Tango Q4 Operational Update

VANCOUVER, British Columbia, Sept. 27, 2019 (GLOBE NEWSWIRE) -- Tango Mining Limited (“Tango” or the “Company”) is pleased to provide a production and operational update for the period of 1 June 2019 to 31 August 2019 (4^th 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 plants 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 Release 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.

This includes the following six special stones:

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 three (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.

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

COAL – METALLURGICAL AND MINING PROJECTS

Kwena Group , Republic 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:

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 4^th Quarter.

Safety Awards:

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
info@tangomining.com

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”, “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 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.