Tango To Sell Oena Diamond Project for $3 Million
March 27, 16
(IDEX Online News) – Tango Mining Limited announced that it has entered into a binding agreement with Bothma Diamonte CC to acquire African Star Minerals (Pty) Limited, which owns the Oena Mine for $3 million. Tango has a 51-percent interest in the Oena Mine located in South Africa’s Northern Cape.
Bothma has worked as a contractor on various alluvial diamond projects, the processing and manufacture of river sands and kimberlite projects in the Northern Cape and Free State.
The Oena Project consists of an 8,800 hectare mining right and infrastructure, and is located along the Orange River in an alluvial diamond-mining province that is known to produce high quality and large-sized diamonds.
Bothma will continue the bulk sampling program at the Oena Project in the initial stage of the agreement, to be followed by the completion of the acquisition of African Star.
The proposed sale still has to be ratified by the TSX Venture Exchange, as well as receive the approval of the mineral resources minister, Ngoako Ramathlodi.
Tango Mining Limited is a Vancouver-based company that primarily operates in southern Africa. It agreed to purchase the BK11 mine in Botswana from Firestone Diamonds plc in July, but due to failed payments now has until the end of April to ensure that the finance is in place.