Mr. Marc Cernovitch reports

TEMBO GOLD CORP. COMPLETES C$2.95 MILLION BROKERED TRANCHE OF EQUITY FINANCING

Tembo Gold Corp. has issued 5,896,000 units of the company at a price of 50 cents per unit for aggregate gross proceeds of $2,948,000 pursuant to its previously announced private placement. The company expects to close a second non-brokered tranche of the offering on or about Oct. 30, 2012.

Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant is exercisable for one common share of the company until April 25, 2014, at an exercise price of 80 cents.

Canaccord Genuity Corp., Dundee Securities Ltd., Raymond James Ltd., Cantor Fitzgerald Canada Corp. and Casimir Capital Ltd. acted as agents for and on behalf of Tembo pursuant to an agency agreement dated as of Oct. 25, 2012. Pursuant to the terms of the agency agreement, the agents received a commission equal to $206,360, paid out of the gross proceeds of the offering (which, at the election of the agents, was received in cash equal to $203,860 and 5,000 units) and 412,720 broker warrants, each of which is exercisable to acquire one common share of the company at a price of 50 cents until April 25, 2014.

The securities issued are subject to a hold period expiring Feb. 26, 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.