Tango Mining Limited which is engaged in various diamond mining and exploration projects across Africa provided an operational update for the period December 1, 2018 to February 28, 2019, the second quarter of its financial year.

The Company said that at its Oena project in South Africa 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 95,490 t of ROM materials were processed during the most recent production period with average grade of 0.31 carats per ton.

At the African Star Minerals (ASM) project, the Company completed the transportation and installation of all outstanding equipment and infrastructure onsite during the quarter. Bulk sampling began in February and full scale processing of pan tailings and bantam material is targeted to commence in April.

In Angola, Tango said it had received permission from Endiama to restart operations at the Moquite project. The Company has been actively assisting Cooperativa Mineira Do Moquita, SCRL with mine set up and plant rehabilitation as well as securing EME and finalizing the mine plan. Start of bulk sampling operations is targeted for April 2019.

Tango also reported that it had decided against progressing with the Middlepits Project in Botswana. 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.

At the Mano River Project in Liberia, a local company has been registered under the name Tango Mining (Liberia) and 100% of the mineral exploration licenses (MEL) are being transferred to it. Tango CEO Samer Khalaf said that the agreement with West Mining Ltd 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.