Tango Gold Corporate Update

Tango Gold Mines Incorporated (TSX VENTURE:TGV) (the "Company") provides a
corporate update on activities in Nicaragua. 


Under the terms of its option agreement dated 30 April 2010 (the "IMISA
Agreement") with Inversiones Mineras, S.A. ("IMISA"), the Company has the
exclusive right and option (the "Option") to acquire 100% of the 9,300 hectare
Topacio mining concession in south-central Nicaragua (the "Topacio Concession")
by paying the purchase price of USD $3,000,000 on or before 30 April 2016,
subject to a 3% net smelter return royalty in favour of IMISA. In addition, the
Company is required to make USD $90,000 semi annual payments on 1 May and 1
November of each year until the purchase price is paid. In light of, among other
things, existing market conditions and the size of the current National
Instrument (NI) 43-101 compliant inferred resource on the Topacio Concession
(see news release dated 21 November 2012) the Company has re-evaluated the
economics of its proposed acquisition of the Topacio Concession and determined
to cease further exploration activities unless it can re-negotiate the purchase
price under the IMISA Agreement. To this end, the Company has presented an offer
to IMISA for the immediate purchase of a 100% interest in the Topacio
Concession, which, if successful, could potentially enable the Company to secure
financing opportunities to continue with an evaluation, development and
execution plan for the concession. There are no assurances that the Company will
be successful in its efforts to re-negotiate the purchase price for the Topacio
Concession on satisfactory terms, failing which the Company intends to terminate
the Option. 


As a result of the foregoing, the Company has not made the USD $90,000
semi-annual payment that was due to IMISA on 1 November 2013 and restructured
its operations in Nicaragua such that, as of 1 January 2014, all technical
consultants and other staff will be engaged solely on an hourly rate or daily
rate basis as needed from time to time. As part of such restructuring Andrew
Neale will be stepping down as CEO of the Company effective 13 December 2013 and
the Company wishes Mr. Neale every success in his future endeavors. Mr. Antonio
Ponte, Executive Chairman of the Company, has been appointed as Chief Executive
Officer, effective immediately.


The Company currently has approximately CAD $1,700,000 in cash in its treasury,
no debt, and is evaluating numerous other opportunities that are available for
acquisition.


About Tango Gold Mines Incorporated

Tango Gold Mines Incorporated is a Canadian company with two principal precious
metal properties in the Republic of Nicaragua.




--  Topacio - The Company has the right to acquire a 100% interest in the
    9,300 hectare (ha) Topacio concession in south-central Nicaragua, net a
    3% NSR. Topacio is the site of historical underground and open pit gold
    production dating back to the early 1900s and hosts an National
    Instrument 43-101 compliant Inferred Mineral Resource of 2,716,176
    tonnes grading 3.90 grams per tonne (g/t) gold, containing 340,345
    ounces of gold at a cutoff of 1.5 g/t (Clarkson, 9.11.2012). 
--  El Santo - The Company has a 100% interest in the 2,088.8 ha El Santo
    concession located in central Nicaragua, immediately to the south of
    B2Gold Corp.`s La Libertad concession that is host to the La Libertad
    mine and mill complex which is expected to produce in excess of 130,000
    ounces of gold in 2013. El Santo is believed to host several east-west
    trending, low sulphidation, epithermal quartz vein systems similar to
    those found on the La Libertad concession. 



On Behalf of the Board of Directors

Antonio Ponte, Executive Chairman

Tango Gold Mines Incorporated

Neither the 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 news release.


This news release contains 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., Director of the Company
and a Qualified Person as defined by National Instrument 43-101 of the Canadian
Securities Administrators. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Tango Gold Mines Incorporated
Antonio Ponte
Executive Chairman
antonio.ponte@tangogoldmines.com
Tango Mining (TSXV:TGV)
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