TANGO MINING AGREES TO SELL OENA DIAMOND PROJECT FOR US$3 MILLION

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VANCOUVER, BRITISH COLUMBIA — 23 March 2016 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) announces that it has has received a binding offer from Bothma Diamonte CC (“Bothma”), an unrelated third party company registered in South Africa, to acquire African Star Minerals (Pty) Limited (“African Star”) that owns 100% of the Oena Mine located in Northern Cape, South Africa (the “Oena Project”), of which Tango has a 51% interest in, for US$3,000,000 and is payable in tranches.

Bothma is well known in the Northern Cape and Free State and has worked as contractor on various projects for the mining of alluvial diamonds, the processing and manufacture of river sands and kimberlite projects. The Oena Project 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.

In connection with the agreement with Bothma for the purchase of African Star, Tango has entered into a Binding Term Sheet and Sale and Acquisition Agreement – Contracting (“Stage 1 Agreement”) whereby Bothma will continue the alluvial diamond bulk-sampling program at the Oena Project, and following that will enter into, a Stage 2 Sale and Acquisition Agreement – Share Sale and Purchase (“Stage 2 Agreement”) whereby Bothma will complete the acquisition of African Star. The Company’s Kwena Group operational team, and in particular Mr. Theodor Boshoff, will continue as the Tango representative during the bulk-sampling program. Tango will receive a minimum of 15% of the proceeds of all diamond sales for a term of the longer of 12 months and/or until a Section 11 approval is obtained.

Tango’s sale of African Star is subject to the approval of the TSX Venture Exchange and to the approval of the Minister of Mineral Resources pursuant to Section 11 of the Mineral and Petroleum Resources Development Act No. 28 of 2002, Republic of South Africa and completion of the Stage 2 Agreement.

In connection with the sale of African Star, Tango has agreed to pay to Merlin Partners LLP a finder’s fee in the sum of USD$60,000, representing 2% of the purchase price, which fee shall be paid in pro rata installments within 30 days after Tango receives each tranche of the purchase price.

About Tango Mining Limited

Tango Mining Limited is a Canadian company that primarily operates in southern Africa. Tango has completed a positive preliminary economic assessment for the past producing BK11 Kimberlite Diamond Mine, Botswana that could produce in excess of 500K carats over the life of mine and has a short timeline to re start of production. Tango agreed to acquire from Firestone Diamonds Limited its 100% right in the BK11 Mine, which agreement has not yet closed. Tango’s Kwena Group have four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Exxaro and Glencore. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province, South Africa. The Company’s vision is to become a junior mining company with a focus on diamond mining and development projects.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Mr. Terry L. Tucker, P.Geo.

Executive Chairman and Interim CEO

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 APPOINTS NEW AUDITOR

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VANCOUVER, BRITISH COLUMBIA — 21 January 2016 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce that it has changed auditors to Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants, effective December 10, 2015.  Due to the status of its uncompleted audit for the fiscal year ended August 31, 2015 as at the date of its resignation, the Company’s former auditors, Ernst & Young Incorporated, Chartered Accountants, identified certain unresolved issues as defined in National Instrument 51-102 with respect to the accounting for, and the procedures that were performed during their uncompleted audit, as more particularly described in the Notice of Change of Auditor dated December 10, 2015, as filed on SEDAR.  The Company’s current auditors are in the process of finalizing the audit of the Company’s financial statements, which are expected to be filed in the near future.

 

FOR FURTHER INFORMATION PLEASE CONTACT:

Mr. Terry L. Tucker, P.Geo.

Executive Chairman and Interim CEO

Tango Mining Limited

terry.t@tangomining.com

Neither the 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 RECOMMENCES OENA BULK-SAMPLING PROGRAM

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VANCOUVER, BRITISH COLUMBIA — 14 October 2015 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce the Oena Project (“Oena”) bulk-sampling program has recommenced. The Company’s Kwena Group operational team, and in particular Mr. Theodore Boshoff, will manage and oversee the bulk-sampling program. Tango`s first diamond tender sale results from Oena sold diamonds at an average of US$2,480/carat (ct), the highest price received was US$6,016/ct and the average stone size was 3.28 ct.

