VANCOUVER, British Columbia, June 05, 2017 (GLOBE NEWSWIRE) -- Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to provide an update on recent diamond production and sales results from the Oena Diamond Mine, Republic of South Africa (“Oena” or the “Property”). During the period 18 April 2017 to 19 May 2017, a total of 465 carats were produced (311 stones and an average size of 1.498 carat per stone). A total of 527 carats were placed on tender in Johannesburg or sold in Dubai and sold with an average price of US$812 per carat. Diamond production from Oena, since acquisition, now totals 1331 carats and have been sold at an average price of US$1,100 per carat.
Some of the highest value diamonds recovered during this period include an 8.92 carat diamond which sold at US$2,199 per carat, a 5.65 carat diamond which sold at US$3,672 per carat and a 7.35 carat diamond which sold at US$3,201 per carat.
Mining Work Programme
The contractor on site (see news release dated 18 November 2016) utilizes a Bourevestnik X-Ray sorter (“BVX”) to recover diamonds. During the period, no unprocessed gravel has been mined, only historical surface bantam tailings from previous operators and a total of 19,497 tonnes have been processed to the 30 May 2017. See news release of 19 May 2015 for terms of underlying off take agreement with ATC Enterprises DMCC.
Debt Conversion to Equity
The Company also announces that it has reached a settlement with creditors for debt totaling C$30,725 by the issuance of 614,500 common shares at a price of $0.05 per share. These shares for debt settlements are subject to the approval of the TSX Venture Exchange.
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.
