Tango Gold Closes Acquisition of Mining and Related Assets in South Africa and Appoinment of Director and Officers

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VANCOUVER, BRITISH COLUMBIA — 20 October 2014 – Tango Gold Mines Incorporated (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce that further to its news release dated 1 October 2014, it has closed the acquisition of 51% interest in four private South African companies (together referred to as “African Star”), which collectively hold a 100% interest in the Oena Project (“Oena”), a past producing alluvial diamond property, and four toll treatment contracts in respect of four mutually exclusive coal operating and production collieries located in the Witbank coal district, Mpumalanga and Natal Provinces, South Africa.

In consideration for the interest in African Star, Tango has issued 49,000,000 common shares, at a deemed price of CAD $0.05 (“Payment Shares”), that are subject to a four month regulatory hold period expiring on 17 February 2015 and escrow restrictions over a 30 month period. Contemporaneously, 17,150,000 of the Payment Shares will be held in escrow pending receipt of applicable approvals required under South African legislation.

The Company also announces that, effective immediately, Mr. Kevin Gallagher has been appointed to the Board of Directors, Mr. Marco Möller has been appointed as President and Chief Executive Officer of the Company and Mr. Terry L. Tucker, P.Geo., a director of Tango, has been appointed as Executive Chairman.

Mr. Kevin Gallagher has over 40 years’ experience in the mining and metallurgical process engineering industry and was founder and is Executive Managing Director of the Kwena Mining Group (part of African Star). 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. Mr. Gallagher is a member of the South African Coal Processing Society, a member of the Mine Metallurgical Managers Association, holds a Diploma (Hon) Mineral, Processing & Extractive Metallurgy from the School of Mines Rhodesia and completed the Management Development Programme with the Graduate School of Business, University of Cape Town (UCT).

Mr. Marco Möller has over 30 years’ experience in the Southern African mining, energy markets and the export manufacturing and engineering sectors, which includes CEO of African Star. Mr. Möller was also founder and Executive Managing Director of AFRICO Engineering and JOSS Steelworks and was group financial controller of Firestone Diamonds PLC, where he was part of the key management team responsible for developing various alluvial and kimberlitic assets from early exploration through to production status. Mr. Möller holds an MBA from UCT, a B.Com postgraduate degree at the University of South Africa (UNISA) and has completed the South African Institute of Chartered Accountants (SAICA) training program with PriceWaterhouse Coopers.

Both a finder’s fee of USD $100,000 was paid and 1,474,522 common shares (at a deemed price of CAD $0.05 per share) were issued as consideration for consulting services rendered to an arm’s length third party. These shares are restricted from trading until expiry of the regulatory hold period on 17 February 2015.

About Tango Gold Mines Incorporated

Tango Gold Mines Incorporated is a Canadian company that holds a 100% interest in the 2,088.8 ha El Santo concession, Nicaragua and the newly acquired assets referred to in this news release. El Santo is located south of B2Gold Corp.’s La Libertad mine and mill complex that is projected to produce approximately 143,000 to 150,000 ounces of gold in 2014. El Santo is believed to host several east-west trending, low sulphidation, epithermal quartz vein systems similar to those found on the La Libertad concession.

FOR FURTHER INFORMATION PLEASE CONTACT:

Mr. Terry L. Tucker, P.Geo.Executive Chairman

Tango Gold Mines Incorporated

terry.tucker@tangogoldmines.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. The presence of gold deposits mentioned nearby the Company’s property is not indicative of the gold mineralization on the Company’s property. 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. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The technical disclosure in this news release have been approved by Terry L. Tucker, P.Geo., Executive Chairman of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

Tango Gold Acquires Mining and Related Assets in South Africa

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VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 1, 2014) –

Tango Gold Mines Incorporated (“Tango” or the “Company”) (TSX VENTURE:TGV) announces that it has entered into an arms-length definitive acquisition agreement with private South African companies (together referred to as “African Star“) and certain of their shareholders. Tango has agreed to issue 49,000,000 shares at a deemed price of $0.05 (“Payment Shares“) to acquire a 51% interest in African Star, which: (i) holds a 100% interest in the Oena Diamond Project (“Oena“), a past producing alluvial diamond property covering 8,800 hectares located in the Northern Cape Province, South Africa; and (ii) has four toll treatment contracts in respect of four mutually exclusive coal operating and production collieries located in the Witbank coal district, Mpumalanga and Natal Provinces, South Africa (“Operations Service Contracts“).

