Tembo Announces Final Closing of Non-Brokered Private Placement, and Commencement of the 2014 Drilling Program

TORONTO, ON--(Marketwired - February 18, 2014) - Tembo Gold Corp. (TSX VENTURE: TEM) (FRANKFURT: T23) ("Tembo" or the "Company") is pleased to announce that it has issued 10,000,000 units (the "Units") of the Company to Concept Capital Management Limited ("CCM") at a price of C$0.10 per Unit for aggregate gross proceeds of C$1,000,000 pursuant to its previously announced private placement (the "Financing") in the news release dated January 2, 2014. The Company is also pleased to announce that two diamond drilling rigs have been mobilized onto the Tembo project and the 2014 in-fill and deep-drilling program has commenced. Following the successful completion of the recent ~$8MM financing and a technical review of the project exploration results to date, a drill program to further test previously drilled targets has been designed and initiated.

David Scott President & CEO stated, "We are very pleased to once again be drilling at Tembo. The confidence expressed by our new investors in the project and our team through the recent financing is extremely encouraging. The new technical members of the Board of Directors and our exploration team have reviewed the historical data, the status of the project and the 2012 drilling results, and a three-month detailed drilling program for this quarter has been agreed. Drilling priorities and targets will be reviewed and established on a quarterly basis."

In mid-January two of Tembo's new directors, Bob Foster of Stratex plc and Neil Gardyne of New Africa Mining Fund II, joined the Tembo geological team, including David Scott, on site to conduct a detailed review of all historical and recent data and geological information, examine the drill core of the 2012 drilling program, and consider the proposed drilling program. As a conclusion of this exercise an immediate work program for the first quarter of 2014 was agreed on and immediately initiated. Two diamond drill rigs have been deployed on the Tembo project where the Company plans to test several high priority targets. The drill program commenced at the Ngula 1 target to follow up on the last deep drill hole completed; TDD0041: 22.81g/t Au over 15.00m from 299.00m including 34.78g/t Au over 9.70m from 302.30m. The drill program includes drilling at the Ngula 1 target (complete), Nyakagwe East (currently underway) and Nyakagwe Village (planned).