TANGO ANNOUNCES STRATEGIC FOCUS ON DIAMOND OPERATIONS AND PROPOSED DISPOSITION OF COAL OPERATIONS AND CONCURRENT CHANGE OF NAME

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VANCOUVER, BRITISH COLUMBIA — 30 July 2019 – Tango Mining Limited (“Tango” or the “Company”) (TSX.V – TGV) announces that with the continued operational success at the Oena Diamond Mine in South Africa it is proposing to dispose of the Metallurgical and Mining Projects located in South Africa (the “Disposition”). The Board of Directors made this decision to allow management the ability focus attention on its diamond properties.

The Company owns a 74% interest in each of Kwena Mining Projects (Pty) Ltd. (“KMP”), Kwena Mining and Metallurgical Services (Pty) Ltd. (“KMMS”) and Kwena Springlake Projects (Pty) Ltd. (“Springlake”) (collectively, the “Kwena Group”).

Kevin Gallagher, a director of the Company and non-arm’s length party, is the purchaser of the Company’s interest in the Kwena Group.  Therefore, the Disposition constitutes a “related party transaction” as such term is defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (MI 61-101). The Company is relying on the exemption from the formal valuation requirement set out in subsection 5.5(b) of MI 61-101 as the Company is a TSX Venture Exchange listed issuer.

Subject to Section 5.6 of MI 61-101, the Disposition is subject to minority shareholder approval.  The Company has scheduled a special shareholders meeting for September 13, 2019, with a record date of August 12, 2019 in order to seek minority shareholder approval.

The Disposition is also subject to approval of the TSX Venture Exchange.

The Disposition was approved by the disinterested directors of the Company who concluded that the terms of the Disposition were on market terms and were fair to minority security holders.

As consideration for the acquisition of the Company’s 74% interest in the Kwena Group, Kevin Gallagher has agreed to return for cancellation an aggregate of 39,988,160 common shares of Tango (the “Payment Shares“) at a deemed price of C$0.05 per share, collectively held by the Kevin Gallagher and his related parties for aggregate consideration of C$1,999,508. In addition, outstanding indebtedness owed to the Kwena Group from Tango and its subsidiaries in the aggregate sum of C$723,021 will be forgiven.

After consummation of the transaction, the Company’s total assets will be reduced from $4,376,725 (as of May 31, 2019) to $1,592,546 and the current liabilities will be reduced from $3,678,046 to $1,596,772.  After cancellation of the 39,988,160 the issued and outstanding shares will be reduced from 232,602,139 common shares to 192,613,979 common shares, thereby reducing the shareholders’ equity from $(409,805) to $(1,112,710).  After cancellation of the shares, Kevin Gallagher will not hold any securities of the Company, other than stock options.

The Company has an informal valuation of its interest in the Kwena Group from March 2017 from an unrelated third party, giving a total value of C$2,302,000.

The Company is also proposing to change its name to “Southstone Minerals Limited”, which name change is subject to the approval of the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS OF

TANGO MINING LIMITED

Mr. Samer Khalaf

Chief Executive Officer

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.

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 REPORTS OVER 530 CARATS IN DIAMOND SALES WITH AVERAGE OF USD$1,382 PER CARAT, OENA DIAMOND MINE, SOUTH AFRICA

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VANCOUVER, BRITISH COLUMBIA — 22 July 2019 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to provide an update on diamond sales results from the Oena Diamond Mine, Republic of South Africa (“Oena”).  During the most recent production period, 9 May to 7 July 2019, a total of 531.82 carats (230 diamonds) were produced, placed on tender and sold with an average price of US$1,382 per carat. This includes a 19.87 carat diamond which sold at US$4,358 per carat, a 49.6 carat diamond which sold at US$2,561 per carat and a 24.97 carat diamond which sold at US$1,101 per carat.

Tango is extremely pleased with the performance of the mining contractors on site who have continually increased and improved diamond production at Oena over the past year.

