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Tango Mining gets TSX approval for proposed acquisition of Botswana diamond mine

Last updated: 09:19 19 Aug 2016 EDT, First published: 04:19 19 Aug 2016 EDT

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Over US$45mln has previously been spent on BK11

TSX Venture-listed Tango Mining (CVE:TGV) told investors it has received the green light from the TSX Venture Exchange for a filing in relation to its proposed acquisition of the BK11 diamond mine, in Botswana.

The company had reached a conditional agreement in July of last year, and has since been working to finalise its funding arrangements.

The deal will see the junior pay US$8mln to UK-listed Firestone Diamonds PLC (LON:FDI) for both the mine and Firestone’s 90% interest in Monak Ventures (Pty) Ltd.

BK11 – which has a book value of approximately US$10.7mln - is host to an 8.7 hectare kimberlite pipe containing an estimated 17.4mln tonnes of ore at 6.8 carats per hundred tonnes, or 608,000 carats in total.

The project is situated in the Orapa / Lethlakane kimberlite district which Tango describes as “one of the world’s most prolific diamond producing districts.”

The firm also owns coal assets in South Africa and a gold deposit in Nicaragua.

Shares were unchanged at C$0.06.



*Story originally published 8:33 am on Friday 19 August, and was corrected at 9:19 am to clarify that the transaction has yet to close.

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