Tembo Gold Announces 1,000m Strike Length of Gold Mineralization at Its Nyakagwe East Project

July 24, 2012

TORONTO, ONTARIO -- Tembo Gold Corp. (TSX VENTURE:TEM)(OTCQX:TBGPF)(FRANKFURT:T23) ("Tembo" or "the Company") is pleased to report results from the ongoing 2012 drill program on the Tembo Property in the Lake Victoria goldfield of Tanzania. The most recent drill results are from the Nyakagwe East Project which is the second of seven target areas being drilled as part of the Phase 1 exploration program.

Highlights of Nyakagwe East Program

  • 1,000m of mineralized strike length identified in recent drilling with grades as high as 61.80 g/t gold (Figure 1)
  • All diamond drill holes encountered gold mineralization with multiple gold bearing structures identified in several holes at depth
  • New mineralized strike adds to the 500m at Ngula 1 Project (first of the seven target areas as reported on June 7th, 2012) for a total Tembo property strike length of 1,500m
  • Mineralization remains open along strike and at depth with second phase drilling commencing to test depth and extend strike

Nyakagwe East Drill Highlights:

2012 Drill Results (full results in Table 1 and depicted in Figure 1)

  • TDD0019: 4.69g/t gold over 1.67m from 67.35m
  • TDD0029: 61.80g/t gold over 0.68m from 277.24
  • TDD0030: 2.62g/t gold over 3.29m from 48.21m
  • TDD0104: 4.72g/t gold over 2.11m from 66.80m
  • TRC0233: 5.66g/t gold over 1.00m from 84.00m
  • TRC0234: 5.46g/t gold over 2.00m from 109.00m
  • TRC0347: 6.48g/t gold over 2.00m from 8.00m

Historical 2008 Diamond Drill Results (full results in Table 2)

  • DD001: 10.25g/t gold over 3.50m from 38.50m
  • DD004: 2.45g/t gold over 4.72m from 87.03m
  • DD005: 9.73g/t gold over 3.40m from 81.94m
  • DD008: 2.65g/t gold over 3.60m from 84.00m
  • DD009: 2.07g/t gold over 3.26m from 142.19m
  • DD011: 10.4g/t gold over 1.50m from 45.10m and 2.05 g/t gold over 2.50m from 57.95m
  • RC056: 36.70g/t gold over 1.00m

David Scott, President & CEO, stated, "Tembo has now tested two of the seven targets identified through the early exploration work conducted in 2011. The results have clearly demonstrated the property to have abundant gold mineralization and indicate the potential for further zones of mineralization beyond the target structures. We have had significant success with our drilling strategy of targeting areas that have substantial artisanal mining activity. To date we have established two highly potential areas with a combined strike length greater than 1,500m of mineralization. The results at Nyakagwe East confirm and validate the historic drill results demonstrating a significant and robust area of gold mineralization with multiple structures. The next phase of drilling will be conducted to build on the current mineralized areas at depth and along strike. It is anticipated that grade and consistency will increase at depth, as was experienced at the neighboring Bulyanhulu mine where the shallower drill holes returned inconsistent results with higher grades and continuity developing at depth. Drill results from additional target areas are pending, and we look forward to reporting on additional positive developments."

Figure 1: Nyakagwe East Project Significant Drill Results (Current & Historic)

Nyakagwe East Project Significant Drill Results

Drilling Update

Two distinct parallel northwest-trending zones of artisanal workings, separated by a dolerite dyke (some 6m thick) characterize the Nyakagwe East Project. The mineralized zones are associated with shearing within mafic to intermediate meta-volcanic host rocks, strong quartz veining and semi-massive, stringers and disseminations of pyrite. Higher grades are distinctly correlated with quartz veining and abundant sulphide. The zones strike northwest and are interpreted to dip at 60° to the southwest.

Artisanal mining, plus historical and current drilling activities defined an area of robust gold mineralization with a strike length of 1,000m across multiple structures. The boreholes were oriented to establish the strike length of the structure with intercepts intersecting the zone 50m to 100m below surface. These boreholes confirmed the structures, orientation and gold-bearing potential of the zone. In addition to the shallower target structure, gold mineralization was intersected confirming the presence of additional parallel structures at depth (Figure 2 and 3).

