Tango Gold Mines Incorporated: Corporate and Topacio Project Development Update
01 6월 2013 - 12:38AM
Marketwired Canada
Tango Gold Mines Incorporated (TSX VENTURE:TGV) (the Company or TGV) is pleased
to provide a development plan, corporate update and announce excellent results
from twenty-three trenches completed within its 9300 hectare Topacio Project,
Nicaragua (the Property).
Topacio Project Development Plan Update
JDS Energy and Mining Inc. (JDS) continues to work with the Company to complete
an evaluation, development and execution plan that will include preliminary
capital and operating cost estimates. This work also includes compilation and
verification of an extensive property database that was not previously compiled,
will update the metallurgical test work, update the resource model to be used
for preliminary mine design and planning, site development, social and
environmental permitting and the site visits by the JDS engineering and
environmental team has been completed.
Corporate Update
The Company is pleased with the progress that JDS has made to advance the
Topacio Project toward the development phase and the Mico Vein trench results
confirm the excellent resource expansion and exploration potential that we
anticipated on the Property. Mr. Ponte commented "Since I was appointed Chairman
and CEO of the Company I have established relationships with many stakeholders
and have accepted and enjoyed the challenge facing us to successfully advance
and develop the Property to the benefit of Company shareholders and local
stakeholders. We are impressed with the dedicated commitment we have encountered
in our interaction with Nicaraguan government officials at the Municipality,
Regional and National level and their support to attract foreign investment for
mining and exploration companies. We have established our Head Office in Managua
and are continuing to build our team to support advancement of the Company's
assets in Nicaragua."
Trenching Program Results
The eight trenches reported in the table below have outlined a 700 meter (m)
long zone of gold (Au) mineralization that averages 29 m wide (approximately
true width). Seventeen trenches were completed on the Mico Vein, which is one of
twenty-five known gold/silver rich low sulphidation epithermal veins on the
Property.
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Length Au
Trench m grams per tonne (g/t)
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FT 221 57.0 4.00
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including 11.0 6.86
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FT 222 50.7 4.65
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including 8.0 21.2
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FT 223 8.6 1.54
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FT 224 32.0 0.98
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FT 225 39.7 2.42
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including 4.0 9.80
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FT 233 32.1 3.07
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FT 234 12.5 4.94
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FT 236 2.5 5.62
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Trenching targeted primarily the Mico Vein but trenches were also completed on
Lone Star, Majestad and the Topacio East Extension Veins. The Mico, Dos Amigos
and Lone Star veins were the focus of historic mining and approximately 60,000
ounces of Au (estimated and not verified) were mined from portions of these
veins from underground workings as well as from open pits. A total of 1337 m of
trenching, varying from 45 m up to 98 m in length, were completed and a total of
1488 samples were collected. A standard QA/QC program including duplicate
samples, insertion of blanks and sample standards was employed. Samples were
prepared by Inspectorate Labs in Managua, Nicaragua and analyzed for Au and
silver by fire assay/AA by Acme Labs in Vancouver, British Columbia, Canada.
Trench spacing on the east-northeast trending Mico vein was at approximately 50
m to 100 m intervals along the with two trenches on the east portion of the Lone
Star and May Flower vein near their intersection. A summary of results listed
the table below for the twenty-three trenches.
About Tango Gold Mines Incorporated
Tango Gold is a Canadian company engaged in the exploration and development of
precious metal properties in Nicaragua. Tango Gold is focused on advancing the
past-producing 9,300 hectare Topacio Property. Topacio is located in a similar
geological setting as B2Gold's La Libertad Mine, which is located to the west of
Topacio. Topacio has a National Instrument 43-101 Inferred mineral resource
estimate of 2,716,176 tonnes (t) grading 3.90 g/t Au containing 340,345 ounces
of Au (at 1.5 g/t Au cut-off). Tango Gold trades on the TSX Venture Exchange
under the symbol TGV.
On Behalf of the Board of Directors
Antonio Ponte, Chairman and Chief Executive Officer
Tango Gold Mines Incorporated
This news release may contain forward-looking statements, which relate to future
events or future performance and reflect management's current expectations and
assumptions. Forward-looking statements address future events and conditions and
therefore, involve inherent risks and uncertainties. Readers are cautioned that
these forward looking statements are neither promises nor guarantees, and are
subject to risks and uncertainties that may cause future results to differ
materially from those expected. The presence of gold deposits mentioned nearby
the Company's property is not indicative of the gold mineralization on the
Company's property. All of the forward-looking statements made in this news
release are qualified by these cautionary statements and those in our continuous
disclosure filings available on SEDAR at www.sedar.com. These forward-looking
statements are made as of the date hereof and the Company does not assume any
obligation to update or revise them to reflect new events or circumstances save
as required under applicable securities legislation. This news release does not
constitute an offer to sell securities and the Company is not soliciting an
offer to buy securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction. The technical disclosure in this news
release have been approved by Terry L. Tucker, P.Geo., Technical Director of the
Company and a Qualified Person as defined by National Instrument 43-101 of the
Canadian Securities Administrators.
Summary of Trench Results
NSA = no significant assays
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Length Au
Vein Trench m g/t
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1 Mico FT 220 NSA
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2 Mico FT 221 57.0 4.00
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including 11.0 6.86
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3 Mico FT 222 50.7 4.65
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including 8.0 21.2
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4 Mico FT 223 8.6 1.54
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5 Mico FT 224 32.0 0.98
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6 Mico FT 225 39.7 2.42
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including 4.0 9.80
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7 Mico FT 226 NSA
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8 Mico FT 227 NSA
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9 Mico FT 228 5.5 1.98
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10 Mico FT 229 NSA
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11 Mico FT 230 NSA
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12 Mico FT 231 NSA
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13 Mico FT 232 NSA
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14 Mico FT 233 32.1 3.07
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15 Mico FT 234 12.5 4.94
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16 Mico FT 235 NSA
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17 Mico FT 236 2.5 5.62
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18 Lone Star FT 237 3.0 1.36
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19 Lone Star FT 238 NSA
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20 Majestad FT 239 4.0 3.14
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and 1.5 5.65
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21 Topacio East Extension FT 240 6.5 0.95
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22 Topacio East Extension FT 241 4.5 1.4
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23 Topacio East Extension FT 242 NSA
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FOR FURTHER INFORMATION PLEASE CONTACT:
Tango Gold Mines Incorporated
Antonio Ponte
ponte@tangogoldmines.com
Tango Mining (TSXV:TGV)
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