TEM Tembo Gold Corp

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION,
DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN
OR INTO THE UNITED STATES. 


Tembo Gold Corp. (TSX VENTURE:TEM)(FRANKFURT:T23)(OTCQX:TBGPF) ("Tembo" or the
"Company") is pleased to announce that it has issued 1,689,000 units (the
"Units") of the Company at a price of C$0.50 per Unit for aggregate gross
proceeds of C$844,500 pursuant to its previously announced private placement
(the "Offering"). The Company expects to close a third non-brokered tranche of
the Offering on or about November 22, 2012. 


Each Unit consists of one common share of the Company and one-half of one common
share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is
exercisable for one common share of the Company until May 9, 2014 at an exercise
price of C$0.80. 


In connection with the Offering certain finders received an aggregate commission
equal to C$55,395 paid out of the gross proceeds of the Offering and an
aggregate of 110,790 finders warrants each of which is exercisable to acquire
one common share of the Company at a price of $0.50 until May 9, 2014. 


The securities issued are subject to a hold period expiring March 10, 2013 in
accordance with the rules and policies of the TSX Venture Exchange and
applicable Canadian securities laws and such further restrictions as may apply
under foreign securities laws. 


The net proceeds from the Offering will be used for the exploration and
development of the Company's projects in Tanzania and for general working
capital purposes. The Offering remains subject to the final approval of the TSX
Venture Exchange.


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available. 


About Tembo Gold Corp.

Tembo Gold (TSX VENTURE:TEM) 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 100% interest in the Tembo
Gold Project that is located adjacent to African Barrick's 20Moz 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 has commenced its 90,000m drill
program on its Tembo Gold Project. 


On behalf of the Board of Directors of Tembo, David Scott, President, CEO and
Director. 


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. In particular, this news release contains forward-looking
statements in respect of the use of the net proceeds from the Offering, the
completion and timing of additional closings of a non-brokered tranche of the
Offering and listing of the common shares of the Company issuable under the
Offering on the TSX Venture Exchange. 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. Readers are cautioned not to place undue reliance on
forward-looking statements. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Tembo Gold Corp.
Marc Cernovitch
Director & VP Business Development
416.619.9010
mcernovitch@tembogold.com

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