered interest in an alluvial diamond property in Botswana called the Middlepits Project (the “Property”) from Metswedi Mining (Pty) Ltd. Tango will be responsible for all further exploration and develoment expenditures on the Property upon closing (the “Closing”).

Middlepits Project, Botswana

The Property is located 470 kilometers (km) south west of Gaborone and 90 km south west of Tshabong in the Kgalagadi District, Botswana. The Property consists of one Prospecting License (“PL”) and was explored between 1974 and 1976 by De Beers, between 1978 and 1980 by Falconbridge and between 1993 and 1997 by Southern Africa Minerals Corporation.

The exploration work by De Beers identified an occurrence of diamondiferous gravels in the center of the Property. The diamondiferous gravels were evaluated by both hand augering and digging and were then screened and processed for diamonds and heavy minerals. The work resulted in the identification of a 100 square km area of river terrace gravels containing diamonds and heavy mineral concentrations, mainly garnets and ilmenites. The diamond content of the gravels has never been assessed systematically, however diamonds of up to 0.55 carats were recovered. The source of diamonds in the gravels is not known but it could be 1. the Molopo kimberlite cluster located immediately to the north east or 2. Falconbridge and Botswana Government airborne geophysics over the Property have defined geophysical targets which may be kimberlites and the source of the diamonds.

Additional exploration work is required to advance the diamondiferous gravels on the Property and Tango`s technical team will undertake to work with Metswedi to develop a comprehensive exploration and development program for the Property (the “Exploration Program”) in Q1 2018.

Metswedi has advised Tango that is is in the process of renewing the PL and Closing is subject to successfully renewing the PL. The PL covers 876 square kilometers and upon renewal will cover approximately 435 square km and will be valid for two years, with a further option to renew.

About Tango Mining Limited

Tango, via its South African subsidiaries, holds three thermal coal, metallurgical, processing plant and engineering contracts that process 6.5 Mt of coal per annum, with client Exxaro. The three 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 Diamond Mine, a producing alluvial diamond property located in the Northern Cape Province, South Africa. Tango also has a three-year renewable Risk Services Agreement for Mining of Diamonds with Txapemba Canguba R.L, which was granted an 84 square km concession within the Luembe River basin, Angola.

 

On behalf of the Board of Directors of Tango Mining Limited

 

Mr. Samer Khalaf

Chief Executive Officer

info@tangomining.com

 

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.

 

Forward-Looking Statement

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.

 

The technical disclosure in this news release have been approved by Terry L. Tucker, P.Geo., Executive Chairman of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

TANGO PROVIDES OPERATIONAL UPDATE ON ITS PROJECT PORTFOLIO

Download as PDF

VANCOUVER, BRITISH COLUMBIA — 20 December 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce an operational update on its project portfolio located in both the Republic of South Africa and Republic of Angola.

Coal – Metallurgical and Mining Projects, Republic of South Africa
Three Operation and Maintenance of Coal Processing Plant Agreements, in respect of three Exxaro coal mines, Dorstfonein East, West and Forzando, have been renewed for three years to June 2020. The three agreements, via its South African subsidiary, Kwena Mining Projects (Pty) Ltd, collectively call for a minimum target of 6.24 million tonnes to be processed per annum.

Between 1 January and 30 November 2017 total processing throughput for the three coal mines was 6.43 million tonnes, within 1% of the year to date budget of 6.49 million tonnes. Company operations at the three coal mines consists of 231 permanent employees. The Company recorded one lost time injury during the reporting period, ending a six-year period with no significant injuries.

A significant turn-around in global coal prices has resulted in bullish conditions within the coal sector with a positive outlook for 2018. Tango has a continued development plan in place to grow this business using the successful past 19-year business model, an established market presence and its proven successful operational reputation in the southern African coal sector.

