Tango Gold Operational and Target Forecasts

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 30, 2014) - Tango Gold Mines Incorporated ("Tango" or the "Company") (TSX VENTURE:TGV) is pleased to provide an operational update on El Santo, Nicaragua and its recently acquired African Star Minerals Group's ("ASM") operations in South Africa for its first quarter (Q1), ending November 2014, and year end (Q4), ending August 2015.

Highlights

• ASM's four thermal coal, metallurgical and processing plant contracts, with clientele that include Total (SA) and Glencor, are forecast to process 6.5 million tonnes per annum and 19.5 million tons are contracted over next 3 years, with total current staffing complement of 285.
• Forecasted revenue generated of CAD 11,984,000 for the fiscal year, ending August 2015.
• Oena Diamond Mine development decision pending completion of National Instrument (NI) 43-101 report.
• Jakkelsdraai alluvial diamond prospecting work program to commence in December 2014.
• The Company will change its name to Tango Mining Limited, subject to TSX.V approval, to complement its vision to become a diversified junior mining company with interests in precious and base metals, coal, diamond and precious stone mining projects.

Mr. Marco Möller, President and Chief Executive Officer, commented: "We are very pleased with the successful closing of the acquisition of the African Star Minerals Group and effective control now vesting in Tango. This acquisition provides Tango with the means to expand from a purely exploration focused organization to that of a mining concern with projects that currently generate free cash flow and near term production. Some of the African Star entities have been operating in the precious metal, base metal, thermal coal and diamond industry for 18 years and the successful union of existing operating know how and technical knowledge, with that of Tango's understanding of the international finance markets, will allow us to grow the Company, adequately renamed Tango Mining Incorporated. We are confident that we are well positioned to realize our vision to become a diversified junior mining concern with a portfolio of production, development and exploration assets and have the technical capability to successfully conclude the acquisition of commercially feasible opportunities in both the Southern African and global mining sector.