Tango Mining Limited

Extension and Conversion of Convertible Debentures

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 20, 2017) - Tango Mining Limited ("Tango" or the "Company") (TSX VENTURE:TGV) announces that an unsecured US$50,000 convertible note and a secured convertible note of CAD$100,000 have been converted to equity resulting in the issuance of 3,284,000 common shares at a price of $0.05 per share, as well as the issuance of 1,284,000 share purchase warrants, with each warrant entitling the holder thereof to purchase one additional common share at a price of $0.10 per share for a term of two years.

The Company has proposed to settle C$266,839 in debt with respect to the payment of accrued interest on convertible debentures and settlement of a loan balance, by the issuance of an aggregate of 5,336,780 common shares at a price of $0.05 per share, which issuance is subject to the approval of the TSX Venture Exchange.

The Company confirms that it has now issued 2,000,000 common shares in the capital stock of the Company in full and complete settlement of the indebtedness in the sum of C$100,000 owed to its Chairman and Interim CEO, Terry L. Tucker, P.Geo.

In addition, the Company also announces that the conversion rights of all outstanding convertible debentures has been extended to December 31, 2017. Pursuant to the terms of the convertible debentures, the lenders have the option to convert the principal into units of Tango at the discretion of the lender. Each unit shall consist of one common share at a price of $0.05 per share and one share purchase warrant to purchase one additional common share at a price of $0.10 per share, which warrants shall be for a term of two years. The debentures bear interest at the rate of 12% per annum. Interest payable under the loans may be settled by the issuance of common shares at a price not below the trading market price at the time the interest is payable.

About Tango Mining Limited

Tango has four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Exxaro and Glencore. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province, South Africa.

On behalf of the Board of Directors of Tango Mining Limited

Mr. Terry L. Tucker, P.Geo., Executive Chairman and Interim CEO

Neither 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 release.