Theodore Boshoff – General Manager

Mr. Boshoff has over 11 years diamond mining and processing experience of which 5 years were with De Beers Consolidated Mines at Cullinan, Koffie Fontein, Venetia Mines; AK6 Mothae or Boteti Mine for Lucara Diamonds; Metallurgical Project Manager on the Projectio Alto Cuilo for Petra Diamonds and Saurimo Projects and Itengo alluvial projects in Angola. Mr. Boshoff is a fellow with the South African Institute for Mining and Metallurgy and the Coal Processing Society of South Africa, is registered with the Engineering Council of South Africa and holds an Honors and M.Eng. Metallurgical Engineering (2014), University of Pretoria.

About Tango Mining Limited

Tango Mining Limited is a Canadian company that primarily operates in southern Africa. Tango has recently completed a positive preliminary economic assessment for the past producing BK11 Kimberlite Diamond Mine, Botswana that will produce in excess of 500K carats and has a short timeline to re start of production. Tangos Kwena Group have four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Total (SA) and Glencore plc. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province, South Africa. The Company also holds an interest in African Star that owns the Oena Project, a producing alluvial diamond property, Northern Cape Province, South Africa. The Company’s vision is to become a junior mining company with a focus on diamond mining and development projects.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Mr. Terry L. Tucker, P.Geo.

Executive Chairman and Interim CEO

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 ANNOUNCES APPOINTMENT OF CHIEF OPERATING OFFICER

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VANCOUVER, BRITISH COLUMBIA — 13 October 2015 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce that Mr. Devin McKay has been appointed as Chief Operating Officer (COO) of the Company. Over the last 28 years, Mr. McKay, a metallurgist, has worked throughout the mining value chain for Anglo American Plc, De Beers, Gem Diamonds and Centar Limited.

Mr. McKay has been instrumental in advising Tango and overseeing the recently announced Preliminary Economic Assessment on the BK11 Kimberlite Diamond Mine (“BK11 Mine”) in Botswana. The BK11 Mine is a diamond bearing, champagne glass shaped kimberlite pipe located in the Orapa/Letlhakane kimberlite district, one of the world’s most prolific diamond producing areas.

Upon completion of the acquisition and funding of BK11, Mr. McKay will lead the restart of the BK11 Mine, drawing on his expertise in processing, in particular autogenous milling, which is used at the nearby Karowe Mine owned by Lucara Diamond Corp. Mr. McKay has guided production and efficiency improvements at a number of mines worldwide and has advised on a number of mine developments from grass roots to profitable operations as well as mine sales/purchases. He has a National Higher Diploma in Extractive Metallurgy and completed a Management Development Program at Gibbs University.

Terry L. Tucker, P.Geo., Executive Chairman of the Company, stated “We welcome Devin as a valuable member of the Tango team and we believe he has the necessary leadership and technical skills to expand and enhance Tango’s diamond production portfolio ”.

About Tango Mining Limited

Tango Mining Limited is a Canadian company that primarily operates in southern Africa with four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Exarro and Glencore plc. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province. The Company also holds an interest in the Oena Project, a producing alluvial diamond property, Northern Cape Province, South Africa. The Company’s vision is to become a junior mining company with a focus on diamond mining and development projects.

FOR FURTHER INFORMATION PLEASE CONTACT:

Mr. Terry L. Tucker, P.Geo.

Executive Chairman and Interim CEO

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 ANNOUNCES POSITIVE NI43-101 PEA FOR BK11 KIMBERLITE DIAMOND MINE, BOTSWANA AND UPDATED ACQUISITION TERMS WITH FIRESTONE

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VANCOUVER, BRITISH COLUMBIA — 13 October 2015 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to report that it has completed a National Instrument 43-101 (“NI43-101”) Preliminary Economic Assessment (“PEA”) for the previously operating BK11 Kimberlite Diamond Mine (“BK11 Mine”)*, in the Republic of Botswana. The BK11 Mine is a diamond bearing, champagne glass shaped kimberlite pipe with a surface area of 8.7 hectares (“ha”). The pipe itself is located in the Orapa/Letlhakane kimberlite district, which is one of the world’s most prolific diamond producing areas.