In the current Phase 1 program, eight diamond drill holes totaling 2,445m targeted an extensive area of artisanal mining along a northern and southern set of structures, both of which were previously drilled in 2008. In addition 38 reverse circulation holes totaling 4,503m have been drilled. This drilling included heel-toe profiles to locate hidden mineralized structures and potential extensions, specifically targeting the northwestern and southeastern extensions of the potential zones of mineralization at Nyakagwe East. As all holes along strike of the known structures consistently intersected gold mineralization, the zones are considered to be open along strike and down dip and warrant further follow-up drilling. Borehole localities and results and artisanal mining areas and shafts are depicted in Figure 1 and in section in Figures 2 and 3.

Current and future drilling will focus on establishing the continuity of the structures, intersecting at progressively greater depths and along strike. Holes will be extended to depth beneath the target structures to test for the additional parallel structures in the footwall. Drill programs and individual borehole planning may change based on results and priorities.

Table 1: 2012 Diamond and Reverse Circulation Drilling at Nyakagwe East

BH ID From To Width (m) Au g/t Width Au g/t Width (m) Au g/t
including
TDD0019 65.95 66.52 0.57 1.46
67.35 67.73 0.38 1.16 2.45 3.51
67.73 68.00 0.27 9.39 1.67 4.69
68.00 68.51 0.51 0.93
68.51 68.85 0.34 11.30
68.85 69.10 0.25 0.51
69.10 69.40 0.30 2.87
69.40 69.80 0.40 0.78
109.40 109.70 0.30 6.19
132.50 132.85 0.35 0.71
151.64 152.00 0.36 0.67 0.96 1.14
152.00 152.30 0.30 1.65
152.30 152.60 0.30 1.20
TDD0020 159.00 160.00 1.00 0.82
249.19 249.52 0.33 0.55 1.81 1.34
249.52 250.00 0.48 0.26
250.00 251.00 1.00 2.12
255.06 255.34 0.28 0.52 0.64 0.60
255.34 255.70 0.36 0.90
TDD0029 140.53 141.15 0.62 5.28 1.47 2.56
141.15 141.50 0.35 0.53
141.50 142.00 0.50 0.61
268.50 269.40 0.90 0.69
270.47 270.79 0.32 2.61
277.24 277.92 0.68 61.80
290.00 290.45 0.45 0.71
TDD0030 48.21 48.95 0.74 0.65 3.29 2.62
48.95 49.89 0.94 0.82
49.89 50.89 1.00 5.79 1.61 4.57
50.89 51.50 0.61 2.58
118.82 119.44 0.62 1.35
263.54 264.26 0.72 1.76
TDD0031 45.60 46.45 0.85 2.59 2.40 1.85
46.45 47.10 0.65 1.58
47.10 48.00 0.90 1.34
51.00 52.00 1.00 1.01 2.00 1.49
52.00 53.00 1.00 1.97
87.00 87.30 0.30 4.88
149.77 150.37 0.60 0.90
241.67 242.10 0.43 0.73
263.69 264.30 0.61 5.28
TDD0032 41.00 41.91 0.91 0.60 2.90 1.20
41.91 42.13 0.22 9.02
42.13 42.90 0.77 0.53
42.90 43.90 1.00 0.53
68.00 68.50 0.50 0.97
291.81 292.32 0.51 3.19
TDD0104 66.80 67.66 0.86 7.57 2.11 4.72
67.66 67.99 0.33 1.53
67.99 68.91 0.92 3.20
151.95 152.30 0.35 0.59
284.92 285.23 0.31 0.56
296.00 297.00 1.00 4.49 3.00 1.83
297.00 298.00 1.00 0.34
298.00 299.00 1.00 0.67
TDD0025 72.00 73.00 1.00 0.65
236.85 237.82 0.97 1.97
258.13 258.70 0.57 1.22
265.26 266.70 1.44 1.39
TRC0221 83.00 84.00 1.00 2.42
TRC0222 90.00 92.00 2.00 1.80
TRC0225 No significant results
TRC0226 No significant results
TRC0227 No significant results
TRC0228 No significant results
TRC0229 No significant results
TRC0230 No significant results
TRC0232 No significant results
TRC0233 84.00 85.00 1.00 5.66
TRC0234 109.00 110.00 1.00 3.72 2.00 5.46
110.00 111.00 1.00 7.20
TRC0236 No significant results
TRC0237 No significant results
TRC0238 No significant results
TRC0239 No significant results
TRC0341 No significant results
TRC0342 No significant results
TRC0343 No significant results
TRC0344 No significant results
TRC0345 No significant results
TRC0346 No significant results
TRC0347 8.00 10.00 2.00 6.48
TRC0348 No significant results
TRC0349 No significant results
TRC0350 87.00 88.00 1.00 0.64
TRC0361 No significant results
TRC0362 No significant results
TRC0382 No significant results
TRC0403 No significant results
TRC0404 No significant results
TRC0405 No significant results
TRC0406 No significant results
TRC0407 112.00 113.00 1.00 1.26
TRC0408 No significant results
TRC0465 60.00 61.00 1.00 2.36
TRC0466 74.00 75.00 1.00 0.88
88.00 89.00 1.00 1.52
TRC0467 No significant results
TRC0468 136.00 137.00 1.00 3.36 2.00 2.11
137.00 138.00 1.00 0.85
TRC0469 No significant results
TRC0470 No significant results
TRC0471 No significant results

