VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 3, 2015) - Tango Mining Limited ("Tango" or the "Company") (TSX VENTURE:TGV) is pleased to announce that the bulk sampling program at its Oena Project ("Oena"), Northern Cape Province, South Africa commenced in February 2015 on schedule.
Highlights
- Successful mobilization of mining contractor earthmoving equipment to support a total of 1.5 million tonnes per annum (tpa) throughput capacity.
- The first 24,421 tonnes has been excavated, of which 3,390 run of mine tonnes have been processed through the commissioned rotary plant and recovery system.
- The newly acquired high volume Bourevestnik (SA) (BVX) X-ray recovery equipment, to be commissioned in March 2015, will allow for increased recovery efficiencies and product insurance and protection.
- First full month production results and subsequent diamond sales expected in Q3 2015 (March to May 2015).
Mr. Marco Möller, Chief Executive Officer and Director, commented, "We are pleased to announce that production has commenced at Oena with the necessary earth moving equipment and plant processing facility commissioned on the 22nd of February 2015 to allow the processing of 1.5 million tonnes of alluvial material per annum. The historical performance of the asset, supported by our existing operation and technical ability to optimize similar size projects support our confidence in Oena to deliver economic value to our shareholders. This is further complemented by the potential increase in diamond recovery efficiency and diamond protection as a result of the introduction of new generation concentrate handling and secured BVX X-ray recovery equipment technology."
The technical disclosure in this news release have 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 Mining Limited is a Canadian company that holds a 100% interest in the 2,088.8 ha El Santo concession, Nicaragua and newly acquired South African mining assets comprising of four operations service contracts and diamond mining rights of 8,800 hectares (ha) along the Orange River in the well- established alluvial diamond-mining province known to produce high quality and large sized diamonds.
The Kwena Mining Project division of Tango operates in the Witbank coal district, Mpumalanga and Natal Provinces, South Africa and provide contract mining, metallurgical process and engineering services to clientele that include Total (SA) and Glencore PLC. A total of 19.5 million tons are currently under contract over next 3 years and provide the basis of employment to our highly qualified engineering and processing team consisting out of a staffing complement of 285.
Oena is located 50 kilometers (km) upstream of Namdeb's Auchas and Daberas alluvial diamond mines which are on the Namibian or north bank of the river, while Trans Hex's Reuning and Baken alluvial diamond mines are respectively 15 km and 60 km downstream of Oena on the South African or southern bank of the river. A recently filed National Instrument 43-101 report supports a bulk sampling program of 1.5 million tpa to extract a targeted 1200 carats (ct) at an indicative stone size of 1.39 ct/stone.
Management have identified the biggest risk in advancing this project is associated with the resource performance (grade) and product assurance (theft), both of which require the Company to ensure optimal recovery of diamonds. Risk mitigation through implementation of the BVX technology should increase diamond recovery efficiency and limit human interaction with the product.
The Company's vision is to become a diversified junior mining company with interests in precious and base metals, coal, diamond and precious stone mining projects.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. The presence of gold deposits mentioned nearby the Company's property is not indicative of the gold mineralization on the Company's property. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.