Mining and Processing Contractor – Bluedust

A total of 206 diamonds totalling 407.76 carats were placed on tender or sold to the State Diamond Trader from the production period 9 May to 6 July 2019. The average price received was US$1,264 per carat. This included an 18.2 carat diamond which sold at US$2,850 per carat and a 19.87 carat stone that sold at $4,358 per carat.

Blue Dust 7

Tonnes (ROM)  Carats Produced Number of Stones

produced

USD $ average per carat
131,460 407.76 206 1,265

The Contract Mining and Diamond Recovery Agreement with Bluedust, requires Bluedust, at its own cost and expense, to provide and maintain all the plant and equipment as required. A total of 25% of the gross income of net diamond sales from run of mine gravel (“ROM”)  and 40% of gross income of net diamond sales from pan tailings and bantam material (“Tailings”), less commission, will be paid to Tango`s subsidiary for the duration of the 60-month contract.

Mining and Processing Contractor – Oryx Mining & Hall of Diamonds

A total of 24 diamonds totalling 124.06 carats were placed on tender or sold to the State Diamond Trader from the production period 4 June to 6 July 2019. The average price received was US$1,765 per carat. This includes a a 49.6 carat diamond which sold at US$2,561 per carat, a 24.97 carat diamond which sold at US$1,101 per carat and a 16.65 carat diamond which sold at US$2,126 per carat.

Oryx Mining & Hall of Diamonds

Tonnes  Carats Number of Stones USD $ average per carat
37,440 124.06 24 1,765

Tangos subsidiary, African Star Minerals (ASM), entered into a Joint Operating Agreement with Oryx Mining (Pty) Ltd (Oryx) and Hall of Diamonds CC (HoD) whereby Oryx will contribute earth moving and mining equipment to support the operation of ASMs two pan plants. ASM shall pay a total of 55% of net proceeds of diamond sales to Oryx and HoD after deduction of operating costs.

Mr. Samer Khalaf

Chief Executive Officer

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.

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 Q3 OPERATIONAL UPDATE

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VANCOUVER, BRITISH COLUMBIA — 17 June 2019 – Tango Mining Limited (“Tango” or the “Company”) (TSX.V – TGV) is pleased to provide an update for the period of 1 March to 31 May 2019 (3rd Quarter) on its project portfolio located in South Africa, Angola and Liberia.

COAL – Metallurgical and Mining Projects, Republic of South Africa

Production

 Three months run of mine (ROM) and discard throughput for the three Exxaro Coal Central Proprietary Limited (ECC) operations were below budget:

Actual (tonnes) Budget (tonnes) Variance (tonnes) Comments
Dorstfontein East Coal Mine (DECM) 625 025 611 027 13 998
Dorstfontein West Coal Mine (DWCM) 240 286 261 950 (21 664) 4 seam expansion project
Forzando Coal Mine

(FZN)

967 595 1 003 471 (35 876) Coal supply from underground

Employees: Number of full time employees: 231

Number of part time employees: 23

Health and Safety:

No reportable incidents recorded for Kwena for the three ECC operations for the 3rd Quarter.

 

Safety Awards:

Exxaro – 1 year fatality free.

DCME – 8000 fatality free shifts.

Diamond Production

Oena, Republic of South Africa

Mining and Processing Contractor – Bluedust 7

Bluedust 7 continue mining in the Blokwerf and Sandberg mining areas at Oena with an increase of 19,490 tons mined above the previous quarter. All five pan plants ran well with no major breakdowns.

A total of 190 diamonds totalling 333.25 carats were placed on tender at Kimberley or sold to the state trader. The average price of sold carats was US$ 1,198 per carat. This includes a 20.9 carat diamond which sold at an average of US$3,807 per carat, as well as a 5.28 carat stone that sold at an average of $7,730 per carat.

