Tembo Gold Provides Update

January 20, 2017

Tembo Gold Corp. (TSXV:TEM) (FRANKFURT:T23) ("Tembo" or the "Company") announces that the Company will undertake a new non-brokered private placement financing of up to 7,500,000 common shares (each a "Share") at a price of $0.03 per Share to raise gross proceeds of up to $225,000. The Company will not be proceeding with previously announced financing. Finder's fees may be payable on a portion of the private placement.  All Shares issued will be subject to a four month hold period from the date of closing.  Proceeds of the financing will be used for working capital.

The financing is subject to the approval of the TSX Venture Exchange; however, in regards to the pricing of this financing at $0.03, the Company has had its filings accepted by the TSX Venture Exchange.

About Tembo Gold Corp.

Tembo 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 a 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. 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 its Shareholders.

On behalf of the Board of Directors of Tembo,

David Scott
President & CEO

For more information please contact:

Marc Cernovitch
Director & VP Business Development
Phone: 416.619.9010
Email: mcernovitch@tembogold.com

Forward-Looking Statements

This press release contains forward-looking statements. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Tembo and are often, but not always, identified by the use of words such as "anticipates", "intends', "expects", and similar expressions. Although Tembo believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Tembo can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the timing for filing the Required Filings, failure to obtain financial information from its Tanzanian subsidiaries, and risks associated with the mining industry in general.  Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this document are made as of the date hereof and Tembo undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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.