Tango Mining Limited ("Tango" or the "Company") (TSX VENTURE:TGV) is pleased to announce that African Mineral Recovery Solutions CC ("AMRS") has mobilized and commissioned mining and processing equipment, including a Bourevestnik X-ray sorter ("BVX") at the Oena Diamond Mine (the "Oena Project") located in the Northern Cape, South Africa. During test commissioning, AMRS recovered a total of 62.17 carats at an average value of US$3,780 per carat, including a stone of 36.34 carats.
Since Tango's acquisition of 51% of African Star Minerals (Pty) Limited ("ASM"), which owns 100% of the Oena Project, 254.2 carats have been recovered with an average value of US$1,881 per carat. Upon completion of a number of required operational items, including the implementation of a number of required management plans, including a Health and Safety Plan, Tango expects AMRS to commence bulk sampling in Q1 2017.
Debt Conversion to Equity
The Chairman and Interim CEO, Terry L. Tucker, P.Geo., has agreed to settle indebtedness in the sum of C$100,000 by the issuance of 2,000,000 common shares at a price of C$0.05 per share, which shares for debt settlement is subject to the approval of the TSX Venture Exchange.