Business
Tango Mining Reports Over 530 Carats in Diamond Sales With Average of USD$1,382 per Carat Oena Diamond Mine, South Africa
VANCOUVER, British Columbia, July 22, 2019 (GLOBE NEWSWIRE) -- Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to provide an update on dia
About this update from Southstone Minerals Limited
[{"type":"text","content":" VANCOUVER, British Columbia, July 22, 2019 (GLOBE NEWSWIRE) -- Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) is pleased to provide an update on diamond sales results from the Oena Diamond Mine, Republic of South Africa (“Oena”). During the most recent production period, 9 May to 7 July 2019, a total of 531.82 carats (230 diamonds) were produced, placed on tender and sold with an average price of US$1,382 per carat. This includes 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. Mining and Processing Contractor – Bluedust A total of 206 diamonds totalling 407.76 carats were placed on tender or sold to the State Diamond Trader from the production period 9 May to 6 July 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 $4,358 per carat. Blue Dust 7 Tonnes (ROM) Carats Produced Number of Stonesproduced USD $ average per carat 131,460 407.76 206 1,265 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. 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 A total of 24 diamonds totalling 124.06 carats were placed on tender or sold to the State Diamond Trader from the production period 4 June to 6 July 2019. The average price received was US$1,765 per carat. This includes 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. Oryx Mining & Hall of Diamonds Tonnes Carats Number of Stones USD $ average per carat 37,440 124.06 24 1,765 Tango's subsidiary, African Star Mi...