AMN - SOUTH AFRICA: Tango increases African Star interest

Tango Mining has entered a non-arms length acquisition agreement to acquire an additional 23% interest in the issued and outstanding shares of African Star Minerals (ASM) in which Tango currently owns a 51% interest. Tango has agreed to pay US$200,000, payable in tranches, to acquire the extra interest.

Tango has agreed to acquire the 23% interest in ASM from Kevin Gallagher, a director of Tango, who has been granted the right to convert some or all the outstanding payment into Tango shares.

Tango also announces that ASM’s work program at Oena Diamond Mine in South Africa by contractor African Mineral Recovery Solutions CC (AMRS) has commenced with the mobilisation and commissioning of additional mining and processing equipment, including a Bourevestnik X-ray sorter.

During test commissioning, AMRS recovered a total of 62.17 carats with an average value of US$3780 per carat, including a stone of 36.3 carats. Since Tango acquired ASM, it has produced 254.2 carats which have been sold at an average price of US$1881 per carat.

ASM owns 100% of the property which consists of an 8800 hectare Converted Mining Right (CMR) on the lower Orange River, Northern Cape Province, South Africa. Oena covers a 4.8km wide strip along a 15km length of the Orange River in a well-established alluvial diamond-mining province known to produce high quality and large sized diamonds.

www.tangomining.com