TANGO ANNOUNCES RECOMMENCEMENT OF PRODUCTION AT OENA

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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

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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

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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

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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.

 

TANGO CREATES SOUTH AFRICAN MINING EQUIPMENT COMPANY IN COOPERATION WITH GZA GROUP AND ACQUIRES OENA ROYALTY

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VANCOUVER, BRITISH COLUMBIA — 21 July 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) announces that, in partnership with the GZA Group, it has formed a South African subsidiary, TML Equipment Solutions (Pty) Ltd (“TML”), that will own and lease processing equipment to be used for alluvial diamond recovery. The Company also confirms that it has acquired the outstanding 10% diamond royalty offtake on the Oena Diamond Mine (“Oena”), South Africa.

TML Equipment Solutions (Pty) Ltd (“TML”)

The total capital investment into TML will be USD $1,175,000 and is fully committed. TML has secured a new Bourevestnik X-Ray (BVX) recovery unit, a Flow Sort X-Ray Separator and a Single Particle Sorter (the “Equipment”). Tango will have a 25% equity stake in TML and will maintain operational control.

TML`s Equipment will be used at Oena and will be operated under contract by Consulmet (Pty) Limited (“Consulmet”). Consulmet, with its headquarters in Johannesburg, is a specialist engineering group focussed on fast-tracked design and construction of minerals processing plants on a fixed price basis and excel in delivering projects in remote locations and developing countries. Consulmet have built several diamond processing plants for diamond producers and are experts in the application of DMS, diamond processing and final recovery using optical and X-Ray sorters.

Termination of Oena Mining Contractor

Tango has terminated the contracting agreement, as announced on 18 November 2016, with African Mineral Recovery Solutions CC (“AMRS”) due to breach of contract and underperformance by AMRS.

Closing of Debt Settlement

Tango has issued 6,857,900 common shares in the capital stock, at a price of $0.05 per share to ATC Enterprises DMCC (“ATC”) to settle accrued interest, balance due on last tender and the outstanding amount owing for the Oena offtake right for debt totaling C$342,895. The Company also confirms that it has issued 1,300,000 common shares in the capital stock of the Company to ATC upon conversion of US$50,000 (C$65,000) of an unsecured convertible note, the balance of US$200,000 remains convertible at $0.05 (see news release dated 17 June 2015).

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 SETTLES OENA DIAMOND OFFTAKE RIGHT WITH DEBT SETTLEMENT

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VANCOUVER, BRITISH COLUMBIA — 7 July 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) announces that, pursuant its news release dated 17 June 2015, it has reached a settlement with ATC Enterprises DMCC (“ATC”) to settle accrued interest, balance due on last tender and the outstanding amount owing for the Oena offtake right for debt totaling C$342,895 by the issuance of 6,857,900 common shares at a price of $0.05 per share.  This settlement with ATC effectively terminates the diamond offtake right with ATC with regard to the Company’s Oena property, thereby eliminating the 10% fee that was payable on the first 2,000 carats of diamond sales.

The Company also announces that ATC has converted US$50,000 (C$65,000) of its remaining unsecured convertible note into common shares at a price of $0.05 per share, for a total of 1,300,000 common shares.  ATC has also agreed to extend the term of conversion of their remaining US$200,000 unsecured convertible note to December 31, 2017.

The settlement arrangement with ATC is subject to the approval of the TSX Venture Exchange.

Mr Terry L. Tucker, P.Geo.

Executive Chairman

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 ANNOUNCES EXTENSION OF DORSTFONTEIN EAST, WEST AND FORZANDO CONTRACTS

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VANCOUVER, BRITISH COLUMBIA — 6 July 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce that 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 coal mines are located within the Ogies and Highveld coalfields, Mpumalanga Province, South Africa. Tango operations at the three collieries consist of over 230 permanent employees and the agreements collectively call for a minimum target of 6,240,000 tonnes to be processed per annum for the next three years.

Tango has a continued development plan in place to grow the business using the successful past 19-year business model, an established market presence and its proven successful operational reputation in the coal, base and precious metal and precious stone African mining sector.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Mr. Terry L. Tucker, P.Geo.

Executive Chairman

Tango Mining Limited

terry.t@tangomining.com

The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has neither approved nor disapproved the contents of this press release.

