Tango Q4 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 Q4 OPERATIONAL UPDATE
VANCOUVER, BRITISH COLUMBIA — 27 September 2019 – Tango Mining Limited (“Tango” or the “Company”) is
pleased to provide a production and operational update for the period of 1 J une 2019 to 31 August 2019 ( 4th
Quarter) on its project portfolio located in South Africa and Liberia . Tango continues to focus and prioritize its
efforts on improving and increasing production at the Oena Diamond Mine. There are currently two mining
contractors on site using eight (8) pan plant s to process both run of mine (“ROM”) and pan tailings and bantam
material (“Tailings”) and one Bourevestnik (“BVX”) unit used for diamond recovery.
DIAMOND PRODUCTION
Oena Diamond Mine, Republic of South Africa
During the production period, 9 May to 7 August 2019, a total of 322,890 tonnes of both ROM and Tailings were
processed by both contractors. A total of 762.4 carats (339 diamonds) were produced, placed on tender and sold
with an average price of US1,346 per carat ( please note that the New Releas e dated 22 June 2019 had previously
reported production from 9 May to 7 July 2019). Tango is pleased with the performance of the mining contractors
on site who have continually increased and improved diamond production at Oena.
Mining and Processing Contractor – Bluedust 7 Proprietary Limited (“Bluedust”)
Bluedust continues mining in the “Blokwerf and Sandberg Blocks”, with an increase 78,310 tons mined above the
previous quarter, with five (5) pan plants currently in operation. A total of 288 stones totalling 553.35 carats were
placed on tender at Kimberley or sold to the state trader with an average price was US$1,176 per carat.
Blue Dust 7 Tonnes Carats Produced Number of Stones Grade
carats / 100 tonne
ROM 173,370 553.35 288 0.32
This includes the following six special stones:
Carats US$/carat Carats US$/carat
19.87 $4,358 11.57 $2,413
18.24 $2,850 7.19 $3,906
17.47 $3,290 9.22 $3,699
Number of Employees: 42
Health and Safety: No accidents or incidents were recorded
African Star Minerals and Oryx Joint Venture (ASM Oryx JV)
The ASM Oryx JV continued with mining in the “Oena Block” and processing with t hree (3) pan plants. A total of
51 diamonds totalling 211.95 carats were placed on tender or sold to the state trader with an average price of
US$1,791 per carat.
ASM Oryx JV Tonnes Carats Produced Number of
Stones
Grade
carats / 100 tonne
ROM 74,760 211.95 51 0.28
Tailings 960 0 0 0
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This includes the following seven special stones:
Number of Employees: 24
Health and Safety: No accidents or incidents were recorded
Total Combined Production for Bluedust and the ASM Oryx JV
Total Combined Production Tonnes Carats
Produced
Number of
Stones
Grade
carats / 100 tonne
ROM and Tailings 248,130 762.40 339 0.31
COAL – METALLURGICAL AND MINING PROJECTS
Kwena Group , Repbulic of South Africa
Three months run of mine (ROM) and discard throughput for the three Exxaro Coal Central Proprietary Limited
(ECC) operations were below budget due to the DCMW plant upgrade:
Actual
(tonnes)
Budget
(tonnes)
Variance
(tonnes)
Comments
Dorstfontein Coal Mine East
(DCME)
776 422 611 027 115 129
Dorstfontein Coal Mine West
(DCMW)
43 738 261 950 (218 212) 4 Seam expansion project and
plant upgrade
Forzando Coal Mine (FZN)
1 080 774 1 035 691 45 083
Number of full time employees: 231
Number of part time employees: 23
Health and Safety: No reportable incidents recorded for the three ECC operations during the 4th Quarter.
Safety Awards:
DCME achieved 180 days lost time injury free. DCMW achieved 6 months lost time injury free.
DCME achieved 8 000 fatality free shifts. FZN achieved 42 months lost time injury free.
DCMW achieved 6 000 fatality free shifts. FZN achieved 21 000 fatality free shifts.
DIAMOND EXPLORATION
MANO RIVER PROJECT, Republic of Liberia The Company has requested and received preliminary approval to add
gold mineral exploration to its existing Mineral Exploration License MEL7003018 (MEL) . The exploration program
is presently being amended to include Gold exploration.
Mr. Samer Khalaf
Chief Executive Officer
Tango Mining Limited
Carats US$/carat Carats US$/carat
49.593 $2,561 16.647 $2,126
24.968 $1,101 11.19 $2,137
19.56 $2,342 9.51 $4,526
5.85 $4,142
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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 hist orical 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” , “expected”, “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 financ ial 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 e stimation 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 type s 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 pr ojected 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 mana gement’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; f uture 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 caution ed 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 reven ue are no assurance that it will
achieve these levels of revenue.