Tango Creates South African Mining Equipment Company in Cooperation With GZA Group and Acquires Oena Royalty
VANCOUVER, British Columbia, July 21, 2017 (GLOBE NEWSWIRE) — Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) announces that, in partnership with the GZA Group, it has formed a South African subsidiary, TML Equipment Solutions (Pty) Ltd (“TML”), that will own and lease processing equipment to be used for alluvial diamond recovery. The Company also confirms that it has acquired the outstanding 10% diamond royalty offtake on the Oena Diamond Mine (“Oena”), South Africa.
TML Equipment Solutions (Pty) Ltd (“TML”)
The total capital investment into TML will be USD $1,175,000 and is fully committed. TML has secured a new Bourevestnik X-Ray (BVX) recovery unit, a Flow Sort X-Ray Separator and a Single Particle Sorter (the “Equipment”). Tango will have a 25% equity stake in TML and will maintain operational control.
TML’s Equipment will be used at Oena and will be operated under contract by Consulmet (Pty) Limited (“Consulmet”). Consulmet, with its headquarters in Johannesburg, is a specialist engineering group focussed on fast-tracked design and construction of minerals processing plants on a fixed price basis and excel in delivering projects in remote locations and developing countries. Consulmet have built several diamond processing plants for diamond producers and are experts in the application of DMS, diamond processing and final recovery using optical and X-Ray sorters.
Termination of Oena Mining Contractor
Tango has terminated the contracting agreement, as announced on 18 November 2016, with African Mineral Recovery Solutions CC (“AMRS”) due to breach of contract and underperformance by AMRS.
Closing of Debt Settlement
Tango has issued 6,857,900 common shares in the capital stock, at a price of $0.05 per share to ATC Enterprises DMCC (“ATC”) to settle accrued interest, balance due on last tender and the outstanding amount owing for the Oena offtake right for debt totaling C$342,895. The Company also confirms that it has issued 1,300,000 common shares in the capital stock of the Company to ATC upon conversion of US$50,000 (C$65,000) of an unsecured convertible note, the balance of US$200,000 remains convertible at $0.05 (see news release dated 17 June 2015).
Mr. Samer Khalaf
Tango Mining Limited
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