VANCOUVER, British Columbia, June 27, 2018 (GLOBE NEWSWIRE) — Tango Mining Limited (“Tango” or the “Company”) is pleased to provide an update for the period of 1 December, 2017 to 31 May, 2018 on its three Operation and Maintenance of Coal Processing Plant agreements with Exxaro Coal Central Propriety Limited (ECC). The agreements for the Dorstfonein East (DCME), Dorstfonein West (DCMW) and Forzando (FZN) coal mines are handled via Tango’s South African subsidiary, Kwena Mining Projects (Pty) Ltd.
HEALTH, SAFETY & ENVIRONMENT:
- Kwena had no reportable incidents recorded on ECC mines for the six month period.
- A Safety Award was given to all ECC Operations and all its contractors for achieving a full financial year without any fatalities throughout the group.
Six month ROM and Discard throughput for the three ECC operations:
|Actual (t)||Budget (t)||Variance (t)||Comments|
|DCME||1,102,850||1 271 018||(168 168)||Coal supply issues from Opencast Pit|
|DCMW||513 011||510 340||2 671|
|FZN||1 559 733||1 666 749||(107 016)||Coal supply problem from underground|
Number of full time employees: 231
Number of Contract employees: 23
AWARDS & RECOGNITIONS:
Bongani Vilakazi – awarded CTC (Colliery Training Centre) Advanced Coal Preparation Student of the Year. Overall result 90%.
The following Kwena employees received recognition awards from ECC management for outstanding work carried out during projects with no incidents or injuries recorded during the implementation of the projects:
Dorstfontein West: J Gallagher (General Engineering Superintendent), S Coombe (Plant Manager)
Dorstfontein East: J Shoobert (Electrical Foreman)
Forzando: V Nel (Plant Engineer), J Coetzee (Plant Manager)
ADDITIONAL CONVEYER INSTALLED:
An additional product conveyor was successfully installed at the DCME plant so that the washed product from the rewash of discard is stockpiled separately from the product produced from the raw ROM coal. This eliminates any product contamination and simplifies the process flow of the two products produced. In case of a shortage of raw coal supply, Tango is able to substitute the raw coal with discard and in doing so can maintain the tonnage through the plant at or close to the budgeted throughput.
Mr. Samer Khalaf
Chief Executive Officer
Tango Mining Limited
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information set forth in this news release contains “forward-looking statements” and “forward-looking information” under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include management’s assessment of future plans and operations and are based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as “forecasts”, estimates”, “expects” “anticipates”, “believes”, “projects”, “plans”, “outlook”, “capacity” and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them.
Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to statements with respect to the estimation of mineral resources; the realization of mineral resource estimates; anticipated future production, capital and operating costs; cash flows and mine life; potential size of a mineralized zone; potential expansion of mineralization; potential types of mining operations; permitting timelines; government regulation of exploration and mining operations; risks that the presence of diamond deposits mentioned nearby the Company’s property are not indicative of the diamond mineralization on the Company’s property, the supply and demand for, deliveries of and the level and volatility of prices of rough diamonds, risks that the actual revenues will be less than projected; risks that the target production for the existing mining contracts will be less than projected or expected; risks that production will not commence as projected due to delay or inability to receive governmental approval of the Company’s acquisition or the timely completion of an NI43-101 report; technical problems; inability of management to secure sales or third party purchase contracts; currency and interest rate fluctuations; foreign exchange fluctuations and foreign operations; various events which could disrupt operations, including labor stoppages and severe weather conditions; and management’s ability to anticipate and manage the foregoing factors and risks.
The forward-looking statements and information contained in this news release are based on certain assumptions regarding, among other things, future prices for coal and diamonds; future currency and exchange rates; the Company’s ability to generate sufficient cash flow from operations and access capital markets to meet its future obligations; coal consumption levels; and the Company’s ability to retain qualified staff and equipment in a cost-efficient manner to meet its demand. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update any of the forward-looking statements contained in this news release unless required by law. The statements as to the Company’s capacity to achieve revenue are no assurance that it will achieve these levels of revenue.