Tango Provides Operational Update on Its Project Portfolio VANCOUVER, British Columbia, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce an operational update on its project portfolio located in both the Republic of South Africa and Republic of Angola.
Coal – Metallurgical and Mining Projects, Republic of South Africa
Three Operation and Maintenance of Coal Processing Plant Agreements, in respect of three Exxaro coal mines, Dorstfonein East, West and Forzando, have been renewed for three years to June 2020. The three agreements, via its South African subsidiary, Kwena Mining Projects (Pty) Ltd, collectively call for a minimum target of 6.24 million tonnes to be processed per annum.
Between 1 January and 30 November 2017 total processing throughput for the three coal mines was 6.43 million tonnes, within 1% of the year to date budget of 6.49 million tonnes. Company operations at the three coal mines consists of 231 permanent employees. The Company recorded one lost time injury during the reporting period, ending a six-year period with no significant injuries.
A significant turn-around in global coal prices has resulted in bullish conditions within the coal sector with a positive outlook for 2018. Tango has a continued development plan in place to grow this business using the successful past 19-year business model, an established market presence and its proven successful operational reputation in the southern African coal sector.
Diamonds – Oena, Republic of South Africa
Bluedust 7 Proprietary Limited (“Bluedust”) mobilized and commissioned mining and processing equipment, including a Bourevestnik X-ray sorter (“BVX”), to the Oena Diamond Mine and commenced operations on the 16 November 2017. Equipment that has been mobilized to site includes three 30 tonne (t) dumpers, 30t and 46t excavators, 50t excavator with centric ripper, two Caterpillar 950 front end loaders and two mobile sizing screens. Initially the gravel was processed through the BVX sorter without processing through a pan plant, but this proved to be inefficient as the -2mm particles as well as clay material masked the diamond tracers as well as the diamonds. It was decided that the best processing method would be to process the run of mine (ROM) material, as well as the pan tailings (“Tailings”), through a 16-foot pan and then treat the concentrate through the BVX. A total of 29.02 carats were recovered including one diamond of 12.7 carats. Due to the Christmas holidays, processing of ROM, Tailings and bantam material was discontinued on the 13 December 2017 but will recommence on 8 January 2018.
The Bluedust due diligence period has been extended to 28 February 2018 to allow time for additional equipment to be mobilized to site and the processing flow sheet to be modified in consideration of the experience gained at Oena over the past month.
The renewal of the New Order Mining Lease pertaining to the Oena Diamond Mine is pending and the Company has taken all the necessary steps in this regard for its renewal.
Diamonds – Txapemba, Republic of Angola
Tango has signed a three-year renewable Services Agreement for Mining and Marketing of Diamonds with Txapemba Canguba R.L who were granted an 84-square kilometer concession for the semi-industrial exploitation of diamonds (the “Property”) (see news release dated 11 September 2017). Tango took operational control of the Property on 23 October 2017. Since this time, 85 personnel have been engaged, the Property has been secured, earth moving equipment has been mobilized for the upgrade and maintenance of roads and an alluvial diamond wash plant is enroute to the concession area. The Company continues its geological assessment of the Property, that will result in the development of a work plan and plans to commence alluvial diamond production testing in January 2018.
On behalf of the Board of Directors of Tango Mining Limited
Mr. Samer Khalaf
Chief Executive Officer
info@tangomining.com