Tembo Gold Corp. Seeks Shareholder Consent for Strategic Private Placement of Up to $8.657M

TORONTO, ONTARIO--(Marketwired - Oct 17, 2013) - Tembo Gold Corp. (TSX VENTURE:TEM)(FRANKFURT:T23) ("Tembo" or the "Company") is in the process of seeking shareholder consent for its previously announced proposed strategic financing of up to $8.657M. The proposed private placement will result in a change of control of Tembo, and, accordingly, the Company is seeking the written consent of shareholders holding over 50% of its issued and outstanding common shares in accordance with the policies of the TSX Venture Exchange. Please refer to the October 8, 2013 press release for full details.

The Board of Directors of Tembo unanimously recommends that Tembo shareholders consent to the change of control in connection with the financing. Shareholders are strongly urged to download and execute the Shareholder Consent Form, available by following this link (http://www.tembogold.com/docs/Tembo-Shareholder-Consent.pdf) or by visiting the Company`s website at www.tembogold.com and return it to the Company by email at mcernovitch@tembogold.com.

Despite the very challenging current market environment for junior resource companies, we remain focused on advancing the Tembo property and securing the necessary financing to do so. It is our belief that the proposed private placement will provide critical funds required by the Company to advance the project and continue exploration. The Company believes that Tembo shareholders will greatly benefit from the wealth of knowledge and access to capital that the investor group brings with it.

About Tembo Gold Corp.

Tembo Gold Corp. 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.. 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.