Tango Gold Announces Closing of $950,000 Management Lead Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 9, 2013) - Tango Gold Mines Incorporated (TSX VENTURE:TGV) (the "Company" or "TGV") announces that the non-brokered private placement offering of 19,000,000 common shares at a price of CAD $0.05 per share for gross proceeds of CAD $950,000 has now closed and the securities have been issued. The private placement shares are subject to a 12 month hold period expiring on December 2, 2014. Insiders of the Company subscribed for 3,000,000 shares (15.8%) of this private placement.

A cash finder's fee of 7% cash in the sum of CAD $17,500 was paid in connection with the private placement.

About Tango Gold Mines Incorporated

Tango Gold Mines Incorporated is a Canadian company engaged in the exploration and development of two principal precious metal properties in the Republic of Nicaragua.

• Topacio - TGV 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 - TGV 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.