Diamonds – Oena, Republic of South Africa
Bluedust 7 Proprietary Limited (“Bluedust”) mobilized and commissioned mining and processing equipment, including a Bourevestnik X-ray sorter (“BVX”), to the Oena Diamond Mine and commenced operations on the 16 November 2017. Equipment that has been mobilized to site includes three 30 tonne (t) dumpers, 30t and 46t excavators, 50t excavator with centric ripper, two Caterpillar 950 front end loaders and two mobile sizing screens. Initially the gravel was processed through the BVX sorter without processing through a pan plant, but this proved to be inefficient as the -2mm particles as well as clay material masked the diamond tracers as well as the diamonds. It was decided that the best processing method would be to process the run of mine (ROM) material, as well as the pan tailings (“Tailings”), through a 16-foot pan and then treat the concentrate through the BVX. A total of 29.02 carats were recovered including one diamond of 12.7 carats. Due to the Christmas holidays, processing of ROM, Tailings and bantam material was discontinued on the 13 December 2017 but will recommence on 8 January 2018.

The Bluedust due diligence period has been extended to 28 February 2018 to allow time for additional equipment to be mobilized to site and the processing flow sheet to be modified in consideration of the experience gained at Oena over the past month.

The renewal of the New Order Mining Lease pertaining to the Oena Diamond Mine is pending and the Company has taken all the necessary steps in this regard for its renewal.

Diamonds – Txapemba, Republic of Angola
Tango has signed a three-year renewable Services Agreement for Mining and Marketing of Diamonds with Txapemba Canguba R.L who were granted an 84-square kilometer concession for the semi-industrial exploitation of diamonds (the “Property”) (see news release dated 11 September 2017). Tango took operational control of the Property on 23 October 2017. Since this time, 85 personnel have been engaged, the Property has been secured, earth moving equipment has been mobilized for the upgrade and maintenance of roads and an alluvial diamond wash plant is enroute to the concession area. The Company continues its geological assessment of the Property, that will result in the development of a work plan and plans to commence alluvial diamond production testing in January 2018.

On behalf of the Board of Directors of Tango Mining Limited
Mr. Samer Khalaf
Chief Executive Officer
info@tangomining.com

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.

Forward-Looking Statement
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.

The technical disclosure in this news release have been approved by Terry L. Tucker, P.Geo., Executive Chairman of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

TANGO CLOSES PRIVATE PLACEMENT AND SHARES FOR DEBT SETTLEMENT

Download as PDF

VANCOUVER, BRITISH COLUMBIA — 15 December 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) announces that the private placement announced on November 27, 2017 has now closed, being a C$510,500 (US$400,000) one year unsecured convertible note bearing interest at a rate of 3% per annum (the “Unsecured Note”).  The Company has the option on or before the maturity date to convert, at its sole discretion, all or a portion of the Unsecured Note into units of Tango, with each unit consisting of one common share at a price of C$0.05 per share and one share purchase warrant, exercisable for two years, to purchase one additional share at C$0.10 per share (the “Units”). All or a portion of the accrued and unpaid interest due at the time conversion is also payable by the issuance of Units of Tango at the Company’s discretion at a price not below the trading market price at the time the interest is payable. The underlying common shares issuable upon conversion of the Unsecured Note are subject to a four‐month hold period from the date of issuance.

Tango has issued 17,895,380 common shares in the capital stock at a price of $0.05 per share to certain creditors to settle indebtedness in the aggregate of $894,769, pursuant to shares for debt settlements announced on November 16, 2017 and December 4, 2017.

Pursuant to its news release dated September 8, 2017, Tango has also issued an aggregate of 1,953,000 common shares at a price of $0.05 per share for compensation to the CEO and Executive Chairman for the months of September, October and November.

 

About Tango Mining Limited

Tango, via its South African subsidiaries, holds three thermal coal, metallurgical, processing plant and engineering contracts that process 6.5 Mt of coal per annum, with client Exxaro. The three 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 Diamond Mine, a producing alluvial diamond property located in the Northern Cape Province, South Africa. Tango also has a three-year renewable Risk Services Agreement for Mining of Diamonds with Txapemba Canguba R.L, which was granted an 84 square km concession within the Luembe River basin, Angola.

 

On behalf of the Board of Directors of Tango Mining Limited

 

Mr. Samer Khalaf

Chief Executive Officer

info@tangomining.com

 

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.

