Canadian Junior Tango Mining Earns $812/Carat from Latest Diamond Parcel

Mining and Exploration
09/06/2017 11:20

Canadian junior miner Tango Mining, which holds an interest in the Oena Diamond Mine, an alluvial diamond property, Northern Cape Province, South Africa, produced a total of 465 carats (311 stones at an average size of 1.498 carat per stone) during the period 18 April 2017 to 19 May 2017. They sold a total of 527 carats on tender in Johannesburg or in Dubai, achieving an average price of $812 per carat. Diamond production from Oena, since acquisition, now totals 1331 carats and have been sold at an average price of $1,100 per carat. Some of the highest value diamonds recovered during this period include an 8.92 carat diamond which sold at US$2,199 per carat, a 5.65 carat diamond which sold at US$3,672 per carat and a 7.35 carat diamond which sold at US$3,201 per carat.

Tango also reported that during the period, no unprocessed gravel had been mined -- only “historical surface bantam tailings from previous operators”. A total of 19,497 tons were processed up to May 30, 2017." They further said to have reached a settlement with creditors for debt totaling US22,750 (C$30,725)  by the issuance of 614,500 common shares at a price of $0.05 per share. Shares issued for debt settlements are subject to the approval of the TSX Venture Exchange, the company stated.