Tango Diamond Sales from Oena Diamond MINE, South Africa
Tango Mining Limited
202 – 5626 Larch Street
Vancouver, British Columbia
V6M 4E1, Canada
TSX Venture: TGV
www.tangomining.com
TANGO DIAMOND SALES FROM OENA DIAMOND MINE, SOUTH AFRICA
VANCOUVER, BRITISH COLUMBIA — 23 February 2018 – Tango Mining Limited (“Tango” or the “Company”)
(TSXV:TGV) is pleased to provide an update on diamond sales results from the alluvial Oena Diamond Mine, Republic
of South Africa (“Oena” or the “Property”). During the period from 18 January to 14 February 2018, a total of 107.11
carats (76 diamonds) were produced , placed on tender in Kimberley and sold with an exceptional average price of
US$1,329 per carat.
The top three highest value diamonds recovered during this period include: a 10.92 carat diamond which sold at
US$3,800 per carat, a 2.23 carat diamond which sold at US$ 3,650 per carat and a 5.45 carat diamond which s old at
US$2,731 per carat.
The Contract Mining and Diamond Recovery Agreement with Bluedust 7 Proprietary Limited considers processing both
run of mine (“ROM”) gravel and pan tailings and bantam material (“Tailings”). Bluedust, at its own cost and expense,
provides and maintains all plant and equipment as required an d Tango`s subsidiary receives 40% of the gross income,
less commission from diamonds recovered from Tailings and 25% of the gross income less commission from ROM for
the duration of the 60-month contract. Diamond production from Oena, since acquisition, including production from
both Tailings and ROM, now totals 1501 carats and have been sold at an average price of US$1,180 per carat.
On behalf of the Board of Directors of Tango Mining Limited
Samer Khalaf
Chief Executive Officer
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 h erein constitutes forward-looking 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”, “expects”
“anticipates”, “believes”, “projects”, “plans”, “outlook”, “capacity” and similar expressions. These statements are not guara ntees of future
performance and undue reliance should not be placed on them.
Such forward-looking statements necessarily involve 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 o f mineral resources; the
realization of miner al resource estimates; anticipated future production, capital and operating costs; cash flows and mine life; potential size o f a
mineralized zone; potential expansion of mineralization; potential types of mining operations; permitting timelines; governme nt regulation of
exploration and mining operations; risks that the presence of diamond deposits mentioned nearby the Company’s property are no t 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,
risks that the actual revenues will be less than projected; risks that the target production for the existing mining contract s will be less than projected
or expected; risks that production will not comm ence 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; 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 thi ngs,
future prices for coal and diamonds; future currency and exchange rates; the Company’s ability to generate sufficient 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 statements 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.