Tango Mineral Resources Inc. - Update on Picachos.

Business Editors

TORONTO--(BUSINESS WIRE)--Oct. 9, 2002

Tango Mineral Resources Inc. (TSX:TGO):

Update on Picachos

Tango Mineral Resources Inc., (Tango) has received preliminary results from its prospecting and geochemical sampling of the El Pino silver-gold enriched vein-breccia system on the Mexican Picachos property , located in the western portion of the state of Durango near the Sinaloa border. The program was initiated in August 2002. Regional prospecting during this phase was limited to a 30 km square area with emphasis on the El Pino and Guadalupe vein structures. Detailed surface sampling and prospecting along the 400 meter strike extension of the Breccia-Madre/Catalina surface showings at El Pino have contributed additional high-grade silver-gold assays from new outcroppings along the veins and found parallel veins. Silver and gold fire assays obtained from chip samples and grab samples across the El Pino vein system are tabulated below and on the attached surface plan which indicates their respective locations:

                                El Pino
----------------------------------------------------------------
Sample# Silver Gold meters  Comments
        (g/t) (g/t)
----------------------------------------------------------------
4477      810  11.1    1.5  Parallel vein west of Breccia
                            Madre/Catalina
6037      146   1.9    1.5  Field duplicate of 4477
4479      508   5.9    3.0  Catalina Showing.
6036      559   7.0    3.0  Field duplicate of 4479
US        462   2.6    5.2  Breccia Madre Upper Stope: average of
                               5 samples
6040      557   2.1    2.3  Breccia Madre Upper Stope
6043      392   1.0    1.0  Breccia Madre Main Stope
S-11      778   2.2   grab  Breccia Madre Lower Stope
6316      450   5.7   grab  Catalina south extension: new outcrop
6327      529   2.8    3.0  Prospect #2 (parrallel to Breccia
                            Madre)
6330      185   2.2    2.5  Prospect # 2
6337      173   2.3    2.0  Vein between Breccia Madre and
                            Bitachera showing
6385      137   1.9   Grab  Breccia Madre south extenxion(out of
                            the scope of the map attached)
6338      155   1.9    0.2  New showing (Bitachera) breccia up to
                            8 m wide, and parallel to Breccia
                            Madre.
6408      462   8.8    2.6  Catalina south extension. New outrrop
                            (visible gold observed with hand lens
                            (10 x or 16x magnification)
-----------------------------------------------------------------

272 soil samples were taken every 25 meters on lines at a spacing of 100 meters, across and down-slope from the El Pino North-South trending mineralized structures, to test the merit of soil surveying in rugged topography. There is excellent correlation between soil anomalies and mineralization. At most, there may be 25-50 meter of downslope movement of anomalous soil from an outcropping or subcropping vein. The soil sample anomaly consists of 40 samples over an area 400 meters long and up to 250 meters wide. The best results are at the north end of the grid, where gold values average 63 ppb and range up to 402 ppb within the anomalous zone. Silver values average 3.2 g/t and range up to 31.1 g/t. Prospecting in this anomalous sector led to the discovery of veined quartz breccias along strike to the north of the Catalina showing, potentially extending the zone another 200 meters in that direction. Samples for this new area are being prepared for analysis. Soil sampling can thus be used as an effective regional exploration tool and will be continued to the north where the topography allows.

In the Guadalupe Sector 3.5 km south of El Pino, two veins have been sampled as follows:

                        Guadalupe
--------------------------------------------------------
Sample# Silver Silver  Gold  Gold meters Comments
         (g/t)  (ppm) (g/t) (ppb)
--------------------------------------------------------
6046     1,216          4.0          1.6 Guadalupe North
S-12     1,606          6.4         Grab Guadalupe North
4370              319         797    1.0 Guadalupe Sur
4371       464          2.9          1.9 Guadalupe Sur
4372              135         647    1.2 Guadalupe Sur
---------------------------------------------------------

Additional sampling and a soil survey will be conducted in this area to better define the extent of the veins.

Tango has submitted a series of twelve (12) hand rock samples from the El Pino Guadalupe and Los Cochis occurrences for mineralogical evaluation. The study completed by Mineralogical Services of Peterborough, confirms the occurrence of gold and /or silver carriers. At El Pino silver occurs as Acanthite (Ag2S) and electrum, a natural alloy of gold and silver (Au,Ag). Acanthite grains are extremely fine to medium-grained (2-60 micron) and occur insterstitial to coarse-grained silicate-rich patches. Less frequently it is intergrown with Fe-oxide-hydroxide and was observed occurring as partial thin rims around pyrite. In a few instances electrum is intergrown with acanthite. In contrast, silver carriers in the Los Cochis are present as relatively coarse native silver/electrum grains and as silver present locally in galena (a lead sulfide), or as silver-rich tetrahedrite grains intergrown with galena. From this study, a good liberation of the gold and silver carriers is expected.

The Company is encouraged by these results and will continue to focus its efforts on the El Pino And Guadalupe structures. With the rainy season coming to an end, field work will intensify in preparation for diamond drilling. Construction of a road and blasting and trenching are planned prior to the drilling.

The prospecting and sampling program are conducted under the supervision of geologist Michelle Robinson, MaSc, P.Eng. The methodology of sampling was similar as described in a previous release dated April 8, 2002. Sample preparation is done in Guadalahara, Mexico. Prepared samples are then shipped to Acme Analytical Laboratories in Vancouver, B.C. for gold and fire assays or for multi-element analysis using ICP-MS (induced coupled plasma). In the latter case, a 10 gm split is used to obtain a better gold value. Furthermore, samples with gold higher than 1,000 ppb were analyzed for gold and silver by fire assay fusion on a 2 assay tonne sample (60 gm). Samples suspected of containing gold and silver were directly analyzed for silver and gold by fire assay. Metallic assays for total metal on 500 gm samples were also performed on a few samples as coarse gold and silver is suspected.

Tango Mineral Resources Inc. is a junior exploration company based in Burlington, Ontario with exploration projects in Quebec and Mexico, as well as a resource of 800,000 tonnes of 10% zinc, 1.5% copper and 14 g/t silver (Roscoe Postle Associates, 1999) at its 100% owned Caber deposit, in Quebec.. Tango presently has 25.1 million shares outstanding (33.1 mil. shares on a fully-diluted basis) and C$ 330,000 in working capital. For additional information, please contact Denis Francoeur, President and C.E.O. [phone].

THE PRESS RELEASE WAS PREPARED BY TANGO MINERAL RESOURCES INC. WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. NO STOCK EXCHANGE OR ANY REGULATORY AUTHORITIES OR SIMILAR BODY, HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. S.E.C. EXEMPTION # 82-2371 SHARES ISSUED: 25.1 MILLION

For a copy of the map included in this release please visit www.ccnmatthews.com