VANCOUVER, British Columbia, Oct. 10, 2017 (GLOBE NEWSWIRE) -- Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to announce it has entered into a Contract Mining and Diamond Recovery Agreement (the “Agreement”) with Bluedust 7 Proprietary Limited (“Bluedust”) at Oena Diamond Mine (“Oena”), South Africa. Bluedust will develop the Oena alluvial diamond mine using Bourevestinik X-ray machines (“BVX”) and/or pan plants (the “Mining Services”). Bluedust, at its own cost and expense, will provide and maintain all the Plant and Equipment as required to perform the Mining Services.
The diamonds produced by Bluedust at Oena will be sold via a designated Tender Facility in South Africa and 75% of the gross income of net diamond sales, less commission, will be paid to Bluedust for the duration of the 60-month contract. For any individual stones recovered with a gross selling price, less commission, of greater that US500,000 Bluedust will be paid 70% of the gross income.
Bluedust specialize in the processing of alluvial diamond deposits in South Africa. Oena consists of an 8,800-hectare mining right and corresponding infrastructure and all associated processing equipment located along the Orange River in a well-established alluvial diamond-mining province known to produce high quality and large sized diamonds.
The Agreement is subject to due diligence by Bluedust which must be completed by 31 December 2017. During this period Bluedust will conduct a site investigation to determine mineability and diamond bearing potential of the gravels at Oena. This could include trial mining using BVX and other equipment as necessary.
The Agreement does not affect Tango’s existing agreement with Consulmet to operate the equipment of TML Equipment Solutions (Pty) Ltd as previously announced (see news release dated 21 July 2017).
On behalf of the Board of Directors of Tango Mining Limited Mr. 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 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.
Tango Mining Limited 202 – 5626 Larch Street Vancouver, British Columbia V6M 4E1, Canada TSX Venture: TGV www.tangomining.com
