This will involve the acquisition of 100% of the issued shares of Namibian group, Coldstone Investments.
Consideration for the deal will be 44 million Tanga shares and some deferred payments totalling $750,000.
The acquisition of Joumbira represents an opportunity to secure an advanced project, which could potentially deliver high grade zinc-lead-silver as it is situated close to the highly prospective Damaran Belt.
Joumbira in heart of precious and base metal province
Joumbira occurs within a major belt stretching for over 300 kilometres southwest to Navachab (27 million tonnes at 2 g/t gold) and northeast to Otjikoto (29 million tonnes at 1.5 g/t gold), both prominent gold mines.
As a low-risk, politically stable and mining friendly jurisdiction, Namibia is home to multinational mining groups such as Rio Tinto Limited (ASX:RIO), B2Gold Corp (TSE:BTO) and Vedanta Resources plc (LON:VED).
A further attraction is its relatively close proximity to a power grid, transport and port infrastructure, effectively providing a ready path to market.