VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 28, 2017) - Tango Mining Limited ("Tango" or the "Company") (TSX VENTURE:TGV) is pleased to provide an update on recent diamond sales from the Oena Diamond Mine, Republic of South Africa ("Oena" or the "Property"). During the period 21 March to 17 April 2017, a total of 312 carats (199 diamonds) were produced. A total of 250 carats were placed on tender in Johannesburg and sold with an average price of US$1,155 per carat. It is planned for 62 carats to be exported to Dubai to be sold by ATC Enterprises DMCC ("ATC") (see news release of 19 May 2015). Diamond production from Oena, since acquisition, now totals 876 carats, of which 804 carats have been sold at an average price of US$1,290 per carat.
The top three highest value diamonds recovered during this period include: a 14.64 carat diamond which sold at US$5,019 per carat, a 6.35 carat diamond which sold at US$3,357 per carat and a 7.82 carat diamond which sold at US$3,377 per carat.
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. See news release of 18 November 2016 for information on the mining contractor.
About Tango Mining Limited
Tango via its South African subsidiaries hold three thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt of coal per annum, with clientele that include Exxaro. The three 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.
