Aug 6 2015
Tango Mining Limited ("Tango" or the "Company") provides an update on ongoing bulk sampling program at the Oena Project ("Oena").
- Tango's first diamond tender closed on 28 July 2015 and the diamonds were sold at an average of USD $2,480/carat (ct), the highest price received was USD $6,016/ct and the average stone size was 3.28 ct.
- Based on tonnes (t) processed to date the grade was 0.278 carats (ct) per hundred tonnes (cpht). The National Instrument (NI) 43-101* resource estimate was 0.12 cpht with an average stone size estimate of 1.22 ct per stone.
- A total of 20,047t of the 35,688t of diamond bearing gravels mined were processed recovering a total of 47.64 ct.
- An additional 49,262t of overburden were stripped in July in preparation for further mining.
Oena Project
Oena consist of an 8,800 hectares (ha) mining right along the Orange River in the well-established alluvial diamond-mining province known to produce high quality and large sized diamonds. Oena is located 50 kilometers (km) upstream of Namdeb's Auchas and Daberas alluvial diamond mines, which are on the Namibian bank of the river, and the Trans Hex's Baken alluvial diamond mine 60 km downstream of Oena on the South African bank of the river.
Management is pleased with the higher than expected grade and average stone size recovered. Risks in advancing the project, in addition to resource performance (grade) and product assurance (theft), is the ability to maintain the tonnage throughput target set of 122,000t per month. Risk mitigation can be achieved through future implementation of BVX technology in addition to mobilization of additional earthmoving and mining equipment.
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 million tonnes 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 projects.
The technical disclosure in this news release has been approved by Terry L. Tucker, P.Geo., Executive Chairman of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. *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 and filed on SEDAR 1 December 2014.