Tango Q1 2015 Operational And Financial Overview

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VANCOUVER, BRITISH COLUMBIA — 09 February 2015 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to provide its quarterly operational and financial overview for Q1 2015 (September 2014 to November 2014).

Highlights

Operational overview and financial results for Q1 2015 (Unaudited for 3 months ending 30 November 2014)

  • Following the successful closing of the acquisition of African Star Minerals Group’s (“ASM”) operations in South Africa, announced on 20 October 2014, the Company’s common shares commenced trading under the name “Tango Mining Limited” on the TSXV Exchange at market open on 24 November 2014 under the same trading symbol, “TGV” and launched a new website at tangomining.com. This new name reflects the Company’s diversified interests in precious and base metals, coal, diamonds and precious stone mining projects.
  • ASMs metallurgical and mining projects generated revenue of CAD $3,378,366 in Q1 2015 (vs. Q1 2014: CAD $nil). Total throughput of 1,839,165 metric tonnes were recorded to complement the forecast budget of 6.5 million tonnes for the annum.
  • Development decision approved at Oena Project, a past producing alluvial diamond mine located in theNorthern Cape Province, South Africa, was announced on 01 December 2014 upon the completion of National Instrument (NI) 43-101 report (filed on SEDAR). The bulk-sampling program is on schedule and will commence in Q2 2015 (quarter ending February 2015).
  • Consolidated net cash at end of Q1 2015 increased with CAD $210,566 (Q1 2014 net outflow: CAD $437,355) generated from operating activities and inclusion of newly acquired mining projects to a total of CAD $1,135,168. CAD $455,105 accrued to expedite operational readiness of the Oena Project and transaction costs were incurred in Q1 2015.

Mr. Marco Möller, President and Chief Executive Officer, commented:

We are very pleased with the positive results presented in our first quarter results following our recent acquisition of ASM’s South African mining operations, positioning us as a diversified junior mining company, with a portfolio of cash generating production assets, a near term low cost diamond mining asset and historic development properties to further the scalable growth strategy of the Company. We believe that it provides us with a competitive edge in the current market, considering that junior mining companies as a norm are reliant on the financial markets to sustain exploration and development intensive activities. We are confident that our newly acquired technical and operating capability will allow the successful transition from a purely exploration concern to one that of an operating concern with capabilities to successfully evaluate, expand and acquire new projects, while maintaining sound operating and commercially feasible projects in South Africa and globally.

We are confident that we will see the same positive production results from our operations over the next quarter that will support the generation of a positive EBITDA from existing projects. The historical performance of our production assets have been outstanding in terms of the mine call factor per contract achieved, which in turn are complemented by the potential increased in diamond recovery efficiency on our diamond mining asset through the introduction of new generation concentrate handling and BVX technology to be commissioned during Q2 2015.

We are hopeful to announce in the near future the possible acquisition of further near term producing precious and gem stone mining assets to grow and enhance the viability of our existing mining portfolio, while maintaining profitability during the current financial year.”

Operational Forecast for Q2 2015 (3 months ending 28 February 2015)

Metallurgical and Mining Projects

  • Metallurgical and mining projects revenue forecast for Q2 2015 of CAD $3,240,626 (Q1 2015: CAD $3,378,366).
  • No material changes on throughput and mine call factor expected from Q1 2015 results.

Oena Project

  • Issuance of NI43-101 instrument in Q1 2015 and positive development decision.
  • The Company has entered into a contract to sustain a 1,500,000 tonne per annum extraction program and mobilization of earth moving equipment by the mining contractor has commenced to allow production start in Q2 2015.
  • The Company has secured a Bourevestnik, Inc. manufactured high volume X-ray and recovery equipment (“BVX”) BVX equipment that will be mobilized to site to complement the existing production capacity, increased recovery efficiency and allow for higher product assurance. The BVX equipment to be commissioned and installed in Q2 2015.
  • Acknowledgement receipt from Department of Minerals for renewal of Oena mining rights for additional 30 years.
  • Tango awaits governmental approval of the acquisition transaction of the mining asset.
  • First diamond proceeds from operations to be expected end of Q2 2015.

Other Projects

  • Jakkelsdraai exploration work program has been deferred.
  • El Santo Project environmental permit was received late in Q1 2015 and this permit will now allow an exploration program to commence.

