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Tango Mining updates on latest sales from Oena mine as it continues to ramp up operations

The stones were placed on tender in Kimberley and sold at an average price of US$759 per carat, Tango said
Tango Mining updates on latest sales from Oena mine as it continues to ramp up operations
Tango updated on recent diamond sales from its Oena mine

Tango Mining Limited (CVE:TGV) updated on latest sales from its Oena diamond mine in South Africa.

During the most recent production period to April 14 this year, a total of 133 carats, or 121 diamonds were produced, the firm said.

READ: Tango Mining all set for cash flow from two diamond mines by the end of March

They were placed on tender in Kimberley and sold with an average price of US$759 per carat.

This included a 5.59-carat diamond which sold at US$4,078 per carat.

Oena covers a 4.8 km wide strip along a 15 km length of the lower Orange River, in Northern Cape Province.

This is a well-established alluvial diamond-mining province known to produce high quality and large sized diamonds.

Tango said today that output from Oena, since acquisition, including production from both run of mine (ROM) material as well as pan tailings, now totals 1,793 carats that have been sold at an average price of US$1,121 per carat.

A total of 32,354 tonnes of both ROM and tailings material were processed during the most recent production period.

On Friday, Tango revealed it was to purchase an additional 16-foot pan plant and a mobile screening unit, which will be used at the mine.

READ - Tango Mining says Oena mining licence has been renewed for nine years

The equipment will be used to process pan tailings and bantam material left on site from previous mining operations.

The total capital expenditure for the required equipment is expected to be in the range of C$500,000.

The company will rent a 40-tonne excavator, two 2.5-cubic-metre loaders and two 30-tonne dump trucks to support the processing of tailings.

Diamonds recovered from this operation will solely be for the account of the company. It is anticipated that this equipment will be mobilized to Oena and operational by the end of the second quarter.

The company said Bluedust 7 Pty continues its detailed geological work of Oena including the opportunity to assess the NI 43-101 inferred resource and several other priority targets.

This includes the systematic testing both run-of-mine (ROM) material in several separate areas, as well as tailings.

Shares in Tango were unchanged at C$0.035.

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