Tembo Gold Corp. announced that the previous subscription agreement with the Investor Group has been mutually terminated and the company has agreed to enter into a new agreement with the Investor Group. The board of directors of Tembo will be reconstituted with a majority of directors comprised of nominees of the Investor Group.

It is proposed that David Scott, Dave Anthony and John Seaman will resign as needed from the Tembo board and Neil Gardyne, Bob Foster, Frank Hoegel of NAMF Mauritius and NAMF South Africa, Stratex and CCM, respectively, will be appointed to fill such vacancies. The appointment of all the nominees of the Investor Group will constitute a 'Change of Management' under the rules of the TSXV. Mr. Gardyne with over 35 years' experience in exploration and mining ventures in Southern Africa, and has been involved in managing Private Equity/Venture Capital funds focusing on early stage exploration and mine development in South Africa for the past 12 years.

He is currently a Director on the Board of NAMF II (Mauritius) Ltd, Decorum Capital Partners (Pty) Ltd, and NAMF Corporate Advisory Services (Pty) Ltd. Dr. Foster has 39 years of experience as a professional economic geologist and has particular expertise in the genesis of and exploration for gold deposits, having worked in Europe, Central Asia, North and South America, and throughout Africa. Following ten years in the mining industry in Rhodesia (now Zimbabwe) he joined Southampton University in 1984 where he subsequently devoted more than 15 years to lecturing and managing a large applied research group investigating ore-forming processes and mineral exploration strategies before spending six years with UK-based Exploration Consultants Ltd. as Minerals Manager. He is Chief Executive of Stratex International Plc.

Mr. Hoegel currently serves as Chief Executive Officer of Peter Beck Performance Fonds GbR, and sits on the advisory board of Concept Capital Management.