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Tango Mining announces Q2 operational update

Mining News - Published on Thu, 14 Mar 2019

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Tango Mining Limited announced an update for the period of 1 December 2018 to 28 February 2019 (2nd Quarter) on its project portfolio located in Angola and Liberia.

Mining and Processing Contractor - Bluedust 7
During the most recent production period, December 2018 - February 2019, a total of 297.94 carats (111 diamonds) were produced. A total of 104 stones totalling 284 carats were placed on tender in Kimberley or sold to the state trader. The average price of sold carats was US$3,170 per carat. This includes a 26.41 carat diamond which sold at US$12,681 per carat. A total of 95,4901 of both ROM materials were processed during the most recent production period with average grade of 0.31 carats per ton. Bluedust 7 is operating five pan plants using 13 pieces of earth moving equipment nd 42 employees.

African Star Minerals
During the course of the 2nd Quarter, Tango completed the transportation and installation of all outstanding equipment and infrastructure onsite. Bulk sampling began in February. FHiring and training is scheduled for March. Full scale processing of pan tailings and bantam material is targeted to commence in April. ASM is operating two pan plants with 2 EME and 8 employees.

MIDDLEPITS PROJECT, Republic of Botswana
After further internal analysis, Tango has decided against progressing with the Middlepits Project. The MoU announced 21 December 2017 has been terminated. The Company will focus its efforts on brown field projects with a shorter time to development and production.

MANO RIVER PROJECT, Republic of Liberia
Tango has established a local company in Liberia, Tango Mining (Liberia), and is in the process of transferring 100% of the mineral exploration license (MEL) to this company. The agreement with West Mining Ltd (see news release dated 10 September 2018) has been amended as such that West Mining Ltd. will own a 10% carried interest of Tango Mining (Liberia) with Tango Mining Ltd owning 90%. Tango Mining will also pay a royalty of 1.5% to West Mining Ltd. on all future production from the MEL.

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Posted By : Rabi Wangkhem on Thu, 14 Mar 2019
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