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Tango Mining

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

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

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The mine is in South Africa

Tango Mining Limited (CVE: TGV) told  investors that its right to mine at the Oena diamond mine in South Africa had been renewed for a further nine years.

Oena  covers a 4.8 kilometre (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.

Last month, the group updated the market on its latest diamond sales from the mine.

During the most recent production period, ending March 14 this year, that a total of 159.34 carats or 106 diamonds were produced, and placed on tender in Kimberley.

The diamonds were sold at an average price of US$864 per carat. This includes an 8.47 carat diamond which sold at US$2,896 per carat.

Chief executive Samer Khalaf said diamond production from Oena, since acquisition, including production from both run of mine (ROM) material as well as pan tailings, now totals 1,660 carats.

Tango also said Monday that it had terminated its services agreement for the mining and marketing of diamonds with Txapemba Canguba R.L (Txapemba) -  mutually agreed by both parties.

Quick facts: Tango Mining

Price: $0.02

Market: TSX-V
Market Cap: $3.49 m
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