TANGO DIAMOND SALES FROM OENA DIAMOND MINE, SOUTH AFRICA

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VANCOUVER, BRITISH COLUMBIA — 18 May 2018 – 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” or the “Property”). During the most recent production period ending 10 May 2018, a total of 72.81 carats (62 diamonds) were produced, placed on tender in Kimberley and sold with an average price of US$1,022.53 per carat. This includes a 9.4 carat diamond which sold at US$3,085 per carat.

Diamond production from Oena, since acquisition, including production from both run of mine (“ROM”) material as well as pan tailings (“Tailings”), now totals 1,866 carats that have been sold at an average price of US$1,117 per carat. A total of 25,860t of both ROM and Tailings material were processed during the most recent production period.

On behalf of the Board of Directors of Tango Mining Limited

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.

 

BLUEDUST SUCCESSFULLY COMPLETES DUE DILIGENCE AT OENA DIAMOND MINE, SOUTH AFRICA

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VANCOUVER, BRITISH COLUMBIA — 2 May 2018 – Tango Mining Limited (“Tango” or the “Company”) is pleased to announce that Bluedust 7 Proprietary Limited (“Bluedust”) is satisfied with the results of its due diligence program of the Oena Diamond Mine (“Oena”) and plans to increase their mining and processing capabilities to increase production.

The Contract Mining and Diamond Recovery Agreement (the “Agreement”) with Bluedust, (see news releases dated 10 October 2017 and 16 November 2017) requires Bluedust, at its own cost and expense, to provide and maintain all the plant and equipment as required.

The diamonds recovered from processing run of mine gravel (“ROM”) and pan tailings and bantam material (“Tailings”) by Bluedust at Oena are sold via a designated Tender Facility in South Africa. A total of 25% of the gross income of net diamond sales from ROM and 40% of gross income of net diamond sales from Tailings, less commission, will be paid to Tango`s subsidiary for the duration of the 60-month contract. For any individual stones recovered from ROM, with a gross selling price, less commission, of greater that US500,000 Tango`s subsidiary will be paid 30% of the gross income.

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.

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 DIAMOND SALES FROM OENA DIAMOND MINE, SOUTH AFRICA

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VANCOUVER, BRITISH COLUMBIA — 23 April 2018 – 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” or the “Property”). During the most recent production period, ending 14 April 2018, a total of 133 carats (121 diamonds) were produced, placed on tender in Kimberley and sold with an average price of US$759 per carat. This includes a 5.59 carat diamond which sold at US$4,078 per carat.

Diamond production from Oena, since acquisition, including production from both run of mine (“ROM”) material as well as pan tailings (“Tailings”), now totals 1,793 carats that have been sold at an average price of US$1,121 per carat. Bluedust continues its due diligence program until April 30th. A total of 32,354t of both ROM and Tailings material were processed during the most recent production period.

On behalf of the Board of Directors of Tango Mining Limited

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 TO ACQUIRE MINING AND PROCESSING EQUIPMENT FOR OENA DIAMOND MINE

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VANCOUVER, BRITISH COLUMBIA — 20 April 2018 – Tango Mining Limited (“Tango” or the “Company”) is pleased to announce that it has taken a decision to purchase an additional 16-foot pan plant and a mobile screening unit to be mobilized to the Oena Diamond Mine (“Oena” or the “Property”) to process pan tailings and bantam material (“Tailings”) left on site from previous mining operations. The total CAPEX for the required equipment is expected to be in the range of $500,000. The Company will rent a 40 tonne (t) excavator, two 2.5 cubic meter loaders and two 30 t dump trucks to support the processing of Tailings. Diamonds recovered from this operation will solely be for the account of the Company. It is anticipated that this equipment will be mobilized to Oena and operational by the end of the second quarter.

Bluedust 7 Proprietary Limited (“Bluedust”) continues their systematic and detailed geological work of Oena including the opportunity to assess the National Instrument 43-101 Inferred Resource (see 1 December 2014 news release) and several other priority targets. This includes the systematic testing both run of mine (“ROM”) material in several separate areas, as well as Tailings.

