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Tembo Gold Corp. Announces Up to $1.28M Strategic Private Placement

TORONTO, ONTARIO -- (Marketwired) -- 01/02/14 -- Tembo Gold Corp. (TSX VENTURE: TEM)(FRANKFURT: T23) ("Tembo" or the "Company") is pleased to announce a proposed strategic financing for the Company. The Company proposes to complete a non-brokered private placement (the "Financing") consisting of up to 12,800,000 units (the "Units") at a price per Unit of C$0.10 for total gross proceeds of up to C$1.28 million.

Each Unit will consist of one common share (each a "Share") and one common share purchase warrant of the Company (each a "Warrant"). Each Warrant will be exercisable to acquire one Share at a price of $0.12 per Share for a period of three years from the issuance of the Units.

The investors subscribing for the Units under the Financing will be NAMF II (Mauritius) Limited as to C$218,400, NAMF II South African Partnership as to C$61,600 and Concept Capital Management Limited ("CCM") as for up to C$1,000,000. All of the investors are currently insiders of the Company.

The net proceeds of the Financing will be used by the Company to fund ongoing exploration costs on its properties in Tanzania and for working capital purposes. All the securities will be subject to a four month and one day hold period from the closing date of the Financing. The Financing remains subject to approval of the TSX Venture Exchange.

About New Africa Mining Fund II

The New Africa Mining Fund II ("NAMF") is a junior mining venture capital fund which provides capital for early to later stage exploration and mining development projects in all minerals except diamonds and uranium, throughout Africa. NAMF adheres to the common standards and investment practices which have been developed and successfully followed by Private Equity investment firms in other markets. Such practices include due diligence, strict attention to corporate governance and sustainable development policies and a disciplined approach to timely investment realization.

About Concept Capital Management

CCM is a private German based Asset Management Company focused on evaluating and investing in Canadian resource companies through equity investments, convertible bonds and gold, silver, and copper off-take agreements.

About Tembo Gold Corp.

Tembo Gold is a Canadian publicly-listed mineral exploration company with a 100% interest in the Tembo Gold Project which is located adjacent to African Barrick's Bulyanhulu Gold Mine in the prolific Lake Victoria Greenstone belt in Tanzania. Tembo's focus is the discovery and development of gold projects in Africa. The Company's exploration strategy is to discover mineral resources as well as continue to look for additional opportunities that can bring value to the Company and shareholders.

On Behalf of the Board of Directors of Tembo,

David Scott, President & CEO

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.

Cautionary Note Regarding Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. This news release contains forward-looking statements in respect of certain anticipated goals and expectations in connection with the Financing, including, without limitation, the use of the net proceeds from the Financing and the anticipated approval of the TSX Venture Exchange for the Financing. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. The forward-looking statements contained herein after provided for the purpose of providing readers with the Company's expectations and goals in connection with the Financing, and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements.

Contacts:
Tembo Gold Corp.
Marc Cernovitch
Director & VP Business Development
416.619.9010
mcernovitch@tembogold.com

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