Oena is currently on care and maintenance and the Operations Service Contracts generate income within African Star based on coal throughput at each colliery. A nominee of African Star, Mr. Kevin Gallagher, will be appointed to Tango’s board of directors on closing. There are no underlying royalties in respect of Oena, however, each of the four private companies comprising African Star qualify as being “BEE Compliant”, namely, that they are in compliance with South Africa’s Black Economic Empowerment regimes.

Tango and African Star have agreed: (i) to restrict the number of Payment Shares tradable on any given day; and (ii) to impose a thirty-month escrow period, whereby ten percent of the Payment Shares shall be free trading (subject to a regulatory four month hold period) at closing, and subsequently thereafter, eighteen percent shall be released at each six-month interval over the 30 months. Contemporaneously, 17,150,000 of the Payment Shares shall be held in escrow pending receipt of applicable approvals under South African legislation. Lastly, in connection with the transaction, the Company has agreed to pay a cash finder’s fee of USD$100,000 to an arm’s length third party.

The transaction is subject to receipt of the approval of the TSX Venture Exchange.

Tango will also issue on closing a total of 1,474,522 common shares at a deemed price of $0.05 per share, payable as service fees to an arm’s length third party for consulting services rendered. The issuance of these shares are subject to the approval of the TSX Venture Exchange, and shall be restricted from trading for a period of four months from issuance.

About Tango Gold Mines Incorporated

Tango Gold Mines Incorporated is a Canadian company that holds a 100% interest in the 2,088.8 ha El Santo concession. El Santo is located in central Nicaragua south of B2Gold Corp.’s La Libertad mine and mill complex that is projected to produce approximately 143,000 to 150,000 ounces of gold in 2014. El Santo is believed to host several east-west trending, low sulphidation, epithermal quartz vein systems similar to those found on the La Libertad concession. Tango has filed an environmental impact assessment with respect to El Santo and continues to engage in discussions as it relates to Topacio.

Statement Regarding Forward Looking Information

Certain information contained in this news release, including any information relating to the proposed transaction and Tango’s future financial or operating performance may be deemed “forward-looking”. These statements relate to future events or future performance and reflect Tango’s expectations regarding the transaction, and the future growth, results of exploration, business prospects and opportunities of Tango. These forward-looking statements are subject to a variety of risks and uncertainties that are identified and disclosed. Although Tango believes that the forward-looking information contained in this news release are based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. Tango expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

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.

CONTACT INFORMATION

Tango Gold Appoints Chief Financial Officer

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VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 20, 2014) – Tango Gold Mines Incorporated (“Tango” or the “Company”) (TSX VENTURE:TGV) announces the appointment of Kalyan Paul as Chief Financial Officer of the Company, effective immediately, in place of Jennifer Boyle who recently resigned due to other commitments.

Mr. Paul has over 14 years of business experience supporting a broad range of industries, including construction, mining, service and paralegal. He is also a consulting Financial Controller for two other junior mining companies, Takara Resources Inc. (TSX VENTURE:TKK) and Satori Resources Inc. (TSX VENTURE:BUD). Previously, Mr. Paul has worked in various accounting and finance positions including medium to big sized public and private companies. Mr. Paul is a member of Chartered Professional Accountants of Canada (CPA) and Certified Management Accountants of Canada (CMA). He also holds a Bachelor Degree in Commerce and an MBA. Experienced in several aspects of business including in-depth expertise encompassing all core financial management, including corporate finance, treasury, financial reporting, budgeting, planning, risk assessment, corporate planning as well as HR and IT, Mr. Paul is a welcome addition to the Management team.