BK11 NI43-101 Preliminary Economic Assessment

Senlis Consultancy (Private) Limited (“Senlis”), an independent consulting company, was retained by Tango to conduct the NI43-101 PEA based on the 780,820 carat (“ct”) NI43-101 Inferred Resource of the BK11 Mine that was calculated to a depth of 150 metres (“m”). (See News Release dated 24 August 2015). The PEA was conducted as part of the Company’s ongoing development strategy to purchase and reactivate the previously producing open pit operation at the BK11 Mine.

BK11 Mine PEA Highlights:

  • Post-tax discounted NPV of US$40 million (“M”) excluding acquisition costs (8% discount rate).
  • IRR of 43% including acquisition costs.
  • Development CAPEX of US$15M including the purchase of an autogenous mill and contingency.
  • Total acquisition cost of US$8.8M for 100% of the BK11 property and mining license.
  • Life of open pit mine of 7-years, yielding 569,610 cts producing an average of 90,000 cts per annum (excluding the final year) at a bottom cut off screen size of 1.6 millimetres.
  • Annual treatment rate of 1.4M tonnes (Mt) per annum after Year 1 start up production rate of 1.2Mt.
  • Anticipated commissioning and start up in January 2017 after completion of project finance in 2015/2016 and a one-year autogenous mill manufacture and construction period.
  • Diamond valuation experts advise a price of US$260/ct and an upside price of US$285/ct as of August 2015. BK11 contains good quality white diamonds in the top 10% of global gem diamond production in terms of value per ct.
  • Diamond price escalation of 3% is applied for 2016 and 6% per annum thereafter.
  • Nominal Life of Mine (“LoM”) operating cost before inflation of US$10.20/t compared to revenue of US$20.80/t.
  • Gross mine revenues over the LoM of US$188M.
  • The Botswana Competition Authority granted unconditional approval on the 28 September 2015 for the transaction. The Mining Licence is in place and approval is pending by the Minister of Mines for transfer of ownership.
  • Accumulated tax losses of US$45M to be utilised against future taxable earnings.
  • There are excellent paved roads, water supply and potential grid power supply from the national grid.
  • The majority of licences for BK11 are still valid and environmental and social impact assessments were conducted previously thus providing a good foundation for redevelopment.
  • Botswana is deemed to be an attractive foreign investment jurisdiction based on its status as a renowned world diamond producer with a stable political environment and developed economic sector.

Outcome of NI43-101 PEA

Independent consultants Senlis were commissioned to compile the PEA for the BK11 Mine redevelopment. Total capital requirement to establish production is estimated to be US$15M (year 1) and includes pre-stripping, purchase and installation of an autogenous mill and refurbishment of the existing plant.

Production from the seven years of open pit mining is forecast to yield approximately 569,610 recovered cts with the aggregate life of mine gross revenues from the BK11 Mine being US$188M and an expected post-tax discounted NPV of US$40 million (“M”) and IRR of 43% (8% discount rate).

Life of mine (years) 7
Tonnes mined (9,035,971 t ore + 7,459,473 t waste) 16,495,462
Mining Strip Ratio 0.86
Total designed pit depth (m) 143
Carats recovered 569,610
Grade (cpht) from open pit 6.31
August 2015 diamond price (US$/ct) 260
Capital Requirement including contingency (US$M) 15
Acquisition Cost (US$M) (US$350K Paid) 8.8
Life of mine total cost per tonne ore + waste (US$/t) 10.20
Life of mine revenue (US$/t) 20.80
Life of mine gross revenues (US$M) 188
Net Present Value (at 8% discount rate) (US$M) excluding acquisition costs 40
IRR (%) including acquisition costs 43

The Qualified Valuator (QV) indicates that the overall accuracy of the PEA is to +/- 25%. This PEA outlines capital costs based on base-dated quotations, less than twelve months old, utilises industry-accepted benchmarks, and quantifies reasonable assumptions made Quoted capital and operating costs are base-dated and have an accuracy of +/- 15%.