* Widths represent down hole core lengths and true widths are unknown at this time.

Table 2: Historical Diamond and RC Drilling at Nyakagwe East (previously reported)

BH ID From To Width (m) Au g/t Width Au g/t Width (m) Au g/t
including
DD001 37.5 38.5 1 0.525 3.50 10.25
38.5 39 0.5 4.23
39 39.5 0.5 5.32
39.5 40 0.5 4.75
40 40.5 0.5 14.05
40.5 41 0.5 4.69
41 41.5 0.5 33.1 1.00 19.37
41.5 42 0.5 5.64
DD002 67.20 67.70 0.50 0.81 1.50 1.30
67.70 68.20 0.50 1.52
68.20 68.70 0.50 1.56
69.70 70.20 0.50 0.64 1.30 1.65
70.20 70.70 0.50 1.35
70.70 71.20 0.50 2.96
DD003 79.10 79.60 0.50 4.03
DD004 87.03 87.25 0.22 6.10 4.72 2.45
87.25 88.08 0.83 0.06
88.08 88.58 0.50 0.21
88.58 89.08 0.50 3.50
89.08 89.58 0.50 0.02
89.58 90.25 0.67 5.02
90.25 91.25 1.00 4.21
91.25 91.75 0.50 1.47
110.40 111.00 0.60 1.50
135.67 136.00 0.33 2.88
DD005 81.94 82.44 0.50 6.96 3.40 9.73
82.44 83.14 0.70 3.29
83.14 83.68 0.54 13.45
83.68 84.18 0.50 15.70
84.18 84.84 0.66 2.00
84.84 85.34 0.50 21.70
DD009 142.19 142.69 0.50 2.22 3.26 2.07
142.69 143.19 0.50 1.81
143.19 143.69 0.50 1.20
143.69 144.19 0.50 1.81
144.19 144.69 0.50 0.62
144.69 145.19 0.50 1.42
145.19 145.45 0.26 8.55
147.72 148.25 0.53 1.28
149.75 150.75 1.00 2.52
DD011 45.10 46.10 1.00 15.00 1.50 10.44
46.10 46.60 0.50 1.33
56.95 57.45 0.50 1.08 3.5 2.16
57.45 57.95 0.50 3.75
57.95 58.95 1.00 0.88
58.95 59.45 0.50 2.01
59.45 60.45 1.00 3.25
DD012 47.10 48.10 1.00 2.84 1.90 1.73
48.10 49.00 0.90 0.51
95.50 96.10 0.60 0.62 1.10 0.77
96.10 96.60 0.50 0.95
RC046 No significant results
RC055 No significant results
RC056 28.00 29.00 1.00 36.70
RC057 No significant results
RC058 53.00 54.00 1.00 2.39 2.00 2.31
54.00 55.00 1.00 2.23
RC059 41.00 42.00 1.00 1.04
RC060 6.00 7.00 1.00 1.08
RC061 No significant results
RC062 No significant results
IRNPRC1 33.00 38.00 5.00 2.38 1.00 4.82
IRNPRC2 42.00 43.00 1.00 4.85
IRNPRC3 34.00 39.00 5.00 1.86
IRNPRC4 No significant results
IRNPRC5 33.00 36.00 3.00 1.70

* Widths represent downhole core lengths and true widths are unknown at this time.