Blue Dust 7 Tonnes  Carats Produced Number of Stones

produced

Carats sold Number of Stones

sold

Grade

Cts / 100t

ROM Mined 95,060 318.95 183 333.25 190 0.34

Number of Employees: 42

Health and Safety:

 No accidents or incidents were recorded

African Star Minerals (ASM)

ASM has entered into a Joint Operating Agreement with Oryx Mining (Pty) Ltd (Oryx) and Hall of Diamonds CC (HoD) whereby Oryx will contribute earth moving and mining equipment to support the operation of ASMs two pan plants. ASM shall pay a total of 55% of net proceeds of diamond sales to Oryx and HoD after deduction of operating costs.

The joint venture (ASM and Oryx/HoD) production commenced on the 17 May 2019.

A total of 3 stones totalling 34.45 carats were placed on tender at Kimberley or sold to the state trader. The average price of sold carats was US$2,973 per carat. This includes a 29.31 carat diamond which sold at US$3,224 per carat.

ASM Oryx Partnership Tonnes  Carats Produced Number of Stones Grade

Cts / 100t

ROM Mined 19,920 34.48 3 0.17

Number of Employees: 24

Health and Safety:

No accidents or incidents were recorded

Total Combined Production for Blue Dust 7 and the ASM – Oryx/HoD JV

Total Combined Production Tonnes  Carats Produced Number of Stones Grade

Cts / 100t

ROM Mined 114,980 353.43 186 0.31

MOQUITA PROJECT, Republic of Angola

The site has a total of 40 full time employees, an operating pan plant and scrubber with a grease table for treatment. Prefab housing, diesel tank and a water treatment system have been installed. Trial mining is ongoing. No diamond sales were recorded during the 3rd Quarter.

DIAMOND EXPLORATION

MANO RIVER PROJECT, Republic of Liberia

The transfer of 100% of the mineral exploration license (MEL) to Tango Mining (Liberia) was successfully concluded. Tango is devising an exploration plan to be launched in the 1st Quarter of 2020.

Mr. Samer Khalaf

Chief Executive Officer

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.

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 Q2 OPERATIONAL UPDATE

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VANCOUVER, BRITISH COLUMBIA — 11 March 2019 – Tango Mining Limited (“Tango” or the “Company”) is pleased to provide an update for the period of 1 December 2018 to 28 February 2019 (2nd Quarter) on its project portfolio located in South Africa, Angola and Liberia.

 COAL – Metallurgical and Mining Projects, Republic of South Africa

 Production

 Three months run of mine (ROM) and discard throughput for the three Exxaro Coal Central Proprietary Limited (ECC) operations were in line with budget:

  Actual (tonnes) Budget (tonnes) Variance (tonnes) Comments
Dorstfontein East Coal Mine (DECM) 610 502 574 972 35 530
Dorstfontein West Coal Mine (DWCM) 217 151 226 991 (9 840) Coal supply from underground
Forzando Coal Mine (FZN) 793 632 866 549 (72 917) Coal supply from underground

Employees: Number of full time employees: 231

Number of part time employees: 23 

Health and Safety

No reportable incidents recorded for the three ECC operations for the 2nd Quarter.

Safety Awards

DCME – 42 months loss time incident free.

FZN – 36 months loss time incident free

DIAMOND PRODUCTION

OENA, Republic of South Africa

Mining and Processing Contractor – Bluedust 7

During the most recent production period, December 2018 – February 2019, a total of 297.94 carats (111 diamonds) were produced. A total of 104 stones totalling 284 carats were placed on tender in Kimberley or sold to the state trader. The average price of sold carats was US$3,170 per carat. This includes a 26.41 carat diamond which sold at US$12,681 per carat.

A total of 95,490 t of both ROM materials were processed during the most recent production period with average grade of 0.31 carats per ton.

Bluedust 7 is operating five pan plants using 13 pieces of earth moving equipment (EME) and 42 employees.

African Star Minerals (ASM)

During the course of the 2nd Quarter, Tango completed the transportation and installation of all outstanding equipment and infrastructure onsite. Bulk sampling began in February. Hiring and training is scheduled for March. Full scale processing of pan tailings and bantam material is targeted to commence in April.