  • Construction of an autogenous mill: autogenous milling has been found to increase quantity and quality of diamond liberation and reduces the likelihood of diamond damage.
  • Presence of Type IIa diamonds: can indicate the presence of large and exceptional diamonds.
  • Prior mining, processing and infrastructure spend: the BK11 Mine has had US$21M spent on mining and US$24M spent on processing and infrastructure. Approximately 2Mt of waste material has already been removed from the pit thus exposing kimberlite.
  • Experienced mine developers and operators: Tango has diamond specialists to restart the BK11 Mine who are experts in autogenous milling and mine turnarounds. More information will be released shortly in this regard.

The PEA is preliminary in nature as it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the preliminary assessment and economics set forth in the PEA will be realized.

Other Potential

Since the mine was operational from mid-2010 to February 2012, water and electrical supply systems are well established. Currently, there is a strong understanding of the licensing requirements and potential environmental and social impacts. Overall, these aspects improve confidence in the project since it is a brownfields project as opposed to a (new) greenfield project.

Updated Acquisition Agreement Terms

Tango has entered into a Sale of Shares and Claims Agreement with Firestone (the “Firestone Agreement”) whereby the Company has agreed to acquire 100% of Firestone’s right in the processing facility, and interest and title in the mineral rights comprising the BK11 Mine, held directly or indirectly, through Firestone’s 100% owned subsidiary, Firestone Diamonds Botswana (Pty) Limited (“Firestone Botswana”), and Firestone’s 90% owned subsidiary, Monak Ventures (Pty) Limited (“Monak”) for total consideration of US$8.0M. Tango has entered into a Sale of Shares of Claims Agreement to acquire the remaining 10% interest in Monak from Tema Thuo (Pty) Ltd. (“Tema Thuo Agreement”) for total consideration of US$800,000.

Firestone and Tango have agreed to amend certain terms of the Firestone Agreement, via an amendment letter, such that completion of the BK11 purchase is subject to satisfaction of the following conditions within nine months of the date of the Firestone Agreement being 8 April 2016 (the “Firestone Closing”):

  • Tango raising the balance of the consideration, being US$7.65M;
  • Tango raising the aggregate ongoing cumulative Maintenance Fees payable from the 1 August 2015 to the Firestone Closing (subject up to a maximum of US$40,000 per month);
  • Obtaining Botswana ministerial approval for the transfer of the controlling interest in Monak; and
  • Tango receiving the requisite approvals by the TSX Venture Exchange in respect of the purchase.

If the conditions of the Firestone Agreement are not satisfied or waived by the Firestone Closing date, the purchase will not complete. Furthermore, Tango has agreed to meet certain milestones and in the event such milestones are not met and/or achieved, Firestone has the right to waive such milestones and/or terminate the Firestone Agreement.

NI43-101 Information

*The NI43-101 PEA was conducted as part of an ongoing development strategy to reactivate the past producing open pit operation at the BK11 Mine. A NI43-101 report titled, “NI43-101 Preliminary Economic Assessment, BK11 Kimberlite Mine, Letlhakane, Botswana” dated 12 October 2015 by Senlis Consultancy (Private) Limited has been received by Tango. The Qualified Persons as defined by NI43-101 are Mr. James P. Abson, Principal Consultant of Senlis Consultancy (Private) Limited, Mr. Mark S. Gallagher, Associate Consultant of Senlis Consultancy (Private) Limited and Ms. Pascale J. Petit, Engineering Consultant, Corporate Advisory, Mechanical Engineer (M.Sc. (Eng.), Pr.Eng., C.Eng., Techno-Financial Analyst (M.Eng. (MRM)).

