Georges Zard, Founder of the Gza Group, Acquires 31% Interest IN African STAR Minerals
1
Tango Mining Limited
202 – 5626 Larch Street
Vancouver, British Columbia
V6M 4E1, Canada
TSX Venture: TGV
www.tangomining.com
GEORGES ZARD, FOUNDER OF THE GZA GROUP, ACQUIRES 31% INTEREST IN AFRICAN STAR MINERALS
VANCOUVER, BRITISH COLUMBIA — 1 March 2017 – Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV)
is pleased to announce that it has entered into a binding agreement with Georges Zard ("GZ"), the owner of the
international conglomerate The GZA Group, whereby GZ will acquire a 31% interest in African Star Minerals (Pty) Ltd
(“ASM”) which holds 100% of the Oena Diamond Mine in South Africa for US$300,000.
“We are excited to expand our investments into the diamond mining sector and look forward to growing diamond
production at the Oena Diamond Mine and in other ventures with Tango as our technical partner.” said Georges Zard.
GZ Acquisition of 31% of ASM
ASM owns 100% of the Oena Diamond Mine (“Oena” or the “Property”) which consists of 8,800 hectares (“ha”)
Converted Mining Right (“CMR”) located on the lower Orange River, Northern Cape Province, South Africa. GZ has
agreed to pay Tango US$300,000 for the 31% interest in ASM. A n application for a nine -year renewal of the mining
right was lodged with the Department of Mineral Resources with a Mining Work Program me, Environmental
Management Plan and recently a revised Social and Labour Plan has been submitted in support of the renewal. The
application for renewal of the CMR is pending. The transaction closing will take place in two parts, initially with the
transfer of 23% ownership of A SM to GZ and second with transfer of an additional 8%. Both transfers are subject to
South African regulatory consents and approvals required to implement the transaction. While the CMR is being
renewed, Tango must place in escrow, 7,925,160 Tango shares (“ Escrowed Shares ”) in the name of GZ and upon
receipt of the renewal of the CMR the Escrowed Shares will be cancelled and returned to the treasury . In the event
the CMR is not renewed, GZ will receive the Escrowed Shares and will transfer back to Tango the 31 % interest in ASM.
ASM has also submitted applications for other applicable approvals as required under South African regulatory
consents and approvals and should the transfer of 8% of ASM not occur, Tango will release 2,113,376 of the Escrowed
Shares to GZ.
The 31% ASM disposition is subject to completion of the 23% acquistion (see news release dated 28 February 2017)
and receipt of the appro val of the TSX Venture Exchange . In connection with the sale of the 31% interest in ASM,
Tango has agreed to pay to Merlin Partners LLP , a 5% finder’s fee and 396,000 share purchase warrants exercisable at
a price of $0.05 for a period of 2 years.
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 O gies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu- Natal
Province, South Africa. The Company also holds an interest in the Oena Project, 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.
On behalf of the Board of Directors of Tango Mining Limited
Mr Terry L. Tucker, P.Geo.
Executive Chairman and Interim CEO
Tango Mining Limited
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement
Certain information set forth in this news release contains “forward -looking statements” and “forward- looking information” under
applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward -looking
2
statements, which include management’s assessment of future plans and operations and are based on current internal
expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward- looking
statements may be identified by words such as “forecasts”, estimates”, “expec ts” “anticipates”, “believes”, “projects”, “plans”,
“outlook”, “capacity” and similar expressions. These statements are not guarantees of future performance and undue reliance
should not be placed on them.
Such forward-looking statements necessarily invo lve known and unknown risks and uncertainties, which may cause the Company's
actual performance and financial results in future periods to differ materially from any projections of future performance or results
expressed or implied by such forward- looking statements. These risks and uncertainties include, but are not limited to statements
with respect to the estimation of mineral resources; the realization of mineral resource estimates; anticipated future produc tion,
capital and operating costs; cash flows and mine life; potential size of a mineralized zone; potential expansion of mineralization;
potential types of mining operations; permitting timelines; government regulation of exploration and mining operations; risks that
the presence of diamond deposits mentioned nearby the Company's property are not indicative of the diamond mineralization on
the Company's property, the supply and demand for, deliveries of and the level and volatility of prices of rough diamonds, ri sks that
the actual revenues will be le ss than projected; risks that the target production for the existing mining contracts will be less than
projected or expected; risks that production will not commence as projected due to delay or inability to receive governmental
approval of the Company's acquisition or the timely completion of an NI43 -101 report; technical problems; inability of management
to secure sales or third party purchase contracts; currency and interest rate fluctuations; foreign exchange fluctuations and foreign
operations; mineral title; various events which could disrupt operations, including labor stoppages and severe weather conditions;
and management's ability to anticipate and manage the foregoing factors and risks.
The forward-looking statements and information contained in this news release are based on certain assumptions regarding, among
other things, future prices for coal and diamonds; future currency and exchange rates; the Company’s ability to generate suff icient
cash flow from operations and access capital markets to meet its future obligations; coal consumption levels; and the Company’s
ability to retain qualified staff and equipment in a cost -efficient manner to meet its demand. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. The reader is cautioned not to place undue reliance on forward -looking statements. The Company
does not undertake to update any of the forward- looking state ments contained in this news release unless required by law. The
statements as to the Company’s capacity to achieve revenue are no assurance that it will achieve these levels of revenue.