TANGO ANNOUNCES NEW MARKET-MAKING ARRANGEMENT

Download as PDF

VANCOUVER, BRITISH COLUMBIA — 13 December 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce that it has retained Lakeshore Securities Inc. (“Lakeshore”) of Toronto, Ontario to provide market-making services. The market-making services will be undertaken by Lakeshore in compliance with the guidelines of the TSX Venture Exchange.

Under the terms of the agreement, Tango will pay Lakeshore a monthly fee of up to $5,000 plus applicable taxes for a trial period of three months, commencing January 1, 2018. After the three month period, and if both parties are in agreement, the contract will roll over on a month-to-month basis with 15 days written notice required to terminate the contract.

There are no performance factors contained in the agreement and Lakeshore will not receive any shares or options from Tango as compensation for the services it will render. Tango and Lakeshore are unrelated and unaffiliated entities, but Lakeshore and/or its clients may have a direct interest in the securities of Tango.

 

About Lakeshore Securities Inc.

Lakeshore is a Canadian securities dealer located in Toronto, Ontario and provides advisory and brokerage services to institutional, retail and high net worth individual investors. Lakeshore is a Toronto Stock Exchange participating organization, a TSX Venture Exchange member and a Canadian Securities Exchange dealer. Lakeshore is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF).

 

About Tango Mining Limited

Tango via its South African subsidiaries holds three thermal coal, metallurgical, processing plant and engineering contracts that process 6.5 Mt of coal per annum, with clientele that include Exxaro. The three 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 Diamond Mine, an alluvial diamond property located in the Northern Cape Province, South Africa. Tango has a three year renewable Risk Services Agreement for Mining of Diamonds with Txapemba Canguba R.L, which was granted an 84 square kilometer concession within the Luembe River basin in Angola.

 

On behalf of the Board of Directors of Tango Mining Limited

 Mr. Samer Khalaf

Chief Executive Officer

info@tangomining.com

 

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.

 

Forward-Looking Statement

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. 

 

 

TANGO COMPLETES SHARES FOR DEBT SETTLEMENT

Download as PDF

VANCOUVER, BRITISH COLUMBIA — 4 December 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) announces that it has reached a settlement with creditors for debt totalling C$816,736 by the issuance of 16,334,720 common shares at a price of $0.05 per share. These shares for debt settlements are subject to the approval of the TSX Venture Exchange.

About Tango Mining Limited

Tango via its South African subsidiaries holds three thermal coal, metallurgical, processing plant and engineering contracts that process 6.5 Mt of coal per annum, with clientele that include Exxaro. The three 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 Diamond Mine, an alluvial diamond property located in the Northern Cape Province, South Africa. Tango also has a three year renewable Risk Services Agreement for Mining of Diamonds with Txapemba Canguba R.L, which was granted an 84 square kilometer concession within the Luembe River basin in Angola.

 

On behalf of the Board of Directors of Tango Mining Limited

 

Mr. Samer Khalaf

Chief Executive Officer

info@tangomining.com

 

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.

 

Forward-Looking Statement

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. 

TANGO ANNOUNCES C$510,500 UNSECURED CONVERTIBLE NOTE PRIVATE PLACEMENT

Download as PDF

VANCOUVER, BRITISH COLUMBIA — 24 November 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) announces that, subject to the approval of the TSX Venture Exchange, it has agreed to issue a C$510,500 (US$400,000) one year unsecured convertible note (the “Unsecured Note”) bearing interest at a rate of 3% per annum. The Company has the option on or before the maturity date to convert, at its sole discretion, all or a portion of the Unsecured Note into units of Tango, with each unit consisting of one common share at a price of C$0.05 per share and one share purchase warrant, exercisable for two years, to purchase one additional share at C$0.10 per share (the “Units”). All or a portion of the accrued and unpaid interest due at the time conversion is also payable by the issuance of Units of Tango at the Company’s discretion at a price not below the trading market price at the time the interest is payable. The underlying common shares issuable upon conversion of the Unsecured Note are subject to a four‐month hold period.

The proceeds from the Unsecured Note will be used for ongoing development of the Company’s current projects, acquisition of new projects and for general working capital purposes.

A cash finder’s fee equal to 5% of the gross proceeds raised for the Unsecured Note may be payable. The private placement is subject to receipt of approval from the TSX Venture Exchange.

