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Press release from Marketwire

Tembo Gold Reports Shallow RC Drill Hole TRC0003 at Ngula 1 Target With 4.73 g/t Gold Over 23.00 Metres, Including 28.57 g/t Gold Over 3.00 Metres

Wednesday, January 30, 2013

Tembo Gold Reports Shallow RC Drill Hole TRC0003 at Ngula 1 Target With 4.73 g/t Gold Over 23.00 Metres, Including 28.57 g/t Gold Over 3.00 Metres08:27 EST Wednesday, January 30, 2013TORONTO, ONTARIO--(Marketwire - Jan. 30, 2013) -Tembo Gold Corp. (TSX VENTURE:TEM)(OTCQX:TBGPF)(FRANKFURT:T23) ("Tembo" or the "Company") is pleased to report the results from the first of a planned series of close-spaced drill holes at the Ngula 1 target at its Tembo Gold Project in the Lake Victoria goldfield of Tanzania. Hole TRC0003 was drilled to test the lateral continuity of a wide zone of mineralization previously intersected and reported (March 13th, 2012) in diamond drill hole, TDD0004, which returned, 3.13 g/t gold over 25.89m.It is interpreted that in a 150m wide east-west structural corridor at Ngula 1, there are at least two wide structural deformation zones that host mineralization. Drill holes TRC003 and TDD0004 intersected the zone that is interpreted as the large structure in the southern half of the structural corridor at Tembo. Meanwhile, hole TDD0041, reported January 15th, 2013, which was the first deep hole at Ngula 1, returned 22.81 g/t gold over 15.00m at a downhole depth of 299m, and is interpreted to have intersected the large structure in the northern half of this structural corridor.Highlights of the latest drill results include:TRC0003: 4.73 g/t gold over 23.00m from a downhole depth of 54.00m including 28.57 g/t gold over 3.00m and 5.28 g/t gold over 4.00m.Tembo Gold President & CEO, David Scott stated: "This drill hole is the first close-spaced hole drilled at Ngula 1 that is designed to test the continuity of the mineralized zones intersected in the 2012 drilling campaign. The planned series of closer-spaced drill holes will provide us with the density of data we require to enable us to undertake geological modeling and resource definition. The widths and grades encountered in this hole, that correlate well with hole TDD0004, are at a shallow depth and suggest that a resource may be defined at Ngula 1 that could be considered for open pit exploitation. The results also show that where the shear structures are mineralized with gold, there is typically a high-grade core to the mineralization. This implies that there is potential to identify deeper high-grade resources in the future that could be economically exploited by an underground operation."The results of hole TRC0003 are presented in Table 1, and are shown on Figure 1 together with highlights from previous Ngula 1 drilling results.Ngula 1 TargetThe Ngula 1 target consists of a 600m long, 150-200m wide corridor of massive and locally intensely sheared mafic meta-volcanic rocks bounded to the north and south by thin meta-sedimentary units. This package contains numerous intense shear structures that typically have elevated gold values. Based on the structural intersections achieved to date, the current interpretation is that the corridor of deformed meta-volcanic rocks contains two wide shear zones, one in the northern half and one in the southern half. A single section through the package may host as many as 5-10 such structures ranging in width from less than one metre to several tens of metres. The structures are predominantly steeply north dipping and are thought to represent sub-parallel and often interconnecting splays and subsidiary structures to the principle east-west shears, with secondary cross-cutting northwest and northeast structures also present. Zones of intersection and convergence are considered to be the favoured location for wider zones of mineralization and higher grade. Gold mineralization is closely associated with quartz veining, alteration and disseminated sulphides, which include dominant pyrrhotite, and lesser pyrite and chalcopyrite. The stronger and more sulphide rich structures (pyrrhotite) are interpreted to correspond closely to lineaments that are evident in the structural interpretation of magnetic imagery.Significant drill results have been returned to date at Ngula 1 and these are available in earlier Press Releases (March 13, 2012; June 7, 2012; September 26, 2012 and January 16, 2013). The drilling program consists of alternating 100m-spaced diamond and reverse circulation drill hole sections drilled from the south to test the zone at vertical depths down to -200m, and 100m-spaced diamond hole