ASM is operating two pan plants with 2 EME and 8 employees.

MOQUITA PROJECT, Republic of Angola

 Endiama gave the green light to restart operations at Moquita in February. Tango has been active since in assisting Cooperativa Mineira Do Moquita, SCRL with mine set up and plant rehabilitation as well as securing EME and finalizing the mine plan. Start of bulk sampling operations is targeted for April 2019.

DIAMOND EXPLORATION

MIDDLEPITS PROJECT, Republic of Botswana

After further internal analysis, Tango has decided against progressing with the Middlepits Project. The MoU announced 21 December 2017 has been terminated. The Company will focus its efforts on brown field projects with a shorter time to development and production.

MANO RIVER PROJECT, Republic of Liberia

Tango has established a local company in Liberia, Tango Mining (Liberia), and is in the process of transferring 100% of the mineral exploration license (MEL) to this company. The agreement with West Mining Ltd (see news release dated 10 September 2018) has been amended as such that West Mining Ltd. will own a 10% carried interest of Tango Mining (Liberia) with Tango Mining Ltd owning 90%. Tango Mining will also pay a royalty of 1.5% to West Mining Ltd. on all future production from the MEL.

Mr. Samer Khalaf

Chief Executive Officer

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.

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 APPOINTMENT OF NEW DIRECTOR

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VANCOUVER, BRITISH COLUMBIA — 21 February 2019 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce that Neil Budd has been appointed to the Board of Directors.  Neil Budd qualified as a solicitor in 1988 and worked in local government for seven years, specialising in commercial property and development projects.  In 1995 he joined the Moscow Office of international law firm, Watson Farley and Williams.  Neil worked in Moscow for four years, undertaking a broad of work including property, shipping, corporate, trade finance, asset finance, banking and securities.  In 1999, Neil moved back to London and worked in the London office of Watson Farley and Williams as an energy lawyer; initially working on conventional power projects in Eastern Europe and, from 2005, specialising in renewable energy.  In 2012, Neil joined Shakespeare Martineau, a top 50 UK national law firm, to develop his renewable energy practice, in particular in solar and biomass.  Neil became a Partner in Shakespeare Martineau in 2016.  In 2018, Neil founded Budd Legal. The focus of the firm is to be a niche practice advising on renewable energy and conventional energy projects, infrastructure projects, real estate and construction in the UK and internationally.

The Company confirms that, pursuant to its News Release dated November 11, 2019, it has now issued 2,069,880 common shares in the capital stock of the Company at a price of $0.05 per share to extinguish debt to an arm’s length party in the sum of $103,494.

About Tango Mining Limited

The Company holds an interest in the Oena Diamond Mine, a producing alluvial diamond property located in the Northern Cape Province, Republic of South Africa. Tango has recently added to its diamond portfolio with the addition of the Middlepits Project, Republic of Botswana, Mano River Project, Republic of Liberia and the Moquita Project, Republic of Angola. Tango, via its Republic of South Africa subsidiaries, also 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.

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 SHARES FOR DEBT SETTLEMENT

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VANCOUVER, BRITISH COLUMBIA —11 February 2019 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) announces that it has agreed to settle an outstanding indebtedness with an arm’s length party in the sum of $103,494 by the issuance of 2,069,880 common shares in the capital stock of the Company at a price of $0.05 per share, which transaction is subject to the approval of the TSX Venture Exchange.

About Tango Mining Limited

The Company holds an interest in the Oena Diamond Mine, a producing alluvial diamond property located in the Northern Cape Province, Republic of South Africa. Tango has recently added to its diamond portfolio with the addition of the Middlepits Project, Republic of Botswana, Mano River Project, Republic of Liberia and the Moquita Project, Republic of Angola. Tango, via its Republic of South Africa subsidiaries, also 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.