On behalf of the Board of Directors of Tango Mining Limited

Mr. Samer Khalaf

Chief Executive Officer

 

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.

 

TANGO ANNOUNCES RECOMMENCEMENT OF PRODUCTION AT OENA

Download as PDF

VANCOUVER, BRITISH COLUMBIA — 16 November 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce the recommencement of production at its Oena Diamond Mine (“Oena”) located in the Northern Cape, South Africa.

Bluedust 7 Proprietary Limited (“Bluedust”) has mobilized and commissioned mining and processing equipment, including a Bourevestnik X-ray sorter (“BVX”), to Oena (see news release dated 10 October 2017). Please see the Project Updates section of our website for regular operational updates with photos and videos from Oena.

The Contract Mining and Diamond Recovery Agreement (the “Agreement”) with Bluedust, with regard to processing run of mine (“ROM”) gravel, has been amended to include consideration for diamonds recovered from the processing of pan tailings and bantam material (“Tailings”) left on site from previous mining operations. Bluedust, at its own cost and expense, provides and maintains all the plant and equipment as required and the diamonds recovered will be sold at a designated Tender Facility in South Africa, of which 40% of the gross income, less commission recovered from Tailings, will be paid to Tango`s subsidiary for the duration of the 60-month contract.

Given the recent amendment to the Agreement to allow for processing of Tailings, Tango has deferred the decision to advance the TML Equipment Solutions (Pty) Ltd strategy as previously announced (see news release dated 21 July 2017 and 10 October 2017) until after the completion of due diligence by Bluedust, which is scheduled to be finalized by 31 December 2017.

The Company also announces it has agreed to settle indebtedness in the amount of CAD $78,033 by the issuance of 1,560,660 common shares at a price of $0.05 per share.

In addition, the Company also announces that the conversion rights of all outstanding unsecured and secured convertible debentures have been extended to 31 December 2018 (news release dated 22 June 2015, 18 July 2016, 20 February 2017 and 7 July 2017). Pursuant to the terms of the convertible debentures, the lenders have the option to convert the principal into units of Tango at the discretion of the lender. Each unit shall consist of one common share at a price of $0.05 per share and one share purchase warrant to purchase one additional common share at a price of $0.10 per share, which warrants shall be for a term of two years. Interest payable under the loans may be settled by the issuance of common shares at a price not below the trading market price at the time the interest is payable.

The shares for debt settlement and extension of the outstanding unsecured and secured convertible debentures are subject to receipt of approval from the TSX Venture Exchange.

On behalf of the Board of Directors of Tango Mining Limited

Mr. Samer Khalaf

Chief Executive Officer

 

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.

TANGO APPOINTS BLUEDUST AS OENA MINING CONTRACTOR

Download as PDF

VANCOUVER, BRITISH COLUMBIA — 10 October 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV)  is pleased to announce it has entered into a Contract Mining and Diamond Recovery Agreement (the “Agreement”) with Bluedust 7 Proprietary Limited (“Bluedust”) at Oena Diamond Mine (“Oena”), South Africa. Bluedust will develop the Oena alluvial diamond mine using Bourevestinik X-ray machines (“BVX”) and/or pan plants (the “Mining Services”). Bluedust, at its own cost and expense, will provide and maintain all the Plant and Equipment as required to perform the Mining Services.

The diamonds produced by Bluedust at Oena will be sold via a designated Tender Facility in South Africa and 75% of the gross income of net diamond sales, less commission, will be paid to Bluedust for the duration of the 60-month contract. For any individual stones recovered with a gross selling price, less commission, of greater that US500,000 Bluedust will be paid 70% of the gross income.

Bluedust specialize in the processing of alluvial diamond deposits in South Africa. Oena consists of an 8,800-hectare mining right and corresponding infrastructure and all associated processing equipment located along the Orange River in a well-established alluvial diamond-mining province known to produce high quality and large sized diamonds.

The Agreement is subject to due diligence by Bluedust which must be completed by 31 December 2017. During this period Bluedust will conduct a site investigation to determine mineability and diamond bearing potential of the gravels at Oena. This could include trial mining using BVX and other equipment as necessary.

The Agreement does not affect Tango’s existing agreement with Consulmet to operate the equipment of TML Equipment Solutions (Pty) Ltd as previously announced (see news release dated 21 July 2017).