Mr. Abson is a Professional Scientist and member of the South African Council for Natural Scientific Professions, with 22 years of experience, having worked in technical and management roles, focused on diamond exploration and evaluation programs throughout central and Southern Africa. Mr. Gallagher is a mining engineer and a member of the South African Institute of Mining and Metallurgy with 33 years of experience working in various parts of the world. Ms. Petit is a Professional Engineer registered with the Engineering Council of South Africa and has 15 years of experience in mechanical mining engineering and 6 years of involvement in the techno-economic valuation of mining and processing projects. Mr. Abson approved the technical disclosure in this news release, and the NI43-101 report, dated effective 12 October 2015 and will be filed on SEDAR.

About Tango Mining Limited

Tango Mining Limited is a Canadian company that primarily operates in southern Africa with four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Exarro and Glencore plc. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province. The Company also holds an interest in the Oena Project, a producing alluvial diamond property, Northern Cape Province, South Africa. The Company’s vision is to become a junior mining company with a focus on diamond mining and development projects.

FOR FURTHER INFORMATION PLEASE CONTACT:

Mr. Terry L. Tucker, P.Geo.

Executive Chairman and Interim CEO

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.

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 ANNOUNCE OENA BULK-SAMPLING PROGRAM TO RECOMMENCE

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VANCOUVER, BRITISH COLUMBIA — 6 October 2015 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce the Oena Project (“Oena”) operational assessment has been completed with a positive recommendation for the restart of the bulk-sampling program.

Oena consists of an 8,800-hectare mining right along the Orange River in the well-established alluvial diamond-mining province known to produce high quality and large sized diamonds. Oena is located 50 kilometers (km) upstream of Namdeb’s Auchas and Daberas alluvial diamond mines, which are on the Namibian bank of the river, and the Trans Hex’s Baken alluvial diamond mine 60 km downstream of Oena on the South African bank of the river. The bulk-sampling program will recommence within two weeks. African Star Minerals (ASM) owns Oena and is a 51% owned subsidiary of Tango.

About Tango Mining Limited

Tango Mining Limited is a Canadian company that primarily operates in southern Africa with four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Total (SA) and Glencore plc. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province. The Company also holds an interest in the Oena Project, a producing alluvial diamond property, Northern Cape Province, South Africa. The Company’s vision is to become a junior mining company with a focus on diamond mining and development projects.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Mr. Terry L. Tucker, P.Geo.

Executive Chairman and Interim CEO

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.

Certain information set forth in this press 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: risks that the presence of diamond deposits mentioned on or near the Company’s property are not indicative of diamonds on the Company’s property, 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; technical problems; inability of management to secure sales or third party purchase contracts; currency and interest rate fluctuations; 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 press 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 press 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 DIRECTOR RESIGNATION

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VANCOUVER, BRITISH COLUMBIA — 5 October 2015 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) announces that Ian H Mann and Marc T Bamber have resigned as directors of the Company. The Company would like to thank both Mr. Mann and Mr. Bamber for their valuable contributions to the Company during their tenure as directors and wishes them both well in the future.

About Tango Mining Limited

Tango Mining Limited is a Canadian company that primarily operates in southern Africa with four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Total (SA) and Glencore plc. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province. The Company also holds an interest in the Oena Project, a producing alluvial diamond property, Northern Cape Province, South Africa.  The Company’s vision is to become a junior mining company with a focus on diamond mining and development projects.

FOR FURTHER INFORMATION PLEASE CONTACT:

Terry L. Tucker, P.Geo.

Executive Chairman

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 in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.

 

TANGO OPERATIONAL OVERVIEW

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VANCOUVER, BRITISH COLUMBIA — 2 October 2015 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) provides an operational overview of its South African operations.

