VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 18, 2016) - Tango Mining Limited ("Tango" or the "Company") (TSX VENTURE:TGV) is pleased to announce the appointment of African Mineral Recovery Solutions CC ("AMRS") as contractor to immediately recommence bulk sampling of the Oena diamond mine located in the Northern Cape, South Africa (the "Oena Project"). AMRS will pay a gross income of net diamond sales, less state royalties, based on a sliding scale between 15% and 20% for the duration of the 24-month contract. ATC Enterprises DMCC ("ATC") maintain their diamond offtake right until they have received a minimum of 2,000 carats.
AMRS specialize in the processing of alluvial gold and diamond deposits and will utilize Bourevestnik X-ray machine ("BVX") technology for diamond recovery. The Oena Project consists of an 8,800-hectare mining right and corresponding infrastructure and all associated processing equipment located along the Orange River in a well-established alluvial diamond-mining province known to produce high quality and large sized diamonds.
Finance Update
Tango announces that it has completed a private placement of C$67,500 in unsecured convertible notes. The notes, bearing interest at 12%, are due on 28 February 2017, and are convertible into units of the Company at a price of C$0.05 per unit, with each unit consisting of one common share and one share purchase warrant exercisable at a price of C$0.07 per share for a term of two years.
The Company also announces the extension of the ATC unsecured convertible note for the balance of US$250,000 until 31 March 2017 (see news release of 17 June 2015). The note is convertible into common shares of the Company at a price of C$0.05 per share and bears interest at 10%.
The private placement is subject to the approval of the TSX Venture Exchange.
Oena
Tango has terminated both the sale and contracting agreements, as announced on 23 March 2016, with Bothma Diamonte CC.
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.
About Tango Mining Limited
Tango has four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Exxaro and Glencore. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province, South Africa.