On behalf of the Board of Directors of Tango Mining Limited

Mr. Samer Khalaf

Chief Executive Officer

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.

Forward-Looking Statement

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.

TANGO ENTERS DIAMOND MINING SECTOR IN ANGOLA

Download as PDF

VANCOUVER, BRITISH COLUMBIA — 11 September 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce that it has signed a three year renewable Services Agreement for Mining and Marketing of Diamonds with Txapemba Canguba R.L (“Txapemba”) which is a Cooperativa Exploração Semi-Industrial de Diamantes located in the Municipality of Cambulo, Province of Lunda Norte, Republic of Angola. Txapemba was granted an 84 square kilometer (“km”) concession for the semi-industrial exploitation of diamonds within the Luembe River basin in an area that was a past alluvial diamond producer and well known for both alluvial and kimberlite diamonds (the “Property”).

Tango will be responsible for capital expenditures associated with alluvial mine design and equipment acquisition and will be the sole operator. As remuneration, Tango will receive 60% of the proceeds from the sale of produced stones. All of Tango’s operational costs are deductible.

The Property is located immediately near the community of N’zagi (Andrada) and 95 km southeast of Dundo, the provincial capital of Lunda Norte, which has a recently reopened airport with direct service to Luanda. Angola, which ranks as the world’s fifth biggest producer of diamonds by value has been actively encouraging foreign investment in its diamond sector under a new Mining Code introduced in 2011, which no longer includes the requirement for Angola to hold a majority interest in diamond mining projects.

Angola’s potential for world class diamond discoveries is recognised by global diamond mining leaders Alrosa and De Beers. Alrosa is the operator of the world’s fourth biggest diamond mine Catoca, which is located 220 km southwest of the Property and within the same geological setting (Lucapa Graben). Angola is an official signatory of the Kimberley Process Certification Scheme and occupied the position of Chair of the Kimberley Process in 2015.

Development Plan

Tango will, over the coming months, complete a full geological assessment of the Property and plans to commence alluvial diamond production as soon as practical.

Txapemba Property

The Property is located within the Luembe River drainage in northeast Angola and constitutes the bulk of the alluvial diamonds extracted until now in Angola and represent a large fraction of the still existing diamond resources. The Chiumbe, Luembe, Luachimo and Chicapa rivers’ basins deposits are the most important, only surpassed by Cuango River’s. Secondary (or alluvial) diamond deposits were formed in several cycles, starting immediately after kimberlite emplacement (in Cretaceous times, generally speaking). The first secondary deposits correspond to the basal conglomerates of what is known as the Calonda Formation. The erosion of these conglomerates released diamonds that would be concentrated in more recent deposits.

The Property is located within a few km from the Chimbongo and Chitololo alluvial diamonds mines.

The area has a high potential for a primary source, as the Malúdi diamond population has different properties than those of the general diamond population in the area.

Mr. Samer Khalaf

CEO

Tango Mining Limited

info@tangomining.com

 

 

The technical disclosure in this news release has been approved by Terry L. Tucker, P.Geo., Executive Chairman of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

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.

Forward-Looking Statement

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; mineral title; 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.

 

Txapemba Property Location

 Txapemba property location

 

LUEMBE RIVER BASIN

  1. Projecto Chimbongo alluvial diamond mine
  2. Projecto Chitololo alluvial diamond mine
  3. Txapemba Property is located at 2

Luembe River Basin

TANGO MINING ANNOUNCES PRIVATE PLACEMENT

Download as PDF

VANCOUVER, BRITISH COLUMBIA — 4 August 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) announces that, subject to TSX Venture Exchange approval, it has closed a private placement of 5,004,840 units at $0.05 per Unit for a total of $250,242.  Each Unit consists of one common share and one transferable share purchase warrant, with each warrant exercisable into one common share of the Company at an exercise price of $0.05 per share, exercisable for a period of 12 months from the date of issuance.

The funds raised are for general working capital and corporate purposes.

On behalf of the Board of Directors of Tango Mining Limited

Mr. Samer Khalaf

CEO

Tango Mining Limited

info@tangomining.com

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.