Operational Overview

Coal – Metallurgical and Mining Projects – Kwena Group

  • Kwena Mining Projects (Pty) Ltd, Kwena Mining and Metallurgical Services (Pty) Ltd and Kwena Springlake Projects (Pty) Ltd., (collectively the “Kwena Group”), are 51% owned subsidiaries of Tango, and operate four thermal coal, metallurgical and processing plant and engineering contracts with clientele that include Total (SA) and Glencore plc. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province and have a total staff compliment of 325.
  • Total throughput of 7,286,981 tonnes was recorded to complement the forecasted annual budget of 6,500,000 tonnes between 1 September 2014 and 31 August 2015.
  • The Company is pleased to report there were no lost time Injuries or fatalities recorded between 1 September 2014 and 31 August 2015.

Diamonds – Oena – African Star Minerals

  • Oena consists of an 8,800 hectares mining right along the Orange River in the well-established alluvial diamond-mining province known to produce high quality and large sized diamonds. Oena is located 50 kilometers (km) upstream of Namdeb’s Auchas and Daberas alluvial diamond mines, which are on the Namibian bank of the river, and the Trans Hex’s Baken alluvial diamond mine 60 km downstream of Oena on the South African bank of the river. African Star Minerals (ASM) owns Oena and is a 51% owned subsidiary of Tango.
  • As reported on the 17 September 2015, Mr. Kevin Gallagher, Tango Director, took operational control, with the Kwena Group team, to manage and oversee the bulk-sampling program at Oena. The bulk-sampling program was immediately suspended to allow the Kwena Group team to make a thorough assessment of all aspects of the bulk-sampling program including but not limited to staffing, program design, equipment on site and the diamond valuator. Upon completion of this assessment, and a new operational plan is defined, Tango expects to recommence the bulk-sampling program at Oena.
  • Since the last operational report on 6 August 2015, a total of 18,455 tonnes have been processed recovering a total of 37.68 carats and a total of 34,999 tonnes of material has been stripped.

Diamonds – BK11, Botswana

  • Further to the Sale of Shares and Claims Agreement with Firestone Diamonds Limited (“Firestone”) in respect of the purchase of the BK11 Diamond Mine, Botswana, announced on 9 July 2015, Tango has informed Firestone that it will not pay the US$0.3 million into escrow as a deposit by 30 September 2015 as stipulated. Tango has formally requested an extension to the previously disclosed timetable, in order to complete fundraising activities in relation to the consideration still due, being US$7.65 million. Tango is currently in discussions with Firestone to consider its request and will update the market when the parties have reached agreement on the revised terms and timelines or if discussions with Firestone are terminated.

Gold – El Santo – FDG Nicaragua

  • Tango has received notification from the Nicaraguan Ministry of Energy and Mines that the mining concession called El Santo, granted under Ministerial Agreement 114-2008-DM-44 to FDG Mining, SA on 20 November 2008, will be revoked as the property was inactive during the four years from its effective date of 20 November 2008 as there was no investment made by FDG Mining. Tango completed and reported work on the property on the 26 March 2014, subsequent to this period.

About Tango Mining Limited

Tango Mining Limited is a Canadian company that primarily operates in southern Africa with four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Total (SA) and Glencore plc. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province. The Company also holds an interest in the Oena Project, a producing alluvial diamond property, Northern Cape Province, South Africa. The Company’s vision is to become a junior mining company with a focus on diamond mining and development projects.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Mr. Terry L. Tucker, P.Geo.

Executive Chairman and Interim CEO

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.

Certain information set forth in this press 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: risks that the presence of diamond deposits mentioned on or near the Company’s property are not indicative of diamonds on the Company’s property, 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; technical problems; inability of management to secure sales or third party purchase contracts; currency and interest rate fluctuations; 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 press 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 press 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 CEO RESIGNATION

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VANCOUVER, BRITISH COLUMBIA — 17 September 2015 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) reports the resignation of Mr. Marco Möller as President, Chief Executive Officer and Director, effective today, in order to pursue other business opportunities. In conjunction with such resignation, Mr. Möller has agreed to surrender 11,000,000 common shares of Tango issued in connection with the African Star acquisition (see news release dated 20 October 2014) to treasury for cancellation.