 

TANGO MINING DIAMOND SALES FROM OENA DIAMOND MINE, SOUTH AFRICA

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VANCOUVER, BRITISH COLUMBIA — 5 July 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to provide an update on recent diamond sales results from the Oena Diamond Mine, Republic of South Africa (“Oena” or the “Property”). During the period 20 May 2017 to 20 June 2017, a total of 61.4 carats (28 diamonds) were produced. A total of 53.4 carats were placed on tender with Flawless Diamond Trading House, Johannesburg and sold with an average price of US$1,490 per carat. The balance was sold to the state diamond trader. Diamond production from Oena, since acquisition, now totals 1365 carats that have been sold at an average price of US$1,188 per carat.

The top two highest value diamonds recovered during this period include: a 20.7 carat diamond which sold at US$7,210 per carat and a 10.4 carat diamond which sold at US$1,544 per carat.

On behalf of the Board of Directors of Tango Mining Limited

Mr Terry L. Tucker, P.Geo.

Executive Chairman

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 a 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 MINING ANNOUNCES APPOINTMENT OF CHIEF EXECUTIVE OFFICER

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VANCOUVER, BRITISH COLUMBIA — 4 July 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce that Samer Khalaf, who was appointed as non-executive  director on 3 April 2017, has accepted the position of Chief Executive Officer of the Company. Samer has over 25 years of investment banking experience in the Middle East, Africa and Europe and has held senior positions at various institutions including Nomura Securities, Gazprombank and PrimeCorp Finance SA. His most recent position was as Director for Africa & Middle East at GPB Global Resources. Samer holds an economics degree from Syracuse University and an MBA in finance from Columbia Business School. He has also completed the executive program for energy at Harvard Business School.

Mr. Terry L Tucker, Executive Chairman and former Interim Chief Executive Officer stated: “I am very pleased to have Samer assume the role of Chief Executive Officer. He brings a wealth of experience to the Company and will provide strong leadership to Tango as it continues to develop and expand its operations in South Africa and the rest of the continent.”

The Company also confirms that it has issued 1,364,500 common shares in the capital stock of the Company at a price of $0.05 per share in full and complete settlement of indebtedness with three creditors for an aggregate of $68,225.

About Tango Mining Limited

Tango via its South African subsidiaries hold three thermal coal, metallurgical and 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, Northern Cape Province, South Africa. Tango has a continued development plan in place to grow the business using the successful past 19-year business model of the South African operations, an established market presence and its proven successful operational reputation in the coal, base and precious metal and precious stone mining sector in Africa.

On behalf of the Board of Directors of Tango Mining Limited

Mr Terry L. Tucker, P.Geo.

Executive Chairman

terry.t@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 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.

 

DIAMOND SALES FROM OENA DIAMOND MINE, SOUTH AFRICA

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VANCOUVER, BRITISH COLUMBIA — 5 June 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to provide an update on recent diamond production and sales results from the Oena Diamond Mine, Republic of South Africa (“Oena” or the “Property”). During the period 18 April 2017 to 19 May 2017, a total of 465 carats were produced (311 stones and an average size of 1.498 carat per stone). A total of 527 carats were placed on tender in Johannesburg or sold in Dubai and sold with an average price of US$812 per carat. Diamond production from Oena, since acquisition, now totals 1331 carats and have been sold at an average price of US$1,100 per carat.

Some of the highest value diamonds recovered during this period include an 8.92 carat diamond which sold at US$2,199 per carat, a 5.65 carat diamond which sold at US$3,672 per carat and a 7.35 carat diamond which sold at US$3,201 per carat.

Mining Work Programme

The contractor on site (see news release dated 18 November 2016) utilizes a Bourevestnik X-Ray sorter (“BVX”) to recover diamonds. During the period, no unprocessed gravel has been mined, only historical surface bantam tailings from previous operators and a total of 19,497 tonnes have been processed to the 30 May 2017. See news release of 19 May 2015 for terms of underlying off take agreement with ATC Enterprises DMCC.

Debt Conversion to Equity

The Company also announces that it has reached a settlement with creditors for debt totaling C$30,725 by the issuance of 614,500 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 hold three thermal coal, metallurgical and 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, Northern Cape Province, South Africa. Tango has a continued development plan in place to grow the business using the successful past 19-year business model of the South African operations, an established market presence and its proven successful operational reputation in the coal, base and precious metal and precious stone mining sector in Southern Africa.

On behalf of the Board of Directors of Tango Mining Limited

Mr Terry L. Tucker, P.Geo.

Executive Chairman and Interim CEO

Tango Mining Limited

terry.t@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 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.