Tango joins to explore Angola diamonds

Tango Mining announces a partnership with CC Mining (CCML) with regard to diamond projects in Angola.

Tango and CCML have signed a term sheet committing up to USD $1,300,000 investment that Tango will use toward the development of its Txapemba Project, Angola, subject to certain conditions precedent.

 

Tango has previously signed a three-year renewable Services Agreement for Mining and Marketing of Diamonds with Txapemba Canguba RL for the semi-industrial exploitation of diamonds. According to the Service Agreement, Tango is responsible for capital expenditures associated with alluvial mine design and equipment acquisition and is the sole operator. As remuneration, Tango will receive 60% of the net proceeds from the sale of produced stones, after deduction of Tango’s operational costs.

 

Txapemba will be the first collaborative project between Tango and CCML and the Investment will include both a debt and equity contribution to a new special purpose company. The Investment is subject to a renewal of the Project and transfer of the Service Agreement to a new subsidiary of Tango and other conditions precedents.

 

Since this time, the Project has been secured, earth moving equipment has been mobilized for the construction, upgrade and maintenance of roads and trenching has been completed in two areas to identify diamondiferous gravels.

 

Key: diamond mining, rough diamond, new mine

 

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