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.

CONTACT INFORMATION

Tango Gold El Santo Results

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Tango Gold Mines Incorporated (TSX VENTURE:TGV) (the “Company”) is pleased to announce the discovery of several high grade low-sulphidation epithermal quartz veins, with gold and silver, from preliminary geological reconnaissance and surface sampling on its 100% owned 2088.8 hectare (ha) El Santo concession, Nicaragua.

Low-sulphidation epithermal quartz adularia veins, with gold and silver, have been mapped on the El Santo concession with a structural orientation NE-SW and are associated with high temperature alteration minerals. Seven veins were mapped and have six have been named El Pulpito, El Zanjon, La Mexicana, La Mexicana II, Belgica 1 and 2. Of the 46 chip samples analysed 34 had over 1 gram per tonne (g/t) gold, 19 had over 4 g/t gold,7 were over 10 g/t gold and the highest grade sample was a 3 meter (m) chip sample that returned 748.4 g/t gold and 409 g/t silver from La Mexicana II vein. A complete summary of all 48-chip samples can be found in Table 1 and are plotted on Figure 1 and 2. To view the Figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/Figures-TGV.pdf.

The El Santo Concession is located within the Libertad Mining District approximately 110 kilometers (km) due east of Managua. The Libertad Mining District covers an area of approximately 150 square km and lies within a broad belt of Tertiary volcanic rocks. The El Santo vein system discovered is quite similar geologically to those that occur in the mining districts of Santo Domingo and La Libertad respectively.

Table 1 – El Santo Assay Data (sorted from high to low gold)

Sample Number Au g/t Ag g/t Chip Sample Width (m)
1 72547 748.4 409 3
2 72584 30.4 16 4
3 72558 16.9 9 3.2
4 72579 16.1 18 6
5 72586 13.3 11 6
6 72554 12.6 13 3
7 72565 11.9 15 3.2
8 72552 8.856 10 2.9
9 72578 8.616 77 6
10 72549 6.554 218 3
11 72546 5.991 96 2.8
12 72582 5.734 2 6
13 72569 5.093 30 2.6
14 72545 4.976 30 3
15 72587 4.801 22 6
16 72557 4.715 3 2.6
17 72585 4.713 27 6
18 72566 4.708 48 4
19 72589 4.545 12 6
20 72555 3.388 43 2.95
21 72592 3.229 49 6
22 72551 2.662 2 3
23 72583 2.589 5 6
24 72550 2.277 3 2.8
25 72553 2.274 4 2.8
26 72548 2.079 16 2.8
27 72564 1.945 8 3.2
28 72570 1.878 <2 1.2
29 72561 1.877 6 3.1
30 72562 1.818 5 3.1
31 72581 1.699 <2 5
32 72576 1.551 10 4
33 72567 1.209 12 3.8
34 72580 1.209 29 5
35 72588 0.926 52 6
36 72556 0.898 <2 2.8
37 72573 0.689 <2 1.2
38 72563 0.558 <2 1.1
39 72577 0.493 <2 6
40 72572 0.092 <2 0.93
41 72574 0.022 <2 1.2
42 72568 0.019 <2 1.1
43 72571 0.012 <2 1.2
44 72590 0.007 <2 6
45 72591 0.006 <2 6
46 72575 0.005 <2 1.3

Tango has filed an Environmental Impact Assessment report with the appropriate government authorities and will conduct a follow up assessment program as soon as possible.

About Tango Gold Mines Incorporated

Tango Gold Mines Incorporated is a TSXV listed Canadian company which holds a 100% interest in the 2,088.8 ha El Santo concession located in central Nicaragua. El Santo is located immediately south of B2Gold Corp.’s La Libertad concession that is host to the La Libertad mine and mill complex which is projected to produce approximately 143,000 to 150,000 ounces of gold in 2014. El Santo is believed to host several east-west trending, low sulphidation, epithermal gold and silver in quartz vein systems similar to those found on the La Libertad concession.