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 MINING ANNOUNCES PRIVATE PLACEMENT

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VANCOUVER, BRITISH COLUMBIA — 31 December 2018 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) announces that, subject to TSX Venture Exchange approval, it has closed a private placement of 4,000,000 units at $0.05 per Unit for a total of $200,000. 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 $0.10 per share, exercisable for a period of 36 months from the date of issuance.

The funds raised are for payment of an outstanding liability and general working capital 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.

TANGO PROVIDES OPERATIONAL UPDATE ON ITS PROJECT PORTFOLIO

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VANCOUVER, BRITISH COLUMBIA — 11 December 2018 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to provide an operational update on its project portfolio located in the Republics of South Africa, Angola, Botswana and Liberia for the period of 1 September to 30 November 2018 (1st Quarter)

 

Coal – Metallurgical and Mining Projects, Republic of South Africa

Production: Three months run of mine and discard throughput for the three Exxaro Coal Central Proprietary Limited (ECC) operations was in line with budget:

Mine

Actual (tonnes) Budget (tonnes) Variance (tonnes)

Comments

Dorstfontein East Coal Mine 613 423 705 971 (92 548) Low coal supply from mine
Dorstfontein West Coal Mine 276 060 267 264 8 796  
Forzando Coal Mine 875 868 826 980 48 888  

Employees: Number of full time employees: 231

Number of part time employees: 23

Health and Safety:

No reportable incidents reported for the three ECC operations for the 1st Quarter.

Recognition:

Mr. Miles Baltimore, Exarro Chief Engineering Manager, recently visited the Forzando operation and in a written letter of thanks to management commented “I’ve never visited a cleaner coal plant than the Forzando plant. In February 2019, I’m planning to bring all the engineering managers to see what a coal plant should look like”.

 

Diamond Production

Oena Project, Republic of South Africa

Tango – Mining and Processing Contractor

At the Oena Diamond Mine located in the Western Cape, appointed mining contractor, Bluedust 7 Proprietary Limited (“Bluedust”), processed a total of 103,590 tonnes of run of mine material from 16 August – mid November 2018 with a diamond grade of 0.278 carats per hundred tonnes (cpht).

During the most recent production period a total of 287.34 carats (123 diamonds) were produced, placed on tender in Kimberley and sold with an average price of US $1,348 per carat. This includes a 20.35 carat diamond which sold at US $3,353 per carat and a 4.96 carat diamond which sold at US $6,886 per carat.

Oena Project, Republic of South Africa

Tango – African Star Minerals (“ASM”)

During the course of the year, Tango through its local subsidiary, ASM, acquired an additional pan plant (the “Plant”) with a 120 tonne per hour (“tph”) capacity to be used to support its stand-alone mining operation and the processing of pan tailings and bantam material (“Tailings”) left on site from previous mining operations. As previously reported (see news release dated 13 September 2018) during the 1st Quarter, ASM purchased a screening unit, 50t Terex dump truck and a Volvo 966 front end loader, which have now been delivered to site. Start of production is scheduled for mid-January 2019 following the end of the holiday break.

Moquita Project, Republic of Angola

Tango has a Services Agreement for Mining and Marketing of Diamonds with Cooperativa Mineira Do Moquita, SCRL (“Moquita”) on a 147 km2 portion of a concession located 50 km north of Lucapa within the Lauchimo River basin, Province of Lunda Norte, Republic of Angola. During the course of the 1st Quarter, the Angolan government launched operation “Transparency” which aimed to reduce diamond smuggling and reform the diamond sector. Endiama, the national diamond company of Angola, requested that all Cooperativas halt operations whilst Transparency is in progress.

Tango, with its strategic funding partnership with CC Mining Limited (“CCML”), a member of Consolidated Contractors Company Group, used this opportunity to finalize a detailed mine plan and complete a thorough assessment of the camp site and its upgrade requirements.  Simultaneously, additional plant parts were acquired including a 50t scrubber, grease table and a 150 kva generator. The rental of earth moving equipment, including a front-end loader, dump trucks and an excavator was negotiated with a vendor and finalized.

