TIGER RESOURCES ANNOUNCES CHANGES TO BOARD OF DIRECTORS

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

ASX Code: TGS
TSX Code: TGS

PERTH, Western Australia, April 20 /CNW/ - Tiger Resources Limited (ASX/TSX: TGS) advises of proposed changes to the Company's Board of Directors in conjunction with the progression of the Company from the exploration and development stage to production.

The Company's Chairman, Mr Reg Gillard, has advised that he proposes to retire from the Board at the upcoming Annual General Meeting to be held on 26 May 2011. Mr Gillard joined the Board as Chairman in 2005 and has guided the successful acquisition, exploration and development of the Kipoi Copper Project in the Democratic Republic of Congo ("DRC"). His leadership has been significant in overcoming a number of the challenges the Company has faced during his tenure.

Mr Patrick Flint, who has served as a Director since 2007, has retired from the Board with immediate effect. Mr Flint has also made a significant contribution to the Company's development, particularly with regard to the Company's project ownership and funding arrangements.

It is proposed that Mr Neil Fearis will be appointed to the Board. Mr Fearis will stand for election at the forthcoming Annual General Meeting and has the endorsement of the Company's Board. He is a senior commercial lawyer specialising in the areas of mergers and acquisitions, takeovers and capital raisings. He has extensive experience in the resources sector, including with respect to companies operating in the DRC. He is a member of several professional bodies associated with commerce and the law, including the Law Council of Australia, the International Bar Association, the Financial Services Institute of Australasia, and the Australian Institute of Company Directors. Mr Fearis is currently a non-executive Director of Perseus Mining Limited, Magma Metals Ltd and Carnarvon Petroleum Limited.

Mr Gillard said that "Following the proposed changes the Board will comprise experienced professionals from the key disciplines (operational, financial and legal), and with the extensive experience and commitment required to guide Tiger through the next phase of its growth."

"With the support of a strong Board and the Company's major shareholders, including Trafigura Beheer B.V., Managing Director Brad Marwood and his senior management team are well placed to crystallise the significant value of the Company's asset base in the DRC" Mr Gillard stated.

BACKGROUND

The Kipoi Project covers an area of 55 square kms and is located 75km north‐north‐west of the city of Lubumbashi in the Katanga 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. During the three year life of Stage 1 a total of 900,000tpa of 7% Cu is planned to be processed through an HMS plant to produce the equivalent of 35,000tpa of copper.

The Company is currently undertaking a feasibility study to evaluate the economic viability of constructing an SXEW plant (Stage 2) targeted to come on stream within three years of the start of the HMS operation. It is envisaged that ore from Kipoi Central, Kipoi North and Kileba South and the other deposits within the Kipoi Project and within the nearby Lupoto Project would be processed at the Stage 2 phase.

Caution Regarding Forward Looking Statements: The forward-looking statements made in this news release are based on assumptions and judgments of management regarding future events and results. Such forward-looking statements 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.


 

SOURCE Tiger Resources Limited

For further information:

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

Brad Marwood Stephen Hills Nathan Ryan
Managing Director Chief Financial Officer Investor Relations
Tel: (+61 8) 9240 1933 Tel: (+61 8) 9240 1933 Tel: (+61 0)420 582 887
Email: bmarwood@tigerez.com Email: shills@tigerez.com Email: nryan@tigerez.com

Company website: www.tigerresources.com.au

 

Organization Profile

Tiger Resources Limited

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890