On Behalf of the Board of Directors

Antonio Ponte, CEO and Chairman

For further information, please contact:
info@tangogoldmines.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 news 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. The presence of gold deposits mentioned nearby the Company’s property is not indicative of the gold mineralization on the Company’s property. 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. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The technical disclosure in this news release have been approved by Terry L. Tucker, P.Geo., Director of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

Tango Gold Mines Incorporated Appoints Chief Financial Officer

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Tango Gold Mines Incorporated (“Tango” or the “Company”) (TSX VENTURE:TGV) announces the appointment of Ms. Jennifer Boyle, B.A., LL.B., as Chief Financial Officer of the Company, effective immediately.

Ms. Boyle is a former securities lawyer based in Toronto, Ontario, where she operates a private corporate finance advisory company that works with early-stage junior resource companies to develop various growth strategies, including financings, and the structuring and identifying mineral property joint ventures. Ms. Boyle is also the Chief Executive Officer, Director, and co-founder Satori Resources Inc., and is a member of the board of directors of Carlisle Goldfields Inc., and of Nevada Exploration Inc.

Due to the restructuring of Tango, the Chief Financial Officer, Philipp D. Hoch, has decided to pursue his focus on other projects in Europe, and accordingly, has submitted his resignation as Chief Financial Officer. Mr. Hoch thanks the Chairman and his colleagues for the support he has received, and wishes the company further success.

The Company further announces that it is evaluating its current property portfolio, and making assessments as to priority projects conducive to the current markets, and accordingly, in the event that any adjustments are made, the Company will provide timely updates in this regard.

Pursuant to its stock option plan, the Company has granted stock options to certain directors, officers and consultants of the Company to purchase up to a total of 4,350,000 common shares in the capital stock of the Company. The options are exercisable at a price of $0.05 per share for a term of five years from the date of granting.

FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. Antonio Ponte
President and CEO
Tango Gold Mines Incorporated
647 430 0966 xt 400
Antonio.ponte@tangogoldmines.com

Statement Regarding Forward-Looking Information

Certain information contained in this news release, including any information relating to the proposed transaction and Tango’s future financial or operating performance may be deemed “forward-looking”. These statements relate to future events or future performance and reflect Tango’s expectations regarding the transaction, and the future growth, results of exploration, business prospects and opportunities of Tango. These forward-looking statements are subject to a variety of risks and uncertainties that are identified and disclosed. Although Tango believes that the forward-looking information contained in this news release are based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. Tango expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

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.

Tango Gold Mines Incorporated Updates Status of Topacio Concession

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Further to the Company’s news release of December 13, 2013, Tango Gold Mines Incorporated (TSX VENTURE: TGV) (the “Company”) announces the termination of its option agreement dated 30 April 2010 with Inversiones Mineras, S.A. (“IMISA”) to acquire the Topacio Mining Concession in Nicaragua. The Company has presented a new offer to IMISA for the immediate purchase of a 100% interest in the Topacio Concession which, if successful, could potentially enable the Company to secure financing opportunities to continue with an evaluation, development and execution plan for the concession. There are no assurances that the Company will be successful in entering into a new agreement to purchase the Topacio Concession on the terms presented or at all.

The Company currently has approximately CAD $1.5 million in cash in its treasury, no debt, and is evaluating other opportunities that are available for acquisition.

About Tango Gold Mines Incorporated

Tango Gold Mines Incorporated is a Canadian company which holds a 100% interest in the 2,088.8 ha El Santo concession located in central Nicaragua, immediately to the south of B2Gold Corp.’s La Libertad concession that is host to the La Libertad mine and mill complex which is expected to produce in excess of 130,000 ounces of gold in 2013. El Santo is believed to host several east-west trending, low sulphidation, epithermal quartz vein systems similar to those found on the La Libertad concession.