drill sections drilled from the north to similar depths. Recent deeper drilling has intersected wide zones of high-grade gold mineralization at a vertical depth of approximately 250m. The lateral and vertical drill spacing of existing holes does not permit a detailed structural interpretation or correlation between all drill holes to be undertaken. In order to commence resource definition, closer-spaced drilling will be undertaken throughout 2013 to improve confidence in the geological interpretation. Drillhole TRC0003 is the first of these close-spaced drill holes to be reported.Table 1: Tembo Project, Ngula 1 Target, RC Drill Results as of January 30, 2012BH IDFromToWidth (m)Gold g/tWidthGold g/tWidth (m)Gold g/tTRC000321.0022.001.001.892.003.7622.0023.001.005.6354.0055.001.0077.9023.004.733.0028.5755.0056.001.005.6856.0057.001.002.1357.0058.001.000.1958.0059.001.000.0659.0060.001.000.1160.0061.001.000.1961.0062.001.000.1362.0063.001.000.0863.0064.001.000.0564.0065.001.000.0565.0066.001.000.1466.0067.001.000.1367.0068.001.000.0368.0069.001.000.1069.0070.001.000.0270.0071.001.000.0371.0072.001.000.2172.0073.001.001.1373.0074.001.005.554.005.2874.0075.001.002.7475.0076.001.0011.7076.0077.001.000.46Notes:Widths represent drill intersection widths not corrected for drill hole inclination and dip of the geological zone. True widths have not been determined. The drill hole inclination of 60deg and sub vertical dip of the structures suggests that the true width will be approximately 50% of the intersected width. Drill holes have not been drilled in numerical sequence and not all drill holes in a sequence have necessarily been drilled. Drill hole numbers represent the original drill hole identification assigned when planned. No capping of high-grade values has been applied to the assay results. To view "Figure 1. Ngula 1 Highlight Drill Results," please visit the following link: http://media3.marketwire.com/docs/Figure1Ngula.pdf.Table 2: Tembo Project, Ngula 1 Target, Drill Hole Collar Coordinates, Drill Hole Inclination and Azimuth, and Depth for the Latest Drill Hole TRC0013Hole IDEastingNorthingElevationAzimuthDipEOHTRC001343680096471651243000-60250.00QA/QCA stringent QA/QC practice is being applied to all sample batches. A Verified Reference Material standard is inserted every 20th sample, a known blank or blank standard every 20th sample and all samples with assays greater than 0.5 g/t gold are re-assayed. 1% of all samples are submitted to an alternative laboratory for check analysis. In addition the laboratory adheres to an internal QA/QC procedure including standard samples and repeats and blanks inserted independently.The above information has been prepared under the supervision of David Scott, Pr. Sci. Nat., who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.About Tembo Gold Corp.Tembo Gold (TSX VENTURE:TEM) is a Canadian publicly listed mineral exploration company focused on the exploration and development of gold projects in Tanzania and the rest of Africa. The Company currently has 100% interest in the Tembo Gold Project that is located adjacent to African Barrick's Bulyanhulu Mine in the prolific Lake Victoria Greenstone belt in Tanzania. The company is led by a highly experienced team with a proven history of developing, financing, and operating mining projects in Africa. On Behalf of the Board of Directors of Tembo, David Scott, President & CEOForward-Looking StatementsCertain 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. In particular, this news release contains forward-looking statements in respect of the use of the net proceeds from the Private Placement, the completion and timing of additional closings of the Non-Brokered Private Placement, the payment of certain finders' fees and the listing of the Common Shares on the TSXV. 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. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, among other things, the ability to develop the Company's properties, the economic climate in the jurisdictions where the Company carries on operations and commodity prices. Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, a significant drop in the price of gold, political turmoil in Tanzania and other risk factors set forth in the Company's continuous disclosure. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements. FOR FURTHER INFORMATION PLEASE CONTACT: 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 Contact Information: Apex Capital Inc.Brett Allan416.907.4148ballan@apexcap.caTembo Gold Corp.Marc CernovitchDirector & VP Business Development416.619.9010mcernovitch@tembogold.com