Tembo Gold President's Update

Tembo Gold Corp. ("Tembo" or the "Company") (TSX VENTURE: TEM)(FRANKFURT:T23)(OTCQX:TBGPF) - David Scott President & CEO reports: It is with great pleasure that I update you on the progress and developments of Tembo Gold Corp. In 2012, we made significant progress on a number of key objectives on the Tembo gold property in Tanzania's Lake Victoria goldfield, most importantly we made substantial progress with our exploration program such that we look forward with confidence to continuing deeper drilling and resource definition drilling in 2013;

2012 Highlights:

  • 35,000m of drilling completed: 15,000m of diamond drilling (DD) in 57 holes and 20,000m of reverse circulation drilling (RC) in 139 holes
  • Gold mineralization intersected in 53 of 57 DD holes with up to 93 g/t Au intersected
  • Mineralized strike length of over 1,600m defined in two main project areas
  • Land tenure strengthened

After the completion of the 2012 drill campaign we are more confident than ever in the quality and potential of the Tembo project. The amount of high-grade gold mineralization encountered throughout the property, and the consistency with which our diamond drilling intersected these structures, provides us with geological confidence in our approach and methodology. The potential for early and phased mine development, with low capital and operating cost production, presents a very real opportunity to maximize shareholder value and minimize future financial risk. In view of this, we look forward to the next phase of our exploration program and are thankful for the hard work and support of our employees, contractors, board members and shareholders in 2012.

Target Selection and Drill Program

Artisanal mining activity is recognized as a key indicator of the extent of high-grade gold mineralization on the Tembo project. A LIDAR (light detection and ranging) survey delineated the extent of such workings and defined more than 10km of aggregate strike length from historical and current workings. Some 2,800 hard rock artisanal exploitation shafts, with average depths between 30m and 50m, occur as linear trends that correspond closely with linear magnetic anomalies. The magnetic anomalies are considered to indicate concealed, potentially mineralized, shear structures which extend well beyond current or historical workings. Less than 10% of the magnetic lineaments have associated artisanal activity suggesting that there is extensive target potential both along strike of these and along numerous parallel lineaments. From the above findings, seven priority target areas were identified for Phase I drilling; Ngula 1, Ngula 2, Nyakagwe East, Nyakagwe Village, Buly, Iyenze and Mgusu. Targeting areas beneath artisanal workings has proven extremely successful with 53 of 57 diamond drill holes encountering gold mineralization.

Comparing the 2012 Tembo project drill results with the early drilling at African Barrick's Bulyanhulu mine is informative. Bulyanhulu drilling at depths shallower than 200-300m showed inconsistent grades, but as drilling depth increased, grades and grade consistency showed a marked improvement, and this is what we have encountered thus far at Tembo. The Tembo project mineralizing event would have developed under similar pressure and temperature conditions as at Bulyanhulu. If such conditions contributed significantly to the gold distribution at Tembo, it is hypothesized that gold grade and grade consistency may improve with depth as it does at Bulyanhulu. We are very excited to undertake the next drilling phase to test this hypothesis and deep diamond drilling has already commenced at Ngula 1.

Ngula 1

Initial drilling at Ngula 1 delineated a 150-200m wide zone of multiple east-west striking shears and northwest and northeast crosscutting structures as indicated by artisanal workings and magnetic lineaments. Mineralization has been intersected over a strike length of over 600m and the zone is open in both directions and down dip. Drilling beneath active artisanal workings demonstrated the potential to encounter significant gold mineralization as it intersected robust mineralized shear zones in places hosting wide and high-grade gold structures. Deeper drilling to test the extensions of these structures at depth has commenced, and in-fill drilling to provide data and geological information to determine a resource is planned in 2013. The best results at Ngula 1 (previously reported March 13, June 7 and September 26, 2012

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