About Tango Mining Limited

Tango Mining Limited is a Canadian company that recently acquired African Star Minerals Group’s (“ASM”) operations in South Africa. Tango has four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 million tonnes per annum (19.5 million tonnes are contracted over next 3 years), 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 a 100% interest in the Oena Project, a past producing alluvial diamond property, Northern Cape Province, South Africa and a 100% interest in the 2,088.8 ha El Santo Project, Nicaragua. El Santo is believed to host several east-west trending, low sulphidation, epithermal gold-quartz vein systems. The Company`s vision is to become a diversified junior mining company with interests in precious and base metals, coal, diamond and precious stone mining projects

FOR FURTHER INFORMATION PLEASE CONTACT:

Mr. Terry L. Tucker, P.Geo.

Executive Chairman

Tango Mining Limited

terry.t@tangomining.com

Mr. Marco Möller

President and CEO

Tango Mining Limited

marco.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.

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 Announces Bulk Sampling Program At Oena Project, South Africa

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VANCOUVER, BRITISH COLUMBIA — 1 December 2014 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce that a bulk-sampling program at its Oena Project (“Oena”), a past producing alluvial diamond mine, located in the Northern Cape Province, South Africa will commence in Q2 2015 (December 2014 to February 2015) (Map 1). The program will maximize mining throughput and enhance the recovery potential of diamonds with the use of a Bourevestnik, Inc. manufactured high volume X-ray and recovery equipment (“BVX”) that is reported to be very efficient, recovering better than 90% of diamonds. The Company has entered into a mining contract to sustain a 1,500,000 tonnes per annum extraction program and has secured BVX equipment that will be mobilized to site in the period noted.

The Oena alluvial diamond terraces are palaeo-Orange River gravel deposits preserved above the current river level and are classed as Meso-Orange terraces because of their age (some 2-5mybp) and height above the river level (10-12m). Oena is one of several alluvial diamond deposits along the lower Orange River on both the South African and Namibian banks of the river; current operating mines are at Reuning, Baken and Alexander Bay on the South African bank (see Map 1) while Namdeb is currently producing from their Namibian alluvial deposits at Daberas and plan to start production at their Sendelingsdrift deposit in the last quarter of 2014.

A National Instrument (“NI”) 43-101 report, dated and effective 31 October 2014, by Peter W.A. Walker B.Sc. (Hons.) MBA Pr.Sci.Nat. F.S.E.G. of VP3 GeoServices (Pty) Ltd has been prepared for Oena (Map 2) to support the commencement of the recommended bulk-sampling program. The report records a historically estimated Inferred Resource within the six remaining blocks in the Oena Section (Map 3) as calculated by Mr. S. le Roux and reviewed and approved on 30 June 2008 by Mr. T. Wilkes the competent person of the previous owner of Oena, Firestone Diamonds plc, COO of the company and a member in good standing of SACNASP, the ethical standards organization, and who was Chairman of the sub-committee for Diamonds of the South African Mineral Resource Committee which was responsible for the publication of the SAMREC code. Mr. Walker has checked the bulk sampling records, the diamond register, the land surveyor diagrams and calculations and the drill data as recorded on the log sheets on which this historical Mineral Resource estimate is based and can confirm the relevance and reliability of the estimate. The quality assurance program and quality control procedures applied by Firestone to their bulk sampling are standard for the industry and all possible measures to ensure security of the product were taken throughout the sample recovery process. Although no plant audits or tracer recovery tests were performed, pan concentrates were run repeatedly through the grease final recovery section to ensure maximum diamond recovery was achieved within the limits of the technology.

In addition to this historical Inferred Resource, systematic Reverse Circulation drilling of the Sandberg terrace was completed and has shown an estimated 4.5 to 5.75 million cubic metres of basal and suspended gravel is present and was shown by two bulk samples to be diamondiferous, however, these sample volumes are too small to estimate diamond grades at a sufficiently predictable level of accuracy; please note that although the Sandberg gravels are expected to yield similar grades to the Oena section gravels, further bulk sampling may not result in the target being defined as a Mineral Resource. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource. The Blokwerf, Visrivier and Kabies terraces require systematic drilling to estimate the total volume of gravels on the Property although historical small-scale sampling has shown them to be diamondiferous; again, further bulk sampling may not result in these targets being defined as Mineral Resources. The program will initially bulk-sample the gravels in the six Oena Section blocks and will determine the viability of the BVX technology in recovering diamonds.