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.

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 RENEWS OENA MINING LICENCE FOR 9 YEARS, SOUTH AFRICA

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VANCOUVER, BRITISH COLUMBIA — 16 April 2018 – Tango Mining Limited (“Tango” or the “Company”) is pleased to announce that its subsidiary, African Star Minerals (Pty) Limited, has received confirmation from the Department of Mineral Resources, Republic of South Africa, that the mining right for the Oena Diamond Mine, (“Oena” or the “Property”) has been renewed for a further period of nine (9) years. The renewal has been granted in terms of the applicable sections of the Mineral and Petroleum Resources Development Act (Act 28, 2002). Oena is 8,800 hectares in size and covers a 4.8 kilometre (“km”) wide strip along a 15 km length of the lower Orange River, Northern Cape Province in a well-established alluvial diamond-mining province known to produce high quality and large sized diamonds.

Tango also announces that it has terminated the Services Agreement for Mining and Marketing of Diamonds with Txapemba Canguba R.L (“Txapemba”), a Cooperativa Exploração Semi-Industrial de Diamantes, Republic of Angola. The termination was mutually agreed by both Tango and Txapemba. The termination is due to the limitation and failure to increase the maximum hourly production capacity of the license terms and conditions which make it unviable as a long term commercial project for Tango.

About Tango Mining Limited

Tango, via its South African subsidiaries, holds three thermal coal, metallurgical, processing plant and engineering contracts that process 6.5 Mt of coal per annum, with client Exxaro. The three projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province, South Africa. The Company also holds an interest in the Oena Diamond Mine, a producing alluvial diamond property located in the Northern Cape Province, South Africa. Tango also recently signed an agreement on an alluvial diamond property in Botswana called the Middlepits Project.

 

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.

 

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 DIAMOND SALES FROM OENA DIAMOND MINE, SOUTH AFRICA

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VANCOUVER, BRITISH COLUMBIA — 23 March 2018 – 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” or the “Property”). During the most recent production period, ending 14 March 2018, a total of 159.34 carats (106 diamonds) were produced, placed on tender in Kimberley and sold with an average price of US$864 per carat. This includes an 8.47 carat diamond which sold at US$2,896 per carat.

Diamond production from Oena, since acquisition, including production from both run of mine (“ROM”) material as well as pan tailings (“Tailings”), now totals 1660 carats and have been sold at an average price of US$1,150 per carat. Bluedust continues its due diligence program and will continue to systematically test various areas of the Property and a total of 26,130t of both ROM and Tailings material were processed during the most recent production period.

On behalf of the Board of Directors of Tango Mining Limited
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 ADDS KIMBERLITE TO MIDDLEPITS PROJECT, BOTSWANA

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VANCOUVER, BRITISH COLUMBIA —  7 March 2018 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce it has added an additional Prospecting License (“PL58”) to the Middlepits Project which 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.

Both PL101 and PL58 (now collectively the “Property”) are located 470 kilometers (km) south west of Gaborone and 90 km south west of Tshabong in the Kgalagadi District, Botswana. PL58 has been added as per the same terms and conditions as previously announced on the 21 December 2018.

Metswedi Mining (Pty) Limited has advised Tango that is in the process of renewal of PL101 and it will cover approximately 429 km2. PL58 covers a total area of 2.3 km2 and is located immediately south east and adjacent to PL101. Closing of the transaction is subject to the renewal of the Property.

About Tango Mining Limited

Tango, via its South African subsidiaries, holds three thermal coal, metallurgical, processing plant and engineering contracts that process 6.5 Mt of coal per annum, with client Exxaro. The three projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province, South Africa. The Company also holds an interest in the Oena Diamond Mine, a producing alluvial diamond property located in the Northern Cape Province, South Africa and recently signed an agreement on an alluvial diamond project in Botswana called the Middlepits Project.

