Tiger Resources Limited - December 2012 Quarterly Activities Report

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

ASX Code: TGS
TSX Code: TGS

PERTH, Western Australia, Jan. 31, 2013 /CNW/ -

HIGHLIGHTS
  • Stage 1 heavy media separation (HMS) plant at the Kipoi Copper Project achieved copper in concentrate production of 9,376t for Q4 2012
  • 2012 production of 36,966t is 6% above nameplate of 35,000tpa
  • High grade copper mineralisation intercepts from Kileba diamond drilling programme
  • Kipoi North resource upgraded to a JORC Indicated Mineral Resource of 53,500t copper
  • Cash balance increased to $34.5 million, plus an additional $10.7 million in trade receivables and concentrate available for immediate delivery
  • Feasibility study (FS) for Stage 2 SXEW plant at Kipoi delivers an after-tax NPV of $378 million and an IRR 44%
  • Nedbank Capital and RMB mandated to arrange $80 million project debt facility for Stage 2
  • Tiger to acquire 100% of the La Patience exploration permit located ~10km from Kipoi
           
           
Kipoi Copper Project Q1 2012 Q2 2012 Q3 2012 Q4 2012 YTD 2012
Ore processed Tonnes 230,805 264,866 257,524 256,499 1,009,694
Head grade % 6.57% 6.83% 7.01% 6.59% 6.76%
Concentrate produced Tonnes 37,506 42,101 40,484 42,706 162,797
Copper produced Tonnes 7,733 10,233 9,624 9,376 36,966
             
Corporate   Q1 2012 Q2 2012 Q3 2012 Q4 2012  
Cash at bank   $9.6m $14.4m $23.0m $34.5m  
Trade receivables   $4.0m $12.4m $9.8m $2.0m  
Concentrate available for sale
(at sales value)
$4.5m $4.2m $3.9m $8.7m  
Trafigura Loan Note facility $10.5m $10.5m $9.0m $7.5m  
             

Tiger Resources Limited (ASX/TSX code: TGS) ("Tiger" or "the Company") is pleased to report its activities in the Democratic Republic of Congo (DRC) for the December 2012 Quarter.

The full copy of the report is available in a release that has been filed with SEDAR and is posted on the Company's website at www.tigerresources.com.au


The Information in this report that relates to Ore Reserves at Kipoi Central is based on a Reserve estimate compiled by Mr Quinton de Klerk who is a Fellow of the Australian Institute of Mining and Metallurgy ("AusIMM"). Mr de Klerk is a Director and full time employee of Cube Consulting Pty Ltd. Mr de Klerk has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the "JORC Code") and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr de Klerk consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.

The Information in this report that relates to Mineral Resources at Kipoi Central, Kipoi North, Kileba and Sase Central is based on resource estimates compiled by Mr Mark Zammit and Mr Chris Black, both of whom are members of the Australian Institute of Geoscientists ("AIG"). Mr Zammit and Mr Black are full time employees of Cube Consulting Pty Ltd. Mr Zammit and Mr Black each has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the "JORC Code") and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr Zammit and Mr Black consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

The information in this report that relates to Exploration Results is based on information compiled by Mr. Brad Marwood, who is a Fellow of The Australasian Institute of Mining and Metallurgy.  Mr Marwood is a Director and full-time employee of the Company.  Mr Marwood has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the "JORC Code") and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr Marwood consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Caution Regarding Forward Looking Statements and Forward Looking Information: This report contains forward looking statements and forward looking information, which are based on assumptions and judgments of management regarding future events and results. Such forward-looking statements and forward looking information, including but not limited to those with respect to the Stage 1 mining, HMS and spiral system operations and the development of a Stage 2 SXEW plant at Kipoi, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual market prices of copper, the actual results of current exploration, the availability of debt financing, the volatility in global financial markets, the actual results of future mining, processing and development activities and changes in project parameters as plans continue to be evaluated.There can be no assurance that the Stage 1 HMS plant will operate in accordance with forecast performance, that anticipated metallurgical recoveries will be achieved, that future evaluation work will confirm the viability of deposits identified within the project, that future required regulatory approvals will be obtained, that the Stage 2 expansion of the Kipoi Project will proceed as planned and within expected time limits and budgets or that, when completed, the expanded Kipoi Stage 2 project will operate as anticipated.

 

SOURCE: Tiger Resources Limited

For further information:

For further information in respect of the Company's activities, please contact:

Brad Marwood
Managing Director
Tel: (+61 8) 6188 2000
Email: bmarwood@tigerez.com

Stephen Hills
Chief Financial Officer
Tel: (+61 8) 6188 2000
Email: shills@tigerez.com

Nathan Ryan
Investor Relations
Tel: (+61 0)420 582 887
Email: nryan@tigerez.com

Company website: www.tigerresources.com.au