Tango Q3 Operational Update
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Tango Mining Limited
202 – 5626 Larch Street
Vancouver, British Columbia
V6M 4E1, Canada
TSX Venture: TGV
www.tangomining.com
TANGO Q3 OPERATIONAL UPDATE
VANCOUVER, BRITISH COLUMBIA — 17 June 2019 – Tango Mining Limited (“Tango” or the “Company”) (TSX.V
– TGV) is pleased to provide an update for the period of 1 March to 31 May 2019 (3rd Quarter) on its project
portfolio located in South Africa, Angola and Liberia.
COAL – Metallurgical and Mining Projects, Republic of South Africa
Production
Three months run of mine (ROM) and discard throughput for the three Exxaro Coal Central Proprietary
Limited (ECC) operations were below budget:
Actual
(tonnes)
Budget
(tonnes)
Variance
(tonnes)
Comments
Dorstfontein East Coal Mine
(DECM)
625 025 611 027 13 998
Dorstfontein West Coal Mine
(DWCM)
240 286 261 950 (21 664) 4 seam expansion project
Forzando Coal Mine
(FZN)
967 595 1 003 471 (35 876) Coal supply from
underground
Employees: Number of full time employees: 231
Number of part time employees: 23
Health and Safety:
No reportable incidents recorded for Kwena for the three ECC operations for the 3rd Quarter.
Safety Awards:
Exxaro – 1 year fatality free.
DCME – 8000 fatality free shifts.
Diamond Production
Oena, Republic of South Africa
Mining and Processing Contractor – Bluedust 7
Bluedust 7 continue mining in the Blokwerf and Sandberg mining areas at Oena with an increase of
19,490 tons mined above the previous quarter. All five pan plants ran well with no major breakdowns.
A total of 190 diamonds totalling 333.25 carats were placed on tender at Kimberley or sold to the state
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trader. The average price of sold carats was US$ 1,198 per carat. This includes a 20.9 carat diamond which
sold at an average of US$3,807 per carat, as well as a 5.28 carat stone that sold at an average of $7,730
per carat.
Blue Dust 7 Tonnes Carats
Produced
Number
of Stones
produced
Carats sold Number of
Stones
sold
Grade
Cts / 100t
ROM Mined 95,060 318.95 183 333.25 190 0.34
Number of Employees: 42
Health and Safety:
No accidents or incidents were recorded
African Star Minerals (ASM)
ASM has entered into a Joint Operating Agreement with Oryx Mining (Pty) Ltd (Oryx) and Hall of
Diamonds CC (HoD) whereby Oryx will contribute earth moving and mining equipment to support the
operation of ASMs two pan plants. ASM shall pay a total of 55% of net proceeds of diamond sales to Oryx
and HoD after deduction of operating costs.
The joint venture (ASM and Oryx/HoD) production commenced on the 17 May 2019.
A total of 3 stones totalling 34.45 carats were placed on tender at Kimberley or sold to the state trader.
The average price of sold carats was US$2,973 per carat. This includes a 29.31 carat diamond which sold
at US$3,224 per carat.
ASM Oryx Partnership Tonnes Carats Produced Number of
Stones
Grade
Cts / 100t
ROM Mined 19,920 34.48 3 0.17
Number of Employees: 24
Health and Safety:
No accidents or incidents were recorded
Total Combined Production for Blue Dust 7 and the ASM ‐ Oryx/HoD JV
Total Combined Production Tonnes Carats Produced Number of
Stones
Grade
Cts / 100t
ROM Mined 114,980 353.43 186 0.31
MOQUITA PROJECT, Republic of Angola
The site has a total of 40 full time employees, an operating pan plant and scrubber with a grease table for
treatment. Prefab housing, diesel tank and a water treatment system have been installed. Trial mining is
ongoing. No diamond sales were recorded during the 3rd Quarter.
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DIAMOND EXPLORATION
MANO RIVER PROJECT, Republic of Liberia
The transfer of 100% of the mineral exploration license (MEL) to Tango Mining (Liberia) was successfully
concluded. Tango is devising an exploration plan to be launched in the 1st Quarter of 2020.
Mr. Samer Khalaf
Chief Executive Officer
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 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 guarantees 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 of mineral
resources; the realization of mineral resource estimates; anticipated future production, 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, risks that the actual revenues will be less 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; 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 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.