On behalf of the Board of Directors of Tango Mining Limited

Mr. Samer Khalaf

Chief Executive Officer

info@tangomining.com

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement 

Certain information set forth in this news release contains “forward-looking statements” and “forward-looking information” under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include management’s assessment of future plans and operations and are based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as “forecasts”, estimates”, “expects” “anticipates”, “believes”, “projects”, “plans”, “outlook”, “capacity” and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them.

Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to statements with respect to the estimation of mineral resources; the realization of mineral resource estimates; anticipated future production, capital and operating costs; cash flows and mine life; potential size of a mineralized zone; potential expansion of mineralization; potential types of mining operations; permitting timelines; government regulation of exploration and mining operations; risks that the presence of diamond deposits mentioned nearby the Company’s property are not indicative of the diamond mineralization on the Company’s property, the supply and demand for, deliveries of and the level and volatility of prices of rough diamonds, risks that the actual revenues will be less than projected; risks that the target production for the existing mining contracts will be less than projected or expected; risks that production will not commence as projected due to delay or inability to receive governmental approval of the Company’s acquisition or the timely completion of an NI43-101 report; technical problems; inability of management to secure sales or third party purchase contracts; currency and interest rate fluctuations; foreign exchange fluctuations and foreign operations; various events which could disrupt operations, including labor stoppages and severe weather conditions; and management’s ability to anticipate and manage the foregoing factors and risks.

The forward-looking statements and information contained in this news release are based on certain assumptions regarding, among other things, future prices for coal and diamonds; future currency and exchange rates; the Company’s ability to generate sufficient cash flow from operations and access capital markets to meet its future obligations; coal consumption levels; and the Company’s ability to retain qualified staff and equipment in a cost-efficient manner to meet its demand. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update any of the forward-looking statements contained in this news release unless required by law. The statements as to the Company’s capacity to achieve revenue are no assurance that it will achieve these levels of revenue.

TANGO UPDATE ON OENA DIAMOND MINE, SOUTH AFRICA

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VANCOUVER, BRITISH COLUMBIA — 1 March 2018 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to provide an update on the Bluedust 7 Proprietary Limited (“Bluedust”) due diligence program being conducted at the Oena Diamond Mine, Republic of South Africa (“Oena” or the “Property”). Bluedust has mobilized mining and processing equipment including a Bourevestnik (“BVX”), three 30 tonne (t) dumpers, 30t and 46t excavators, a 50t excavator with centric ripper, Foton 558G and 908G front end loaders, two mobile sizing screens, a 16-foot pan plant and have recommissioned both of Tango’s 14 and 16-foot pan plants that were on site.

Bluedust has been systematically testing both run of mine (“ROM”) material in seven separate areas to date, as well as pan tailings (“Tailings”). As reported on the 23 February 2017, a total of 107.11 carats (76 diamonds) were produced over a 12-day period from a total of 14,940t of both ROM and Tailings material processed from a number of different locations on the Property.

Oena is 8,800 hectares in size and covers a 4.8 kilometre (“km”) wide strip along a 15-km length of the Orange River. Given the size of the Property, Bluedust has requested, and Tango has granted, an extension of the due diligence period to 30 April 2018. This will allow Bluedust to continue their systematic and detailed geological work of Oena including the opportunity to assess the National Instrument 43-101 Inferred Resource announced on the 1 December 2014 news release and several other priority targets. This work will allow Bluedust to prioritize each area that has been identified with diamondiferous ROM and Tailings and allow for the development of a comprehensive Project development plan.

 

On behalf of the Board of Directors of Tango Mining Limited

Samer Khalaf

Chief Executive Officer

info@tangomining.com

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement

Certain information set forth in this news release contains “forward-looking statements” and “forward-looking information” under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include management’s assessment of future plans and operations and are based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as “forecasts”, estimates”, “expects” “anticipates”, “believes”, “projects”, “plans”, “outlook”, “capacity” and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them.

Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to statements with respect to the estimation of mineral resources; the realization of mineral resource estimates; anticipated future production, capital and operating costs; cash flows and mine life; potential size of a mineralized zone; potential expansion of mineralization; potential types of mining operations; permitting timelines; government regulation of exploration and mining operations; risks that the presence of diamond deposits mentioned nearby the Company’s property are not indicative of the diamond mineralization on the Company’s property, the supply and demand for, deliveries of and the level and volatility of prices of rough diamonds, risks that the actual revenues will be less than projected; risks that the target production for the existing mining contracts will be less than projected or expected; risks that production will not commence as projected due to delay or inability to receive governmental approval of the Company’s acquisition or the timely completion of an NI43-101 report; technical problems; inability of management to secure sales or third party purchase contracts; currency and interest rate fluctuations; foreign exchange fluctuations and foreign operations; various events which could disrupt operations, including labor stoppages and severe weather conditions; and management’s ability to anticipate and manage the foregoing factors and risks.

The forward-looking statements and information contained in this news release are based on certain assumptions regarding, among other things, future prices for coal and diamonds; future currency and exchange rates; the Company’s ability to generate sufficient cash flow from operations and access capital markets to meet its future obligations; coal consumption levels; and the Company’s ability to retain qualified staff and equipment in a cost-efficient manner to meet its demand. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update any of the forward-looking statements contained in this news release unless required by law. The statements as to the Company’s capacity to achieve revenue are no assurance that it will achieve these levels of revenue.

TANGO DIAMOND SALES FROM OENA DIAMOND MINE, SOUTH AFRICA

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VANCOUVER, BRITISH COLUMBIA — 23 February 2018 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to provide an update on diamond sales results from the alluvial Oena Diamond Mine, Republic of South Africa (“Oena” or the “Property”). During the period from 18 January to 14 February 2018, a total of 107.11 carats (76 diamonds) were produced, placed on tender in Kimberley and sold with an exceptional average price of US$1,329 per carat.

The top three highest value diamonds recovered during this period include: a 10.92 carat diamond which sold at US$3,800 per carat, a 2.23 carat diamond which sold at US$3,650 per carat and a 5.45 carat diamond which sold at US$2,731 per carat.

The Contract Mining and Diamond Recovery Agreement with Bluedust 7 Proprietary Limited considers processing both run of mine (“ROM”) gravel and pan tailings and bantam material (“Tailings”). Bluedust, at its own cost and expense, provides and maintains all plant and equipment as required and Tango`s subsidiary receives 40% of the gross income, less commission from diamonds recovered from Tailings and 25% of the gross income less commission from ROM for the duration of the 60-month contract. Diamond production from Oena, since acquisition, including production from both Tailings and ROM, now totals 1501 carats and have been sold at an average price of US$1,180 per carat.

On behalf of the Board of Directors of Tango Mining Limited

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 ANNOUNCES PARTNERSHIP WITH CC MINING LIMITED

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VANCOUVER, BRITISH COLUMBIA — 7 February 2018 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce a partnership with CC Mining Limited (“CCML”), a wholly owned subsidiary of CC Energy Limited (“CCEL”), which is a member of the Consolidated Contractors Company (“CCC”) group, with regard to diamond projects in Angola.

Tango and CCML have signed a term sheet committing up to USD $1,300,000 investment (the “Investment”) that Tango will use toward the development of its Txapemba Project, Angola, (“Txapemba” or the “Project”), subject to certain conditions precedent. Tango has previously signed a three-year renewable Services Agreement for Mining and Marketing of Diamonds (the “Service Agreement”) with Txapemba Canguba RL for the semi-industrial exploitation of diamonds (see news release dated 11 September 2017). According to the Service Agreement, Tango is responsible for capital expenditures associated with alluvial mine design and equipment acquisition and is the sole operator. As remuneration, Tango will receive 60% of the net proceeds from the sale of produced stones, after deduction of Tango’s operational costs.

Txapemba will be the first collaborative project between Tango and CCML and the Investment will include both a debt and equity contribution to a new special purpose company. The Investment is subject to a renewal of the Project and transfer of the Service Agreement to a new subsidiary of Tango and other conditions precedents. Terms and conditions of the Investment will be provided upon completion of final legal documentation.

