VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 31, 2013) – Tango Gold Mines Incorporated (TSX VENTURE:TGV) (the Company or TGV) is pleased to provide a development plan, corporate update and announce excellent results from twenty-three trenches completed within its 9300 hectare Topacio Project, Nicaragua (the Property).
Topacio Project Development Plan Update
JDS Energy and Mining Inc. (JDS) continues to work with the Company to complete an evaluation, development and execution plan that will include preliminary capital and operating cost estimates. This work also includes compilation and verification of an extensive property database that was not previously compiled, will update the metallurgical test work, update the resource model to be used for preliminary mine design and planning, site development, social and environmental permitting and the site visits by the JDS engineering and environmental team has been completed.
Corporate Update
The Company is pleased with the progress that JDS has made to advance the Topacio Project toward the development phase and the Mico Vein trench results confirm the excellent resource expansion and exploration potential that we anticipated on the Property. Mr. Ponte commented “Since I was appointed Chairman and CEO of the Company I have established relationships with many stakeholders and have accepted and enjoyed the challenge facing us to successfully advance and develop the Property to the benefit of Company shareholders and local stakeholders. We are impressed with the dedicated commitment we have encountered in our interaction with Nicaraguan government officials at the Municipality, Regional and National level and their support to attract foreign investment for mining and exploration companies. We have established our Head Office in Managua and are continuing to build our team to support advancement of the Company’s assets in Nicaragua.”
Trenching Program Results
The eight trenches reported in the table below have outlined a 700 meter (m) long zone of gold (Au) mineralization that averages 29 m wide (approximately true width). Seventeen trenches were completed on the Mico Vein, which is one of twenty-five known gold/silver rich low sulphidation epithermal veins on the Property.
| Trench | Length m |
Au grams per tonne (g/t) |
|
| FT 221 | 57.0 | 4.00 | |
| including | 11.0 | 6.86 | |
| FT 222 | 50.7 | 4.65 | |
| including | 8.0 | 21.2 | |
| FT 223 | 8.6 | 1.54 | |
| FT 224 | 32.0 | 0.98 | |
| FT 225 | 39.7 | 2.42 | |
| including | 4.0 | 9.80 | |
| FT 233 | 32.1 | 3.07 | |
| FT 234 | 12.5 | 4.94 | |
| FT 236 | 2.5 | 5.62 | |
Trenching targeted primarily the Mico Vein but trenches were also completed on Lone Star, Majestad and the Topacio East Extension Veins. The Mico, Dos Amigos and Lone Star veins were the focus of historic mining and approximately 60,000 ounces of Au (estimated and not verified) were mined from portions of these veins from underground workings as well as from open pits. A total of 1337 m of trenching, varying from 45 m up to 98 m in length, were completed and a total of 1488 samples were collected. A standard QA/QC program including duplicate samples, insertion of blanks and sample standards was employed. Samples were prepared by Inspectorate Labs in Managua, Nicaragua and analyzed for Au and silver by fire assay/AA by Acme Labs in Vancouver, British Columbia, Canada.
Trench spacing on the east-northeast trending Mico vein was at approximately 50 m to 100 m intervals along the with two trenches on the east portion of the Lone Star and May Flower vein near their intersection. A summary of results listed the table below for the twenty-three trenches.
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, Chairman and Chief Executive Officer
Tango Gold Mines Incorporated
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.
Summary of Trench Results
NSA = no significant assays
| Vein | Trench | Length m |
Au g/t |
|
| 1 | Mico | FT 220 | NSA | |
| 2 | Mico | FT 221 | 57.0 | 4.00 |
| including | 11.0 | 6.86 | ||
| 3 | Mico | FT 222 | 50.7 | 4.65 |
| including | 8.0 | 21.2 | ||
| 4 | Mico | FT 223 | 8.6 | 1.54 |
| 5 | Mico | FT 224 | 32.0 | 0.98 |
| 6 | Mico | FT 225 | 39.7 | 2.42 |
| including | 4.0 | 9.80 | ||
| 7 | Mico | FT 226 | NSA | |
| 8 | Mico | FT 227 | NSA | |
| 9 | Mico | FT 228 | 5.5 | 1.98 |
| 10 | Mico | FT 229 | NSA | |
| 11 | Mico | FT 230 | NSA | |
| 12 | Mico | FT 231 | NSA | |
| 13 | Mico | FT 232 | NSA | |
| 14 | Mico | FT 233 | 32.1 | 3.07 |
| 15 | Mico | FT 234 | 12.5 | 4.94 |
| 16 | Mico | FT 235 | NSA | |
| 17 | Mico | FT 236 | 2.5 | 5.62 |
| 18 | Lone Star | FT 237 | 3.0 | 1.36 |
| 19 | Lone Star | FT 238 | NSA | |
| 20 | Majestad | FT 239 | 4.0 | 3.14 |
| and | 1.5 | 5.65 | ||
| 21 | Topacio East Extension | FT 240 | 6.5 | 0.95 |
| 22 | Topacio East Extension | FT 241 | 4.5 | 1.4 |
| 23 | Topacio East Extension | FT 242 | NSA |
Contact Information:
Tango Gold Mines Incorporated
Antonio Ponte
ponte@tangogoldmines.com