On Behalf of the Board of Directors

Antonio Ponte, Executive Chairman

Tango Gold Mines Incorporated

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 news 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. The presence of gold deposits mentioned nearby the Company’s property is not indicative of the gold mineralization on the Company’s property. 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. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The technical disclosure in this news release have been approved by Terry L. Tucker, P.Geo., Director of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

Contacts:
Tango Gold Mines Incorporated
antonio.ponte@tangogoldmines.com

Tango Gold Mines Incorporated: Corporate Update

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Tango Gold Mines Incorporated (TSX VENTURE: TGV) (the “Company”) provides a corporate update on activities in Nicaragua.

Under the terms of its option agreement dated 30 April 2010 (the “IMISA Agreement”) with Inversiones Mineras, S.A. (“IMISA”), the Company has the exclusive right and option (the “Option”) to acquire 100% of the 9,300 hectare Topacio mining concession in south-central Nicaragua (the “Topacio Concession”) by paying the purchase price of USD $3,000,000 on or before 30 April 2016, subject to a 3% net smelter return royalty in favour of IMISA. In addition, the Company is required to make USD $90,000 semi annual payments on 1 May and 1 November of each year until the purchase price is paid. In light of, among other things, existing market conditions and the size of the current National Instrument (NI) 43-101 compliant inferred resource on the Topacio Concession (see news release dated 21 November 2012) the Company has re-evaluated the economics of its proposed acquisition of the Topacio Concession and determined to cease further exploration activities unless it can re-negotiate the purchase price under the IMISA Agreement. To this end, the Company has presented an offer to IMISA for the immediate purchase of a 100% interest in the Topacio Concession, which, if successful, could potentially enable the Company to secure financing opportunities to continue with an evaluation, development and execution plan for the concession. There are no assurances that the Company will be successful in its efforts to re-negotiate the purchase price for the Topacio Concession on satisfactory terms, failing which the Company intends to terminate the Option.

As a result of the foregoing, the Company has not made the USD $90,000 semi-annual payment that was due to IMISA on 1 November 2013 and restructured its operations in Nicaragua such that, as of 1 January 2014, all technical consultants and other staff will be engaged solely on an hourly rate or daily rate basis as needed from time to time. As part of such restructuring Andrew Neale will be stepping down as CEO of the Company effective 13 December 2013 and the Company wishes Mr. Neale every success in his future endeavors. Mr. Antonio Ponte, Executive Chairman of the Company, has been appointed as Chief Executive Officer, effective immediately.

The Company currently has approximately CAD $1,700,000 in cash in its treasury, no debt, and is evaluating numerous other opportunities that are available for acquisition.

About Tango Gold Mines Incorporated
Tango Gold Mines Incorporated is a Canadian company with two principal precious metal properties in the Republic of Nicaragua.

Tango Gold Mines Incorporated: $950K Management Lead Private Placement Financing

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Tango Gold Mines Incorporated (TSX VENTURE: TGV) (the “Company” or “TGV“) is pleased to announce that it has completed a non-brokered private placement offering of 19,000,000 common shares at a price of CAD $0.05 per share for gross proceeds of CAD $950,000. Each share will be subject to a hold period of 12 months from the date of issuance. Insiders of the Company have subscribed for 3,000,000 shares (15.8%) of this private placement.

The net proceeds of the private placement will be used to, among other things, to develop Company’s projects in Nicaragua and for general working capital.

Subject to the acceptance of the TSX Venture Exchange, closing of the private placement is anticipated to take place within the next 7 days. A finder’s fee of 5% cash is payable in connection with $250,000 of the private placement securities issued.

About Tango Gold Mines Incorporated

Tango Gold Mines Incorporated is a Canadian company engaged in the exploration and development of two principal precious metal properties in the Republic of Nicaragua.