Endiama is expected to allow the restart of operations of a number of Cooperativas, including Moquita, by end of December 2018, at which time Tango will begin mobilization and commissioning of the Moquita Mine.

 

Diamond Exploration

Middlepits Project, Republic of Botswana

The Middlepits Project is located 470 kilometers (km) south west of Gaborone and 90 km south west of Tshabong in the Kgalagadi District, Botswana. Metswedi Mining (Pty) Limited (“Metswedi”) has now received the first renewal for both Prospecting License No. 101/2015 (430 km2) and No. 058/2015 (2.3 km2). Metswedi has applied for the licenses to be transferred to a newly formed joint venture company between Metswedi and Tango to be named Tango Metswedi. An exploration program is being developed with final plans and a program to commence during the period March to May 2019.

Mano River Project, Republic of Liberia

During the course of the 1st Quarter, the license is in the process of being transferred to a new company to be formed named Tango Mining Liberia. An exploration program is being developed and an update will be provided on timing when complete.

On behalf of the Tango Board of Directors

 Mr. Samer Khalaf

Chief Executive Officer

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.

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 RENEWAL OF MIDDLEPITS PROJECT PERMITS

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VANCOUVER, BRITISH COLUMBIA — 18 October 2018 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce that Metswedi Mining (Pty) Ltd. (“Metswedi”) has received the first renewal for both Prospecting License No. 101/2015 (430 km2) and No. 058/2015 (2.3 km2) which make up the Middlepits Project (the “Property”). The Property is located 470 kilometers (km) south west of Gaborone and 90 km south west of Tshabong in the Kgalagadi District, Republic of Botswana.

Tango will acquire a 75% unencumbered interest in the Property from Metswedi and is responsible for all further exploration and development expenditures on the Property. The Property was renewed for a period of two years commencing on 1 October 2018 and ending on 30 September 2020.

Middlepits Project, Botswana

The Property 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 work resulted in the identification of a 100 square km area of gravels containing diamonds and heavy mineral concentrations, mainly garnets and ilmenites. The Property also hosts a kimberlite, called Kolonkwaneng. The Kolonkwaneng kimberlite, was identified by De Beers in 1977 and more recent airborne geophysics suggests it is elliptical in shape and is 127 metres (“m”) by 226 m in diameter. Bulk sampling work by De Beers recovered micro diamonds and heavy minerals that indicate the kimberlite is diamondiferous.  Please see the news releases dated 21 December 2017 and 7 March 2018 and the Tango website for further detailed Property information.

About Tango Mining Limited

The Company holds an interest in the Oena Diamond Mine, a producing alluvial diamond property located in the Northern Cape Province, Republic of South Africa. Tango has recently added to its diamond portfolio with the addition of the Middlepits Project, Republic of Botswana, Mano River Project, Republic of Liberia and the Moquita Project, Republic of Angola. Tango, via its Republic of South Africa subsidiaries, also 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.

On behalf of the Tango Board of Directors

Mr. Samer Khalaf

Chief Executive Officer

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.

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 NI 43-101 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 labour 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 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.

 

 

TANGO PROVIDES 2018 FINANCIAL YEAR END OPERATION AND PRODUCTION UPDATE

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VANCOUVER, BRITISH COLUMBIA — 13 September 2018 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to provide a 2018 financial year end operational and production update on its diamond and coal project portfolio located in the Republic of South Africa, Botswana, Angola and recently added Liberia.

DIAMONDS – Oena, Republic of South Africa

 Tango – Mining and Processing Contractor

At the Oena Diamond Mine located in the Western Cape, appointed mining contractor, Bluedust 7 Proprietary Limited (“Bluedust”) has mobilized and commissioned mining and processing equipment commencing 16 November 2017.

