Tango Mining to Sell Oena Diamond Project for US$3 Million

March 29, 2016

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Tango Mining Ltd. (TSXV:TGV) announced that Bothma Diamonte CC has made a binding offer to acquire African Star Minerals (Pty) Ltd., which owns the South Africa-based Oena diamond project, for US$3 million. Tango holds a 51-percent stake in Oena.

As quoted in the press release:

In connection with the agreement with Bothma for the purchase of African Star, Tango has entered into a Binding Term Sheet and Sale and Acquisition Agreement – Contracting (“Stage 1 Agreement”) whereby Bothma will continue the alluvial diamond bulk-sampling program at the Oena Project, and following that will enter into, a Stage 2 Sale and Acquisition Agreement – Share Sale and Purchase (“Stage 2 Agreement”) whereby Bothma will complete the acquisition of African Star. The Company’s Kwena Group operational team, and in particular Mr. Theodor Boshoff, will continue as the Tango representative during the bulk-sampling program. Tango will receive a minimum of 15% of the proceeds of all diamond sales for a term of the longer of 12 months and/or until a Section 11 approval is obtained.

Tango’s sale of African Star is subject to the approval of the TSX Venture Exchange and to the approval of the Minister of Mineral Resources pursuant to Section 11 of the Mineral and Petroleum Resources Development Act No. 28 of 2002, Republic of South Africa and completion of the Stage 2 Agreement.

Click here to read the full Tango Mining Ltd. (TSXV:TGV) press release.

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Category: Diamond