Table 1: Oena Inferred Resource

Volume cubic meters (“m3 “) Grade
Oena Section blocks 2-6 Inferred Resource 1,075,000 0.295 carats / 100 m3

The biggest risk in advancing this project is associated with the resource performance (grade) and product assurance (theft) both of which require the Company to ensure optimal recovery of diamonds. Risk mitigation through implementation of the BVX technology should increase diamond recovery efficiency and limit human interaction with the product.

The technical disclosure in this news release has been reviewed and approved by Peter W.A. Walker B.Sc. (Hons.) MBA Pr.Sci.Nat. F.S.E.G., of VP3 GeoServices (Pty) Ltd., and a Qualified Person as defined by NI 43-101 of the Canadian Securities Administrators.

About Tango Mining Limited

Tango Mining Limited is a Canadian company that recently acquired African Star Minerals Group’s (“ASM”) operations in South Africa. Tango has four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 million tonnes per annum (19.5 million tonnes are contracted over next 3 years), 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 a 100% interest in the Oena Project, a past producing alluvial diamond property, Northern Cape Province, South Africa and a 100% interest in the 2,088.8 ha El Santo concession, Nicaragua. El Santo is believed to host several east-west trending, low sulphidation, epithermal gold-quartz vein systems. The Company`s vision is to become a diversified junior mining company with interests in precious and base metals, coal, diamond and precious stone mining projects.

FOR FURTHER INFORMATION PLEASE CONTACT:

Mr. Terry L. Tucker, P.Geo.

Executive Chairman

Tango Mining Limited

terry.t@tangomining.com

Mr. Marco Möller

President and CEO

Tango Mining Limited

marco.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 gold deposits mentioned nearby the Company’s property are not indicative of the gold 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 NI 43-101 report; technical problems; inability of management to secure sales or third party purchase contracts; currency and interest rate fluctuations; foreign exchange fluctuations and foreign operations; various events which could disrupt operations, including labour stoppages and severe weather conditions; and management’s ability to anticipate and manage the foregoing factors and risks. The forward-looking statements and information contained in this news release are based on certain assumptions regarding, among other things, future prices for coal and diamonds; future currency and exchange rates; the Company’s ability to generate sufficient cash flow from operations and access capital markets to meet its future obligations; coal consumption levels; and the Company’s ability to retain qualified staff and equipment in a cost-efficient manner to meet its demand. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update any of the forward-looking statements contained in this news release unless required by law. The statements as to the Company’s capacity to achieve revenue are no assurance that it will achieve these levels of revenue. 

Map 1 Oena Project Location

Oena-Map-1Map 2: Claim Boundary and Section location map

Oena-Map-2Map 3: Oena Section Resource Blocks

oena-section-resource-blocks-reduced

Tango Gold Operational and Target Forecasts

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VANCOUVER, BRITISH COLUMBIA — 30 October 2014 – Tango Gold Mines Incorporated (“Tango” or the “Company”) (TSXV:TGV) is pleased to provide an operational update on El Santo, Nicaragua and its recently acquired African Star Minerals Group’s (“ASM”) operations in South Africa for its first quarter (Q1), ending November 2014, and year end (Q4), ending August 2015.

Highlights

  • ASMs four thermal coal, metallurgical and processing plant contracts, with clientele that include Total (SA) and Glencor, are forecast to process 6.5 million tonnes per annum and 19.5 million tons are contracted over next 3 years, with total current staffing complement of 285.
  • Forecasted revenue generated of CAD 11,984,000 for the fiscal year, ending August 2015.
  • Oena Diamond Mine development decision pending completion of National Instrument (NI) 43-101 report.
  • Jakkelsdraai alluvial diamond prospecting work program to commence in December 2014.
  • The Company will change its name to Tango Mining Limited, subject to TSX.V approval, to complement its vision to become a diversified junior mining company with interests in precious and base metals, coal, diamond and precious stone mining projects. 

Mr. Marco Möller, President and Chief Executive Officer, commented: “We are very pleased with the successful closing of the acquisition of the African Star Minerals Group and effective control now vesting in Tango. This acquisition provides Tango with the means to expand from a purely exploration focused organization to that of a mining concern with projects that currently generate free cash flow and near term production. Some of the African Star entities have been operating in the precious metal, base metal, thermal coal and diamond industry for 18 years and the successful union of existing operating know how and technical knowledge, with that of Tango’s understanding of the international finance markets, will allow us to grow the Company, adequately renamed Tango Mining Incorporated. We are confident that we are well positioned to realize our vision to become a diversified junior mining concern with a portfolio of production, development and exploration assets and have the technical capability to successfully conclude the acquisition of commercially feasible opportunities in both the Southern African and global mining sector. 

