VANCOUVER, BRITISH COLUMBIA — 17 September 2015 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) reports the resignation of Mr. Marco Möller as President, Chief Executive Officer and Director, effective today, in order to pursue other business opportunities. In conjunction with such resignation, Mr. Möller has agreed to surrender 11,000,000 common shares of Tango issued in connection with the African Star acquisition (see news release dated 20 October 2014) to treasury for cancellation.
The Board of Tango has appointed a special committee of the Board that includes Mr. Antonio Ponte, Mr. Marc T. Bamber and Mr. Terry L. Tucker, P.Geo who will search for a new permanent Chief Executive Officer and work with management in reorganization efforts, including but not limited to the Company’s South African mining and bulk sampling operations, financial reporting and fund raising efforts. Mr. Tucker will assume the duties of Chief Executive Officer of the Company in the interim.
Mr. Kevin Gallagher, who manages the operation of the four thermal coal, metallurgical and processing plant and engineering contracts, will with immediate effect manage and oversee the bulk sampling program at the Oena Project with the support of the Kwena Group team. Mr. Gallagher has over 40 years’ experience in the mining and metallurgical process engineering industry and his operational experience includes 14 years as metallurgical supervisor at various coal, gold and platinum plants which includes Harmony Gold, Rand Mines Group & Rio Tinto.
About Tango Mining Limited
Tango Mining Limited is a Canadian company that primarily operates in southern Africa with four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Total (SA) and Glencore plc. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province. The Company also holds an interest in the Oena Project, a producing alluvial diamond property, Northern Cape Province, South Africa. The Company’s vision is to become a junior mining company with a focus on diamond mining and development projects.
FOR FURTHER INFORMATION PLEASE CONTACT:
Terry L. Tucker, P.Geo.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.