·       Topacio – TGV has the right to acquire a 100% interest in the 9,300 hectare (ha) Topacio concession in south-central Nicaragua, net a 3% NSR. Topacio is the site of historical underground and open pit gold production dating back to the early 1900s and hosts an National Instrument 43-101 compliant Inferred Mineral Resource of 2,716,176 tonnes grading 3.90 grams per tonne (g/t) gold, containing 340,345 ounces of gold at a cutoff of 1.5 g/t (Clarkson, 9.11.2012).

·       El Santo – TGV has a 100% interest in the 2,088.8 ha El Santo concession located in central Nicaragua, immediately to the south of B2Gold Corp.`s La Libertad concession that is host to the La Libertad mine and mill complex which is expected to produce in excess of 130,000 ounces of gold in 2013. El Santo is believed to host several east-west trending, low sulphidation, epithermal quartz vein systems similar to those found on the La Libertad concession.

On Behalf of the Board of Directors

Antonio Ponte

Executive Chairman

Tango Gold Mines Incorporated

For further information, please contact:

antonio.ponte@tangogoldmines.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 news release.

This news release may contain 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. The presence of gold deposits mentioned nearby the Company’s property is not indicative of the gold mineralization on the Company’s property. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in the Company’s 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. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The technical disclosure in this news release has been approved by Terry L. Tucker, P.Geo., Technical Director of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

Tango Gold Mines Incorporated: Private Placement Financing and Topacio Update

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Tango Gold Mines Incorporated (TSX VENTURE: TGV) (the “Company” or “TGV”) announces a project development plan update and that it intends to proceed with a non-brokered private placement offering of up to 20,000,000 common shares at a price of CAD $0.05 per share for gross proceeds of up to CAD $1,000,000. The securities to be issued will be subject to a twelve-month resale restriction.
Topacio Project Development Plan Update

The Company continues to work with JDS Energy and Mining Inc. (JDS) to complete an evaluation, development and execution plan that included the shipment of samples in July 2013 totalling 270 kilograms from the Topacio and Mico veins to SGS Canada Inc. and Met-Solve Laboratories Inc., Vancouver, British Columbia to conduct preliminary economic assessment level (PEA) metallurgical test work. This completion of this work is critical for the success of advancing the project. Results of this test work are expected in November and will include grinding characteristics, gravity, leaching and flotation test work. The Company is pleased with the progress that JDS has made to advance the Topacio Project toward the development phase and the Mico Vein trench results (see news release dated 31 May 2013) confirm the resource expansion and exploration potential. The evaluation, development and execution plan being developed by JDS will be completed when final metallurgical test results are available.

The net proceeds of the private placement will be used to, among other things, to develop Company’s projects in Nicaragua and for general working capital and corporate purposes. The Company may pay a finder’s fee in connection with the private placement. Completion of the offering is subject to all required regulatory approvals, including the acceptance of the TSX Venture Exchange.
About Tango Gold Mines Incorporated

Tango Gold Mines Incorporated is a Canadian company engaged in the exploration and development of two principal precious metal properties in the Republic of Nicaragua.

·       Topacio – TGV has the right to acquire a 100% interest in the 9,300 hectare (ha) Topacio concession in south-central Nicaragua, net a 3% NSR. Topacio is the site of historical underground and open pit gold production dating back to the early 1900s and hosts an National Instrument 43-101 compliant Inferred Mineral Resource of 2,716,176 tonnes grading 3.90 grams per tonne (g/t) gold, containing 340,345 ounces of gold at a cutoff of 1.5 g/t (Clarkson, 9.11.2012).

·       El Santo – TGV has a 100% interest in the 2,088.8 ha El Santo concession located in central Nicaragua, immediately to the south of B2Gold Corp.`s La Libertad concession that is host to the La Libertad mine and mill complex which is expected to produce in excess of 130,000 ounces of gold in 2013. El Santo is believed to host several east-west trending, low sulphidation, epithermal quartz vein systems similar to those found on the La Libertad concession.

