Tango Mining Limited, providing an update on diamond sales from the Oena Diamond Mine, Republic of South Africa – for the most recent production period (May 9-July 7, 2019) – reported that a total of 230 diamonds, weighing 531.82 carats  totally,  were sold for an average price of US$ 1,382 per carat.

The lot included a 19.87 carat diamond, which sold at US$ 4,358 per carat; a 49.6 carat diamond which sold at US$ 2,561 per carat; and a 24.97 carat diamond which sold at US$ 1,101 per carat.

“Tango is extremely pleased with the performance of the mining contractors on site who have continually increased and improved diamond production at Oena over the past year,” the Company.

One of the contractors, Blue Dust, was responsible for 206 of the total diamonds totalling 407.76 carats placed on tender or sold to the State Diamond Trader from the production period May 9 to July 6, 2019. The average price received was US$ 1,264 per carat. This included an 18.2 carat diamond which sold at US$ 2,850 per carat; and a 19.87 carat stone that sold at US$ 4,358 per carat.

“The Contract Mining and Diamond Recovery Agreement with Bluedust, requires Bluedust, at its own cost and expense, to provide and maintain all the plant and equipment as required,” Tango elaborated. “A total of 25% of the gross income of net diamond sales from run of mine gravel (ROM) and 40% of gross income of net diamond sales from pan tailings and bantam material (Tailings), less commission, will be paid to Tango`s subsidiary for the duration of the 60-month contract.”

Mining and Processing Contractor Oryx Mining & Hall of Diamonds was responsible for a total of 24 diamonds totalling 124.06 carats which were placed on tender or sold to the State Diamond Trader from the production period   June 4 to July 6, 2019. The average price received for these diamonds was US$ 1,765 per carat. This included a 49.6 carat diamond which sold at US$ 2,561 per carat; a 24.97 carat diamond which sold at US$ 1,101 per carat; and a 16.65 carat diamond which sold at US$ 2,126 per carat.

“Tango's subsidiary, African Star Minerals (ASM), entered into a Joint Operating Agreement with Oryx Mining (Pty) Ltd (Oryx) and Hall of Diamonds CC (HoD) whereby Oryx will contribute earth moving and mining equipment to support the operation of ASM's two pan plants,” Tango stated. “ASM shall pay a total of 55% of net proceeds of diamond sales to Oryx and HoD after deduction of operating costs.”