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