Bluedust successfully recommenced production and recovered a total of 941 carats since January 2018 and have recently focussed their production on ROM material. Mining has primarily focused on what is known as the Oena Site and will shortly commence on the Blokwerf Site where Bluedust is currently mobilizing equipment. The following table provides a detailed breakdown of work on site since January 2018.

Oena continues to produce very high value diamonds including a 42.26 carat diamond recently that was sold for US$11,267 per carat.  Bluedust currently has 36 employees on site.

OENA MINE Jan-Feb Feb-Mar Mar-Apr Apr-May May-Jun Jun-Jul Jul-Aug Total
Mining Block Palio Channel Pothole & Rooikoppie Pothole & Rooikoppie & Oena Oos Pothole & Pothole Oena Oos &

Rooikoppie & Oena Oos Quarry

Pothole & Firestone Tailings & Oena Oos Quarry & Rooikoppie D/Barker Pothole & Oena Central & Oena Soccer Field Oena Central Soccer Field
Stripping Tons
Run of Mine (ROM) Tons 14,940 23,700 32,190 25,590 32,130 37,020 41,610 207,180
Total Mined Tons 14,940 23,700 32,190 25,590 32,130 37,020 41,610 207,180
Recovery Pan Tailings and Bantams
Total Carats Crt 52.05 36.65 10.80 1.27 0.65 0.00 0.00 101.42
Stones St 38 29 13 2 2 84
Average Stone Size Crt/St 1.37 1.26 0.83 0.64 0.33 1.21
Recovery Run of Mine (ROM)
Total Carats Crt 53.65 119.50 134.81 71.60 152.14 168.08 140.17 839.95
Stones St 38 77 120 60 93 83 76 547
Average Stone Size Crt/St 1.41 1.55 1.12 1.19 1.64 2.03 1.84 1.54

 

Bluedust Equipment – Oena Site Bluedust Equipment – Blokwerf Site
16 ft pan with headfeed bin

16 ft pan with headfeed bin

14 ft pan with headfeed bin

BVX sorting unit

Complete sorthouse with tailings belt

225 Kva Plant supply generator

Main water pump generator

60-ton Volvo excavator

46-ton Volvo excavator

25-ton Bell excavator

3 x 30-ton Volvo ADT dump trucks

2 x 30-ton Bell ADT dump trucks

3 x 958 Foton frond end loaders

2 x Infield power screens

16 ft pan with headfeed bin

Dewatering screen

Desanding screen with product belt

250 tph infield barrel screen

175 Kva Generator

 

 Tango – African Star Minerals (“ASM”)

During the course of the year, Tango through its local subsidiary, ASM, acquired an additional pan plant (the “Plant”) with a 120 tonne per hour (“tph”) capacity to be used to process Tailings left on site from previous mining operations. The Plant began commissioning in June 2018 and is ready to begin processing material. Start of production has been delayed due to the 260 KVA diesel generators that was purchased and has had to be replaced, delaying commissioning of the operation. New piping and water pipe were also purchased and are onsite and ready to be installed. A mobile screening unit and earth moving equipment will be mobilized to site to support the Plant operations and this is anticipated to occur prior to the end of 2018. ASM currently has 8 employees on site.

ASM Equipment – Oena Site  
Double 16 ft pan

Headfeed bin with belt

Desanding screen

Desanding belt

Pan feed belt

Dewatering screen

Tailings belt with tailings bin

Vertical spindle puddle pumps

260 Kva Generator complete in container

97000 L Water dam

Water pump from dam to pans

22kw Main water supply pump

1.3 km water supply pipeline

Complete Grease recovery (Pre-Build)

8 x Concentrate bins

 

 

Important Notice: The Company will no longer publish monthly Oena diamond sales information and will publish quarterly sales information moving forward.

DIAMONDS – Middlepits Project, Republic of Botswana

 The Middlepits Project is located 470 kilometers (km) south west of Gaborone and 90 km south west of Tshabong in the Kgalagadi District, Botswana and consists of two Prospecting Licenses (“PLs”) that were explored between 1974 and 1976 by De Beers, between 1978 and 1980 by Falconbridge and between 1993 and 1997 by Southern Africa Minerals Corporation.

