Exchanges: ASX/TSX: TGS
Issued Shares: 406M
PERTH, Western Australia, May 28 /CNW/ - Tiger Resources Ltd (ASX/TSX - TGS) ("Tiger" or the "Company") is pleased to announce that it has completed the required US$12 million payment and necessary transfer documentation to take 100% ownership of Congo Minerals sprl.('Comin").
Comin owns 60% of SEK sprl, a company registered in the Democratic Republic of the Congo ("DRC") and the holder of the mining licences covering the Kipoi Project. The remaining 40% of SEK sprl is owned by Gecamines, a DRC State owned company.
The payment of USD12 million has been made to the vendors in accordance with contractual arrangements entered into in November 2006 and completes the obligations required to be met for the Company to acquire 100% ownership of Comin. Funding for the payment was provided by drawdown of a US$12 million Loan Note Debt Facility with Trafigura Beheer B.V.
Completion of the move to 100% of Comin is another significant achievement towards meeting the Company's objective of being a copper producer by the end of 2010.
The Kipoi Project covers an area of 55 sq kms and is located 75km north-north-west of the city of Lubumbashi in the Katangan Province of the DRC. The Project contains a 12km sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe. The Company has reported JORC standard resources at three of the deposits. The principle deposit is Kipoi Central which contains a zone of high grade copper mineralisation within a much larger lower grade global resource.
The Company proposes a staged development at the Kipoi Project. The high grade zone of mineralisation at Kipoi Central is proposed to be exploited during the Stage 1 development, which is intended to commence production at end of 2010. During the three year life of Stage 1 a total of 900,000tpa of 7% Cu is planned to be processed through a Heavy Media Separation plant to produce the equivalent of 35,000tpa of Copper.
Caution Regarding Forward Looking Statements: The forward-looking statements made in this report are based on assumptions and judgments of management regarding future events and results. Such forward-looking statements, including but not limited to those with respect to the development of a Stage 1 mining operation at the Kipoi Project, 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, cobalt and silver, the actual results of current exploration, the actual results of future mining, processing and development activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's filed documents. There can be no assurance that the Kipoi Project will be successfully developed, that the funding required for the Stage 1 development will be available, that any mineralisation previously disclosed in respect of the Kipoi Project will be proven to be economic, that anticipated metallurgical recoveries will be achieved, that future evaluation work will confirm the viability of deposits identified within the project or that future required regulatory approvals will be obtained.
SOURCE Tiger Resources Limited
For further information: For further information: in respect of the Company's activities, please contact: David Young, Joint Managing Director, Tel: +61 (0)8 9240 1933, Email: firstname.lastname@example.org; Brad Marwood, Joint Managing Director, Tel: +61 (0)8 9240 1933, Email: email@example.com; Reg Gillard, Chairman, Tel: +61 (0)8 9240 1933, Email: firstname.lastname@example.org; Company website: www.tigerresources.com.au