On Behalf of the Board of Directors

Antonio Ponte

Executive Chairman

Tango Gold Mines Incorporated
For further information, please contact:

antonio.ponte@tangogoldmines.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 news release.

This news release may contain 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. The presence of gold deposits mentioned nearby the Company’s property is not indicative of the gold mineralization on the Company’s property. 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. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The technical disclosure in this news release have been approved by Terry L. Tucker, P.Geo., Technical Director of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

Tango Gold Mines Incorporated Announces Appointment of Chief Executive Officer

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VANCOUVER, BRITISH COLUMBIA — (Marketwire – 7 August 2013) – Tango Gold Mines Incorporated (TSX VENTURE: TGV) (the Company or TGV) is pleased to announce that Andrew Neale will join the Company as Chief Executive Officer, effective August 7th, 2013

Mr. Andrew James Neale is a mining industry executive with over 25 years of experience in international mine operations management, engineering & environmental management, community & government relations; and executive & board level experience with both large and small companies.

For the past three years Andrew has been engaged by a private management group to modernize and expand the HEMCO gold mining operation in Bonanza, Nicaragua.  After leading the completion of a major hydroelectric expansion project, a modernization of the underground mining operation, an expansion of the milling facilities, and increasing annual gold production by 50%, Andrew assisted the owners with completing a sale of the project to a South American entity that has now taken over management of the mine.

Previously, Andrew served for 12 years with Freeport-McMoRan Copper and Gold Inc., with the last five years as Vice President, Technical Services.  Mr. Neale had wide ranging responsibilities with Freeport, including operations management, plant design, engineering & construction, governmental affairs & permitting, and environmental management.  Before this, he held various positions with the Falconbridge and Noranda organisations in Canada, including six years with Brenda Process Technology (now a division of Metso Minerals).  Andrew has served as a director of Universal Gold Mining Corp., Canadian Ore Processors Corp., Canada Gold Corporation, and Metals Finance Limited.  Mr. Neale has a B.Sc. and an M.Sc. in Mineral Processing Engineering from the University of Alberta.

Mr. Neale has been granted an incentive stock option to purchase up to 1,000,000 common shares in the capital stock of the Company at an exercise of $0.13 per share, exercisable for a term of five years from the date of grant, which option shall vest as to 50% upon granting and the balance of 50% twelve months from the date of grant.

In welcoming the appointment, Tango Gold Mines Inc.’s Executive Chairman Antonio Ponte stated, “We believe we have found in Andrew Neale, a Chief Executive Officer who brings a wealth of combined mining sector experience, analytical and financial skills, and strategic abilities while complementing the strong technical and administrative team Tango Gold Mines Inc has put in place for the development of the Nicaragua Projects.”

Andrew Neale stated, “I am pleased to be joining a company with a clear focus on project development that will lead to a production decision that will be mutually beneficial to the company shareholders and the people of Nicaragua.  I believe that my skill sets and experience will further strengthen the exception capabilities of the existing board and management team.”

About Tango Gold Mines Incorporated

Tango Gold is a Canadian company engaged in the exploration and development of precious metal properties in Nicaragua. Tango Gold is focused on advancing the past-producing 9,300 hectare Topacio Property.  Topacio is located in a similar geological setting as B2Gold’s La Libertad Mine, which is located to the west of Topacio.  Topacio has a National Instrument 43-101 Inferred mineral resource estimate of 2,716,176 tonnes (t) grading 3.90 g/t Au containing 340,345 ounces of Au (at 1.5 g/t Au cut-off).  Tango Gold trades on the TSX Venture Exchange under the symbol TGV.

On Behalf of the Board of Directors

Antonio Ponte

Executive Chairman

Tango Gold Mines Incorporated

For further information, please contact:

ponte@tangogoldmines.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 news release.

This news release may contain 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. The presence of gold deposits mentioned nearby the Company’s property is not indicative of the gold mineralization on the Company’s property. 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. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The technical disclosure in this news release have been approved by Terry L. Tucker, P.Geo., Technical Director of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.