VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 5, 2017) - Tango Mining Limited ("Tango" or the "Company") (TSX VENTURE:TGV) is pleased to provide an update on recent diamond sales results and the ongoing mining work programme at the Oena Diamond Mine, Republic of South Africa ("Oena" or the "Property"). During the one month period ending 20 March 2017, a total of 307.94 carats (183 diamonds) were produced and sold with an average price of US$875 per carat. Diamond production from Oena, since acquisition, now totals 564.06 carats which have been sold at an average price of US$1,330 per carat.
The top three highest value diamonds recovered during this period include: an 8.740 carat diamond which sold at US$2,584 per carat, an 8.64 carat diamond which sold at US$2,558 per carat and a 3.480 carat diamond which sold at US$4,382 per carat. The top 53 diamonds in value, of the 183 diamonds recovered in the period, totalled 174.460 carats, had an average size of 3.292 carats and were sold with an average price of US$1,358 per carat.
As previously announced on 28 February 2017, during test commissioning, a diamond of 36.340 carats was recovered and sold at US$6,054 per carat.
Mining Work Programme
The contractor on site (see news release dated 18 November 2016) works a five-day week to reprocesses tailings with a single day shift and utilizes a Bourevestnik X-Ray sorter ("BVX") to recover diamonds. During the period, no unprocessed gravel has been mined, only historical surface tailings from previous operators has been processed.
About African Star Minerals (Pty) Limited ("ASM")
ASM owns 100% of the Property which consists of an 8,800 hectares ("ha") Converted Mining Right ("CMR") located on the lower Orange River, Northern Cape Province, South Africa. Oena covers a 4.8 kilometre ("km") wide strip along a 15-km length of the Orange River in a well-established alluvial diamond-mining province known to produce high quality and large sized diamonds.
About Tango Mining Limited
Tango via its South African subsidiaries hold four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt of coal 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. The Company also holds an interest in the Oena Diamond Mine, an alluvial diamond property, Northern Cape Province, South Africa. Tango has a continued development plan in place to grow the business using the successful past 19-year business model of the South African operations, an established market presence and its proven successful operational reputation in the coal, base and precious metal and precious stone mining sector in Southern Africa.
