Visitors Now:
Total Visits:
Total Stories:
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Tango hires African Mineral to restart Oena sampling

Thursday, November 24, 2016 8:09
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Tango Mining Ltd (CVE:TGV) has appointed African Mineral Recovery Solutions CC as a contractor to recommence bulk sampling of the Oena diamond mine located in the Northern Cape, South Africa, the company said on Friday.

AMRS will be paid a gross income of net diamond sales, less state royalties, based on a sliding scale between 15% and 20% for the duration of the 24-month contract. ATC Enterprises DMCC maintains its diamond off-take right until it has received a minimum of 2,000 carats.

AMRS specialises in the processing of alluvial gold and diamond deposits and will utilise Bourevestnik X-ray machine technology for diamond recovery.

The Oena project consists of an 8,800-hectare mining right, corresponding infrastructure and all associated processing equipment, located along the Orange River in a well-established alluvial diamond-mining province known to produce high-quality and large-sized diamonds.

Additionally, Tango said it has terminated both the sale and contracting agreements, as announced on March 23, with Bothma Diamonte CC.

Furthermore, Tango announced that it has completed a private placement of $67,500 in unsecured convertible notes. The notes, bearing interest at 12%, are due on Feb. 28, 2017, and are convertible into units of the company at a price of five cents per unit, with each unit consisting of one common share and one share purchase warrant exercisable at a price of seven cents per share for a term of two years.

The company also announced the extension of the ATC unsecured convertible note for the balance of $250,000 until March 31, 2017. The note is convertible into common shares of the company at a price of five cents per share and bears interest at 10%.

Story by ProactiveInvestors

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.