Tango Sells 42.26-Carat Diamond for $11,267 Per Carat From Oena Diamond Mine

Tango Mining Limited has sold the 42.26-carat diamond recovered from run of mine gravel (“ROM”) in the Oena Central Area, Oena Diamond Mine, Republic of South Africa (“Oena”). The diamond was sold on tender at the Kimberley Diamond Exchange for US$11,267 per carat.

During the most recent production period, ending 19 July 2018, an additional 125.87-carats (82 diamonds) were produced from ROM, placed on tender and sold with an average price of US$945 per carat. This includes a 10.48 and a 7.17-carat diamond which sold at US$2,374 and US$3,600 per carat respectively. Total diamond production was 168.13-carats (83 diamonds), from 37,020 tonnes of ROM material processed by Bluedust 7 Proprietary Limited, during the most recent production period.

Diamond production from Oena, since acquisition, including production from both ROM material, as well as pan tailings and bantam material, now totals 2019-carats. These diamonds have been sold at an average price of US$1,290 per carat, and highlights the production history of Oena which is known to produce high quality and large sized diamonds.