Metswedi Mining (Pty) Limited has advised Tango that it is still in the process of renewal of PL101 (429 km2) and PL58 (2.3 km2). Closing of the transaction is subject to the renewal of the PLs and Tango has not completed any work on the property to date given the PLs have not been renewed as of today’s date.

DIAMONDS – Moquita Project, Republic of Angola

Tango has signed a Services Agreement for Mining and Marketing of Diamonds with Cooperativa Mineira Do Moquita, SCRL (“Moquita”) on a 147 km2 portion of a concession located 50 km north of Lucapa within the Lauchimo River basin, Province of Lunda Norte, Republic of Angola. Tango is responsible for capital expenditures associated with alluvial diamond mine design and equipment acquisition as well as enhancing production. As remuneration, Tango will receive 60% of the proceeds from the sale of produced diamonds.

Tango has created a strategic funding partnership with CC Mining Limited (“CCML”), a member of Consolidated Contractors Company Group which is one of the world’s largest diversified international engineering and construction companies active in over 50 countries and across five continents and with total revenue in 2017 of US$6 billion. This funding and technical partnership has initially focussed on funding the Services Agreement with Moquita.

DIAMONDS – Mano River Project, Republic of Liberia

Tango has signed an acquisition agreement to acquire an 80% unencumbered interest in the Mano River Project consisting of one recently granted 104.3 km2 diamond mineral exploration license located in the western part of Republic of Liberia. This portion of Liberia is well known for the wide spread occurrence of alluvial diamonds and the known presence of kimberlites.

COAL – Metallurgical and Mining Projects, Republic of South Africa

Tango currently has 254 employees in its coal business, working on behalf of three engineering contracts the Company has with Exxaro Coal Central (ECC) Propriety Limited`s thermal coal, metallurgical and processing plants. These three processing plants currently process a combined 6.5 million tonnes per annum (“tpa”) at the Dorstfontein West, Dorstfontein East and Forzando mines located 120 km east of Johannesburg, Republic of South Africa. The three contracts were awarded in 2017 and are subject to renegotiation and renewal in June 2020.

The Company continues to evaluate a number of opportunities to expand this part of its business.

Health, Safety and Environmental:

No reportable incidents recorded on ECC Operations for the 4th quarter.

Production:

Three months June 2018 to August 2018 ROM and Discard throughput for the three ECC operations:

Actual

(t)

Budget

(t)

Variance (t) Comments
Dorstfontein East 622 310 695 282 -72 972 Coal supply issues from Opencast Pit
Dorstfontein West 272 902 271 452 1 450
Forzando 846 604 854 977 -8 373 Coal supply issues from Underground Mining

Twelve months September 2017 to August 2018 ROM and Discard throughput for the three ECC operations:

Actual

(t)

Budget

(t)

Variance (t) Comments
Dorstfontein East 2 385 659 2 679 722 -294 063 Coal supply issues from Opencast Pit
Dorstfontein West 1 082 800 1 031 433 51 367
Forzando 3 324 199 3 370 020 -45 821 Coal supply issues from Underground Mining
Total 6 792 658 7 081 175 -288 517

 Recognitions in the past three months:

Following ISO and OHSAS surveillance audits the operations were credited with the following:

  • Successful transition to ISO 14001: 2015 and retaining of certification.
  • Retaining of OHSAS 18001:2001 certification.

Safety Awards:

  • Dorstfontein East achieved 36 months lost time injury free.
  • Dorstfontein East achieved 7 000 fatality free shifts.
  • Dorstfontein West achieved 6 months lost time injury free.
  • Forzando achieved 30 months lost time injury free.
  • Forzando achieved 20 000 fatality free shifts.

On behalf of the Tango Board of Directors

Mr. Samer Khalaf

Chief Executive Officer

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.

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 labour 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 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.