Tango Gold Mines Incorporated Announces Appointment of Chief Executive Officer

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VANCOUVER, BRITISH COLUMBIA — (Marketwire – 7 August 2013) – Tango Gold Mines Incorporated (TSX VENTURE: TGV) (the Company or TGV) is pleased to announce that Andrew Neale will join the Company as Chief Executive Officer, effective August 7th, 2013

Mr. Andrew James Neale is a mining industry executive with over 25 years of experience in international mine operations management, engineering & environmental management, community & government relations; and executive & board level experience with both large and small companies.

For the past three years Andrew has been engaged by a private management group to modernize and expand the HEMCO gold mining operation in Bonanza, Nicaragua.  After leading the completion of a major hydroelectric expansion project, a modernization of the underground mining operation, an expansion of the milling facilities, and increasing annual gold production by 50%, Andrew assisted the owners with completing a sale of the project to a South American entity that has now taken over management of the mine.

Previously, Andrew served for 12 years with Freeport-McMoRan Copper and Gold Inc., with the last five years as Vice President, Technical Services.  Mr. Neale had wide ranging responsibilities with Freeport, including operations management, plant design, engineering & construction, governmental affairs & permitting, and environmental management.  Before this, he held various positions with the Falconbridge and Noranda organisations in Canada, including six years with Brenda Process Technology (now a division of Metso Minerals).  Andrew has served as a director of Universal Gold Mining Corp., Canadian Ore Processors Corp., Canada Gold Corporation, and Metals Finance Limited.  Mr. Neale has a B.Sc. and an M.Sc. in Mineral Processing Engineering from the University of Alberta.

Mr. Neale has been granted an incentive stock option to purchase up to 1,000,000 common shares in the capital stock of the Company at an exercise of $0.13 per share, exercisable for a term of five years from the date of grant, which option shall vest as to 50% upon granting and the balance of 50% twelve months from the date of grant.

In welcoming the appointment, Tango Gold Mines Inc.’s Executive Chairman Antonio Ponte stated, “We believe we have found in Andrew Neale, a Chief Executive Officer who brings a wealth of combined mining sector experience, analytical and financial skills, and strategic abilities while complementing the strong technical and administrative team Tango Gold Mines Inc has put in place for the development of the Nicaragua Projects.”

Andrew Neale stated, “I am pleased to be joining a company with a clear focus on project development that will lead to a production decision that will be mutually beneficial to the company shareholders and the people of Nicaragua.  I believe that my skill sets and experience will further strengthen the exception capabilities of the existing board and management team.”

About Tango Gold Mines Incorporated

Tango Gold is a Canadian company engaged in the exploration and development of precious metal properties in Nicaragua. Tango Gold is focused on advancing the past-producing 9,300 hectare Topacio Property.  Topacio is located in a similar geological setting as B2Gold’s La Libertad Mine, which is located to the west of Topacio.  Topacio has a National Instrument 43-101 Inferred mineral resource estimate of 2,716,176 tonnes (t) grading 3.90 g/t Au containing 340,345 ounces of Au (at 1.5 g/t Au cut-off).  Tango Gold trades on the TSX Venture Exchange under the symbol TGV.

On Behalf of the Board of Directors

Antonio Ponte

Executive Chairman

Tango Gold Mines Incorporated

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This news release may contain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. The presence of gold deposits mentioned nearby the Company’s property is not indicative of the gold mineralization on the Company’s property. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The technical disclosure in this news release have been approved by Terry L. Tucker, P.Geo., Technical Director of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.