The Board of Tango has appointed a special committee of the Board that includes Mr. Antonio Ponte, Mr. Marc T. Bamber and Mr. Terry L. Tucker, P.Geo who will search for a new permanent Chief Executive Officer and work with management in reorganization efforts, including but not limited to the Company’s South African mining and bulk sampling operations, financial reporting and fund raising efforts. Mr. Tucker will assume the duties of Chief Executive Officer of the Company in the interim.

Mr. Kevin Gallagher, who manages the operation of the four thermal coal, metallurgical and processing plant and engineering contracts, will with immediate effect manage and oversee the bulk sampling program at the Oena Project with the support of the Kwena Group team. Mr. Gallagher has over 40 years’ experience in the mining and metallurgical process engineering industry and his operational experience includes 14 years as metallurgical supervisor at various coal, gold and platinum plants which includes Harmony Gold, Rand Mines Group & Rio Tinto.

About Tango Mining Limited

Tango Mining Limited is a Canadian company that primarily operates in southern Africa with four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Total (SA) and Glencore plc. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province. The Company also holds an interest in the Oena Project, a producing alluvial diamond property, Northern Cape Province, South Africa.  The Company’s vision is to become a junior mining company with a focus on diamond mining and development projects.

FOR FURTHER INFORMATION PLEASE CONTACT:

Terry L. Tucker, P.Geo.

Executive Chairman

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 in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.

TANGO ANNOUNCES RESOURCE ESTIMATE FOR BK11 KIMBERLITE DIAMOND MINE, BOTSWANA

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VANCOUVER, BRITISH COLUMBIA — 24 August 2015 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to report that it has completed an updated National Instrument (“NI”) 43-101 resource for the BK11 Kimberlite Diamond Mine (“BK11 Mine”)*, Botswana. The BK11 Mine is part of the Orapa/Letlhakane kimberlite district, one of the world’s most prolific diamond producing districts and is a diamond-bearing champagne-glass shaped kimberlite pipe with a surface area of 8.7 hectares (revision based on new geophysical modeling). There are excellent paved roads, water supply and power supply from the recently upgraded national grid to the property boundary. Botswana is deemed to be an attractive foreign investment jurisdiction based on its status as a renowned world diamond producer, stable political jurisdiction and developed economic sector.

NI 43-101 Resource**

  • 17.4 million tonnes (Mt) Inferred Resource containing a total of 780,820 carats (“cts”) of which approximately 9.0 Mt (Kimberlite Facies K2U, K2L and K3) averages 6.8 carats per hundred tonnes (“cpht”) for a total of 608 000 cts, with higher-grade areas being identified at 9.8 cpht.
  • BK11 contains good quality white diamonds in the top 10% of global gem diamond production in terms of value per ct. The recovery of a 1.5 ct high quality Type IIa D colour diamond is significant as it indicates the presence of top quality stones within the BK11 kimberlite, with the potential for large +100 ct stones.
  • Based on the 2015 market, diamond valuation experts advise a minimum average price of USD $236/ct, a modelled price of USD $260/ct and an upside price of USD $285/ct.
  • Geophysics and geological remodelling have identified a possible low-grade basalt raft near the centre of the resource was estimated to be 0.6 Mt in size. Historically, this would have diluted feed grade to the plant considering that approximately 1 Mt of the deposit was treated up to February 2012 out of a total of 2.7 Mt mined. This raft is now almost completely mined away with the pit exposed and developed down to 60 metres (“m”).

The resource is based on the evaluation of: 6,392 m of core drilling and 1,473 m of large diameter drilling. Sampling and mining produced approximately 19,000 cts that was valued up until February 2012 and analyzed in terms of size frequency distribution.

