PERTH, Western Australia, Jan. 30 /CNW/ - Tiger Resources Limited (ASX /
TSX: TGS) ("Tiger" or the "Company") advises that the activities report for
the quarter ended 31 December 2008 has been issued today. Highlights of the
report are set out below, and the full text of the report is available on the
Company's website www.tigerresources.com.au and under the Company's profile at
DRC Mining Review
Government review of Kipoi Mining Contract completed. Ownership of the
Kipoi project remains a 60/40 JV with Gecamines (Tiger acquiring a majority
interest). Royalty payment reduced from 4.5% to 2.5% on gross sales. The
Company considers the positive resolution of the DRC Government mining
contract review to be a significant step forward in its efforts to
successfully develop the Kipoi Project.
Review underway to identify ways of significantly reducing OPEX and CAPEX
costs and of reducing construction time in order to bring forward cash flow
generation. A potential CAPEX reduction of approximately USD30 million has
been identified so far.
Total of 18 holes completed for 2,966.1m, completing current round of
resource drilling at the Kipoi Central, Kileba and Kipoi North deposits.
Maiden resource statements for Kipoi North and Kileba expected to be released
Resource drilling at Kileba has now delineated mineralisation over a
strike of 1,260m. Significant new results include:
35.0m @ 3.09%Cu, 37.0m @ 2.62% Cu, 43.5m @ 1.87% Cu and 35.0m @ 1.40% Cu.
Resource drilling at Kipoi North has delineated mineralisation over 650m
of strike. New results delineate zones of footwall and hanging wall
mineralisation. Significant new results include:
49.9m @ 2.99% Cu, 54.4m @ 1.93% Cu, 25.5m @ 2.22%Cu, 18.0m @ 2.71%Cu and
22.25m @ 1.27% Cu.
Resource drilling at Kipoi Central has extended strike of previous known
mineralisation a further 200m (from 600m to 800m). Mineralisation remains open
to the south/southwest and at depth. Significant new results include:
147.7m @ 1.19% Cu, 180.5m @ 1.0% Cu, 26m @ 2.95% Cu, 55.5m @ 1.9% Cu and
16.5m @ 2.77% Cu.
AFRIMINES JOINT VENTURE
Airborne magnetic survey and an initial orientation soil sampling
programme completed. Results pending.
SAKANIA JOINT VENTURE
A 5,389 sample soil sampling programme was undertaken on the four
tenements making up the Sakania JV area.
Planned drilling programmes were completed in November 2008, after which
the Company restructured and significantly downsized its operations in the DRC
in order to preserve cash. Similar measures have also taken place at the Perth
office. At 31 December 2008 the Company had cash at bank of $10.9 million.
Scientific or technical information in this news release has been
prepared under the supervision of Mr David Young, Managing Director of the
Company and a member of the Australasian Institute of Mining and Metallurgy
(AusIMM). Mr Young has sufficient experience which is relevant to the style of
mineralization 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 Young consents to the inclusion in this news release of the
matters based on his information in the form and context in which it appears.
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, including but not limited to the Company's plans with respect to
the acquisition of a majority interest in and the development of the Kipoi
Project and with respect to the optimisation study and potential CAPEX
reduction, 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.
Assay results in this news release were prepared by the independent
laboratory, ASL Chemex, Western Australia.
For further information:
For further information: in respect of the Company's activities, please
contact: David Young, Managing Director, Tel: (+61 8) 9240 1933, Email:
firstname.lastname@example.org; Reg Gillard, Chairman, Tel: (+61 8) 9240 1933, Email:
email@example.com; Patrick Flint, Director, Tel: (+61 8) 9240 1933,
Email: firstname.lastname@example.org; Company website: www.tigerresources.com.au