Figure 2: Drill hole Section TDD0021-TDD0031 at Nyakagwe East

Figure 2: Drill hole Section TDD0021-TDD0031 at Nyakagwe East

Figure 3: Drill hole Section TDD0025-TDD0019 at Nyakagwe East

Figure 3: Drill hole Section TDD0025-TDD0019 at Nyakagwe East

QA/QC

A 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 Au 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.

Table 3: Borehole collar coordinates, azimuth and collar dip, and final depth for all Nyakagwe East boreholes

Hole_ID Type Easting Northing Elevation Azimuth CollarDip Eoh
Historical DD Holes
DD001 DD 438035.69 9645078.93 1195.80 30.00 -60.00 150.00
DD002 DD 438165.69 9645174.93 1195.30 30.00 -50.00 152.10
DD003 DD 438104.69 9645195.93 1194.60 30.00 -50.00 200.55
DD004 DD 438209.69 9645129.93 1198.40 30.00 -50.00 150.10
DD005 DD 438268.69 9645114.93 1191.90 30.00 -50.00 150.10
DD006 DD 438078.69 9645028.93 1194.60 30.00 -50.00 150.20
DD007 DD 438018.69 9645051.93 1193.60 30.00 -60.00 153.10
DD008 DD 438142.69 9645148.93 1194.30 30.00 -50.00 129.10
DD009 DD 438187.69 9645069.93 1194.30 30.00 -50.00 153.10
DD010 DD 438098.69 9644963.93 1192.60 30.00 -50.00 135.10
DD011 DD 437894.69 9645121.93 1198.60 30.00 -50.00 153.10
DD012 DD 438283.69 9645143.93 1193.10 30.00 -50.00 189.10
Total metres 1,865.65
Tembo DD Holes
TDD0019 DD 438283.00 9645138.00 1195.00 30.00 -60.00 294.70
TDD0020 DD 438242.00 9645166.00 1195.00 30.00 -60.00 300.40
TDD0021 DD 438036.41 9645078.46 1195.00 30.00 -60.00 300.32
TDD0029 DD 438370.00 9645088.00 1195.00 30.00 -60.00 350.00
TDD0030 DD 438198.00 9645191.00 1195.00 30.00 -60.00 300.00
TDD0031 DD 438096.80 9645215.00 1195.00 30.00 -60.00 300.00
TDD0032 DD 438010.19 9645265.00 1195.00 30.00 -60.00 300.00
TDD0104 DD 438286.00 9645135.00 1195.00 60.00 -60.00 300.00
Total metres 2,445.42
Historical RC Holes
IRNPRC1 RC 437992.93 9645052.84 1199.70 42.00 -60.00 61.00
IRNPRC2 RC 438129.21 9645143.36 1199.10 42.00 -60.00 67.00
IRNPRC3 RC 438265.49 9645233.88 1197.45 42.00 -60.00 49.00
IRNPRC4 RC 438403.63 9645326.70 1196.70 42.00 -60.00 61.00
IRNPRC5 RC 437849.17 9644953.10 1199.90 42.00 -60.00 49.00
RC046 RC 437856.69 9645154.93 1203.90 30.00 -60.00 85.00
RC055 RC 437862.69 9645205.93 1202.70 40.00 -60.00 78.00
RC056 RC 437892.69 9645230.93 1199.80 40.00 -60.00 72.00
RC057 RC 437937.69 9645286.93 1201.00 40.00 -60.00 78.00
RC058 RC 437913.69 9645258.93 1203.70 40.00 -60.00 78.00
RC059 RC 437962.69 9645317.93 1197.00 40.00 -60.00 75.00
RC060 RC 437987.69 9645347.93 1197.20 40.00 -60.00 77.00
RC061 RC 438010.69 9645376.93 1199.60 40.00 -60.00 75.00
RC062 RC 438041.69 9645403.93 1197.20 40.00 -60.00 66.00
Total metres 971.00
Tembo RC Holes
TRC0221 RC 437987.00 9645625.00 1195.00 30.00 -60.00 103.00
TRC0222 RC 437972.00 9645599.00 1195.00 30.00 -60.00 133.00
TRC0225 RC 437927.00 9645521.00 1195.00 30.00 -60.00 103.00
TRC0226 RC 437912.00 9645495.00 1195.00 30.00 -60.00 139.00
TRC0227 RC 437897.00 9645469.00 1195.00 30.00 -60.00 115.00