The NI 43-101 Qualified Persons consider the 2015 BK11 resource to be conservative for the following reasons:

  • The majority of kimberlite mined to date was highly diluted and low grade. There is grade control bulk sample evidence for higher-grade kimberlite in the lower levels of the BK11 Mine open pit (e.g. average of 8.5 cpht).
  • With more accurate and controlled bulk sampling of the BK11 facies types, in order to collect a representative number of stones and cts per facies type, the current resource category could be upgraded into a higher confidence resource category such as Indicated

Ongoing Work

Tango has run feasibility studies in parallel with the resource work and is preparing a NI 43-101 Preliminary Economic Assessment report. As part of this work, recently completed rock hardness measurements have enabled autogenous mill sizing to be conducted. The deposit is considered as soft in the greater diamond industry and an autogenous mill retrofit to the existing plant is being assessed. Economic models will potentially be enhanced due to the following:

  • Better liberation and recovery with the implementation of autogenous milling.
  • Potential for less diamond damage and possible breakage.
  • Autogenous milling can provide improved plant throughput and reduce unit treatment costs.
  • Botswana Power Corporation grid power has been installed to the site boundary and will be more cost effective than the historical and more expensive diesel generators.
  • 2012 capitalised pit expenditure of USD $21M with pit developed down to 60 m with mineralization exposed and ready for recommencement of mining.
  • 2012 installed two stream plant and infrastructure of USD $23M allowing for a shorter project implementation time.
  • USD $45M acquired accumulated tax losses to be utilized against future taxable earnings.

Terry L. Tucker, P.Geo., Executive Chairman of Tango, stated “The completion of the resource update for BK11 is an important step in finalizing the economic study of BK11. The resource tonnage and grade is consistent with our initial assessment of this acquisition opportunity and the improved diamond valuation could enhance the economics of this project. The recently announced positive production results and recovery of exceptional stones from nearby neighboring mining operations, that implemented similar autogenous milling technology bodes well for the future performance of BK11, and provides confidence in our development and investment decision. Our immediate goal is to focus on financing the acquisition and development cost and transition into project development and production.

*The BK11 Mine is located on a mining license held by Monak Ventures (Pty) Limited (“Monak”). Tango has entered into a Sale of Shares and Claims Agreement with Firestone Diamonds Limited (“Firestone”) whereby the Company has agreed to acquire 100% of Firestone’s right in the BK11 Mine processing facility, and interest and title in the mineral rights held directly or indirectly, through Firestone’s 100% owned subsidiary, Firestone Diamonds Botswana (Pty) Limited (“Firestone Botswana”) and Firestone’s 90% owned subsidiary, Monak. (See news release dated 9 July 2015).

**The resource estimate was conducted as part of an ongoing development strategy to reactivate the past producing open pit operation at the BK11 Mine and NI 43-101 report titled, “NI 43-101 Independent Technical Report on Geology of the BK11 Kimberlite Diamond Mine, Letlhakane, Botswana” dated 15 August 2015 by Senlis Consultancy (Private) Limited has been received by Tango. The Qualified Persons as defined by NI 43-101 are Mr. James P. Abson, Principal Consultant of Senlis Consultancy (Private) Limited and Dr. John Ward of Senlis Consultancy (Private) Limited; and Mr. Mark S. Gallagher, Associate Consultant of Senlis Consultancy (Private) Limited. Mr. Abson and Dr. Ward are Professional Scientists and members of the South African Council for Natural Scientific Professions, with 22 and 35 years of experience respectively, and have worked in technical and management roles focused on diamond exploration and evaluation programs throughout central and Southern Africa. Mr. Gallagher is a mining engineer and a member of the South African Institute of Mining and Metallurgy with 33 years of experience working in various parts of the world. Mr. James P. Abson approved the technical disclosure in this news release, and the NI 43-101 report, dated effective 15 August 2015, will be filed on SEDAR.

About Tango Mining Limited

Tango Mining Limited is a Canadian company that primarily operates in southern Africa with four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Total (SA) and Glencore plc. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province. The Company also holds an interest in the Oena Project, a producing alluvial diamond property, Northern Cape Province, South Africa.  The Company’s vision is to become a junior mining company with a focus on diamond mining and development projects.

FOR FURTHER INFORMATION PLEASE CONTACT:

Terry L. Tucker, P.Geo.Executive Chairmanterry.t@tangomining.com Marco MöllerChief Executive Officermarco.m@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 in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press 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: 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.