Tango took operational control of the Project on 23 October 2017. Since this time, the Project has been secured, earth moving equipment has been mobilized for the construction, upgrade and maintenance of roads and trenching has been completed in two areas to identify diamondiferous gravels. The Company will continue its geological and technical assessment of the Project with the invaluable support of the Txapemba Caguba RL technical team working with Tangos technical team that will result in the development of a work plan but maintains its intent to commence bulk sampling and small scale alluvial diamond production in early 2018.

About Consolidated Contractors Company (“CCC”) and CC Energy Limited (“CCEL”)

CCC was created in 1952 and has since become one of the world’s largest diversified international engineering and construction company’s active in over 50 countries and across five continents. Their portfolio includes oil and gas, heavy civil, buildings, infrastructure, mining, energy power and real estate. CCC successfully executes challenging projects in the remotest locations of the world with over 120,000 employees of over eighty nationalities and is currently ranked 19th of 225 international contractors by international revenue by the Engineering News-Record. Total revenue managed by CCC in 2016 was USD $4.6B and total sales were USD $2.9B. CCC believes that “partnerships are the cornerstone to their success”. http://www.ccc.net/

CCEL is an associated company of CCC and is an independent oil and gas upstream exploration and production company with operated and non-operated interests in assets in Nigeria, Oman, Gaza and Yemen. Its asset portfolio includes a diverse mix of exploration, development and production assets. CCEL, as operator, is currently producing over 40,000 BOPD from two of its licenses and has a 30% non-operated interest in a 1.2 TCF non-associated commercial gas discovery awaiting development approval in one of its other licenses.

About Tango Mining Limited

Tango, via its South African subsidiaries, holds three thermal coal, metallurgical, processing plant and engineering contracts that process 6.5 Mt of coal per annum, with client Exxaro. The three projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province, South Africa. The Company also holds an interest in the Oena Diamond Mine, a producing alluvial diamond property located in the Northern Cape Province, South Africa. Tango also has a three-year renewable Risk Services Agreement for Mining of Diamonds with Txapemba Canguba R.L, which was granted an 84-square km concession within the Luembe River basin, Angola and recently signed an agreement on an alluvial diamond project in Botswana called the Middlepits Project.

On behalf of the Board of Directors of Tango Mining Limited

 Mr. Samer Khalaf

Chief Executive Officer

info@tangomining.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement

Certain information set forth in this news release contains “forward-looking statements” and “forward-looking information” under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include management’s assessment of future plans and operations and are based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as “forecasts”, estimates”, “expects” “anticipates”, “believes”, “projects”, “plans”, “outlook”, “capacity” and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them.

Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to statements with respect to the estimation of mineral resources; the realization of mineral resource estimates; anticipated future production, capital and operating costs; cash flows and mine life; potential size of a mineralized zone; potential expansion of mineralization; potential types of mining operations; permitting timelines; government regulation of exploration and mining operations; risks that the presence of diamond deposits mentioned nearby the Company’s property are not indicative of the diamond mineralization on the Company’s property, the supply and demand for, deliveries of and the level and volatility of prices of rough diamonds, risks that the actual revenues will be less than projected; risks that the target production for the existing mining contracts will be less than projected or expected; risks that production will not commence as projected due to delay or inability to receive governmental approval of the Company’s acquisition or the timely completion of an NI43-101 report; technical problems; inability of management to secure sales or third party purchase contracts; currency and interest rate fluctuations; foreign exchange fluctuations and foreign operations; various events which could disrupt operations, including labor stoppages and severe weather conditions; and management’s ability to anticipate and manage the foregoing factors and risks.

The forward-looking statements and information contained in this news release are based on certain assumptions regarding, among other things, future prices for coal and diamonds; future currency and exchange rates; the Company’s ability to generate sufficient cash flow from operations and access capital markets to meet its future obligations; coal consumption levels; and the Company’s ability to retain qualified staff and equipment in a cost-efficient manner to meet its demand. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update any of the forward-looking statements contained in this news release unless required by law. The statements as to the Company’s capacity to achieve revenue are no assurance that it will achieve these levels of revenue.