TRC0228 RC 437882.00 9645443.00 1195.00 30.00 -60.00 115.00
TRC0229 RC 437867.00 9645417.00 1195.00 30.00 -60.00 140.00
TRC0230 RC 437852.00 9645391.00 1195.00 30.00 -60.00 140.00
TRC0232 RC 437822.00 9645339.00 1195.00 30.00 -60.00 109.00
TRC0233 RC 437807.00 9645313.00 1195.00 30.00 -60.00 120.00
TRC0234 RC 437792.00 9645287.00 1195.00 30.00 -60.00 143.00
TRC0236 RC 437762.00 9645235.00 1195.00 30.00 -60.00 144.00
TRC0237 RC 437747.00 9645209.00 1195.00 30.00 -60.00 114.00
TRC0238 RC 437732.00 9645183.00 1195.00 30.00 -60.00 121.00
TRC0239 RC 437717.00 9645157.00 1195.00 30.00 -60.00 109.00
TRC0342 RC 438409.81 9644757.15 1195.00 30.00 -60.00 102.00
TRC0343 RC 438424.81 9644783.14 1195.00 30.00 -60.00 103.00
TRC0344 RC 438439.81 9644809.12 1195.00 30.00 -60.00 99.00
TRC0345 RC 438454.81 9644835.10 1195.00 30.00 -60.00 105.00
TRC0346 RC 438469.81 9644861.08 1195.00 30.00 -60.00 109.00
TRC0347 RC 438484.81 9644887.06 1195.00 30.00 -60.00 101.00
TRC0348 RC 438499.81 9644913.04 1195.00 30.00 -60.00 102.00
TRC0349 RC 438514.81 9644939.02 1195.00 30.00 -60.00 112.00
TRC0350 RC 438529.81 9644965.00 1195.00 30.00 -60.00 109.00
TRC0361 RC 438466.41 9644655.19 1195.00 30.00 -60.00 93.00
TRC0362 RC 438481.41 9644681.17 1195.00 30.00 -60.00 92.00
TRC0382 RC 438553.01 9644605.19 1195.00 30.00 -60.00 100.00
TRC0403 RC 437702.00 9645131.00 1195.00 30.00 -60.00 138.00
TRC0404 RC 437687.00 9645105.00 1195.00 30.00 -60.00 97.00
TRC0405 RC 437672.00 9645079.00 1195.00 30.00 -60.00 97.00
TRC0406 RC 437657.00 9645053.00 1195.00 30.00 -60.00 133.00
TRC0407 RC 437642.00 9645027.00 1195.00 30.00 -60.00 132.00
TRC0408 RC 437627.00 9645001.00 1195.00 30.00 -60.00 106.00
TRC0465 RC 437619.00 9645387.00 1195.00 30.00 -60.00 139.00
TRC0466 RC 437604.00 9645361.00 1195.00 30.00 -60.00 136.00
TRC0467 RC 437589.00 9645335.00 1195.00 30.00 -60.00 150.00
TRC0468 RC 437574.00 9645309.00 1195.00 30.00 -60.00 150.00
TRC0469 RC 437559.00 9645283.00 1195.00 30.00 -60.00 150.00
Total metres 4,503.00

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 Corp. 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 20Moz 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. The company is currently conducting a 90,000m drill program on its Tembo property.

On Behalf of the Board of Directors of Tembo

David Scott, President & CEO

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. In particular, this news release contains forward-looking statements in respect of the results of the gold deportment studies conducted by SGS, including, without limitation, expected CIL recoveries and the expectation of high recoveries based on the preliminary gold deportment results. 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 Tembo project, the economic climate in the jurisdictions where the Company carries on operations at its Tembo project 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.

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.

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