VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 8, 2016) – Tango Mining Limited (“Tango” or the “Company”) (TSX VENTURE:TGV) announces that further to its news release dated 30 December 2015 and subsequent news releases dated 12 January, 26 January, 10 February and 23 February 2016, the British Columbia Securities Commission, the Company’s principal regulator, issued a Management Cease Trade Order (“MCTO“) against the Company’s Chief Executive Officer and Chief Financial Officer on 30 December 2015, as opposed to a general cease trade order against the Company. The MCTO prohibits trading in securities of the Company, either directly or indirectly, by these individuals.
As disclosed in the Company’s News Release dated 30 December 2015 (the “Default Notice“) this action was expected due to the fact that the Corporation was unable to file its annual financial statements, Management’s Discussion & Analysis and related Chief Executive Officer and Chief Financial Officer certificates for its fiscal year ended 31 August 2015 (the “Required Filings“) before the December 29, 2015 filing deadline.
Pursuant to the requirements of Section 4.4 of National Policy 12-203 – Alternative Information Guidelines the Company reports the following:
- (i) There have been no material changes to the information contained in the Default Notice and the Company expects to file the Required Filings on or before 30 March 2016;
- (ii) There have been no failures with respect to the Company fulfilling its stated intention of satisfying the requirements of filing the Required Filings;
- (iii) There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Notice; and
- (iv) There is no other material information about the affairs of the Company that has not otherwise been reported.
The Company advises that, due to an unexpected delay in completing the audit of its South African subsidiaries, which required the Vancouver auditors to fly to South Africa, the financial statements are expected to be completed by no later than 30 March 2016.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines so long as it remains in default of this filing requirement, being the provision of bi-weekly updates by way of news release.
About Tango Mining Limited
Tango Mining Limited is a Canadian company that primarily operates in southern Africa. Tango has recently completed a positive preliminary economic assessment for the past producing BK11 Kimberlite Diamond Mine, Botswana that will produce in excess of 500K carats and has a short timeline to re start of production. Tangos Kwena Group have four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Total (SA) and Glencore plc. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province, South Africa. The Company also holds an interest in African Star that owns the Oena Project, a producing alluvial diamond property, Northern Cape Province, South Africa. The Company’s vision is to become a junior mining company with a focus on diamond mining and development projects.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has neither approved nor disapproved the contents of this press release.
Mr. Terry L. Tucker, P.Geo.
Executive Chairman and Interim CEO