We are confident that we will see positive production results over the next quarter that will support the generation of a positive EBITDA. The performance of our existing production assets have been outstanding in terms of the mine call factor achieved on existing contracts, which in turn are complemented by the potential increased in diamond recovery efficiency through the introduction of new generation X-ray technology.

The possible acquisitions of new precious and gem stone mining tenements also underpins Tango’s conviction to grow, while maintaining profitability during the current financial year.”

Metallurgical Process Engineering Contracts

  • Existing Mining Contracts
  • Currently four thermal coal, metallurgical and processing plant and engineering contracts in place to process 6.5 million tonnes per annum with clientele that include Total (SA) and Glencor.
  • Located in the Witbank coal district, Mpumalanga and Natal Provinces, South Africa.
  • Target production of 19.5 million tonnes contracted over next 3 years.
  • Employment and total staffing complement of 285.
  • Financial Consideration
  • Revenue forecast for Q1 2015, ending November 2014, of CAD 2,133,000 and CAD 11,984,000 for the financial year, ending August 2015.
  • Business Development
  • Continued development plans in place to grow the business using the successful past 18 year business model, an established market presence and its proven successful operational reputation in the coal, base and precious metal and precious stone Southern African mining sector.

Oena Diamond Mine

  • Project Description
  • Covers an area of 8,800 hectares (ha) consisting of a 4.8 kilometre (km) wide strip along a 15 km length of the Orange River in a well-established alluvial diamond-mining province that produces high quality and large sized diamonds.
  • Located 50 km upstream of Namdeb’s Auchas and Daberas alluvial diamond mines which are on the Namibian or north bank of the Orange River, while Trans Hex’s Reuning and Baken alluvial diamond mines are respectively 15 km and 60 km downstream of Oena on the South African or southern bank of the Orange River.
  • Operational Readiness
  • Mine development decision to be made in Q2 2015 (December 2014 to February 2015) following completion of ongoing evaluation work program, receipt of government approval on the Tango acquisition transaction and the issuance of a NI 43-101 report.
  • Infrastructure and operational readiness program of CAD 618,000 was completed prior to Tango’s acquisition in October 2014.
  • Mining contract to sustain 1,590,000 tonnes per annum extraction concluded with mobilization of first earthmoving equipment planned for December 2014.
  • Financial Consideration
  • Planned capital expenditure of CAD 292,000 in Q1 & Q2 2015 (September 2014 to February 2015) on plant equipment, operational readiness and infrastructure development costs.
  • Implementation of program to maximize mining throughput and enhance the recovery potential of diamonds from Oena with use of a Bourevestnik, Inc. manufactured high volume X-ray and recovery equipment.

Exploration Work Programs

  • Jakkelsdraai Alluvial Diamond Project
  • This project occupies two strategic positions with respect to the Krom and Sout Rivers, South Africa.
  • Approved Department of Minerals & Energy Prospecting work program to commence with planned survey and drilling in December 2014.
  • El Santo Project
  • Expect to receive environmental permit that would allow commencement of prospecting work program in Q2, 2015.

Corporate

Pursuant to its stock option plan, the Company has granted stock options to certain directors and officers of the Company to purchase up to a total of 2,050,000 common shares in the capital stock of the Company. The options are exercisable at a price of CAD 0.05 per share for a term of five years from the date of granting. The Company has issued 500,000 common shares, at a deemed price of CAD 0.05 per share, to a director in recognition of his efforts to successfully complete the Company’s acquisition of ASM.

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 South African 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

Mr. Marco Möller President and CEO

Tango Gold Mines Incorporated

marco.m@tangogoldmines.com

Forward Looking Statement

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 gold deposits mentioned nearby the Company’s property are not indicative of the gold mineralization 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 due to delay or inability to receive governmental approval of the Company’s acquisition or the timely completion of a NI 43-101 report; 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 labour stoppages and severe weather conditions; and management’s ability to anticipate and manage the foregoing factors and risks. The forward-looking statements and information contained in this 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. 

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. 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 NI 43-101 of the Canadian Securities Administrators.

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.