PERTH, Western Australia, July 30 /CNW/ - Tiger Resources Limited (ASX/TSX: TGS) ('Tiger' or the 'Company') is pleased to announce the release of its June 2010 Quarterly Activities Report. Highlights of the report are presented below. The full text of the report is available on the Company's website www.tigerresources.com.au and under the Company's profile at www.sedar.com.
- Funding secured for Kipoi Stage 1 development
- Approval for commencement of the development of Kipoi Stage 1
- Early works commenced at Kipoi site 1 July 2010
- 45% increase in Kipoi Central Resource to 637,000t contained copper
- 31% increase in total Kipoi Project area resources to 841,600t
- Completion of acquisition of 60% interest in Kipoi Project
- Cash balance at 30 July of A$31.1 million (US$27.8 million)
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. 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 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.
Scientific or technical information in this news release has been prepared under the supervision of Mr Bradley Marwood, Joint Managing Director and a full-time employee of the Company and a Member of the AusIMM.(101610) Mr Marwood 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 JORC Code and to qualify as a "Qualified Person" under NI 43-101. Mr Marwood has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information or opinions contained in this news release. Mr Marwood consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears.
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 8) 9240 1933, Email: firstname.lastname@example.org; Brad Marwood, Joint Managing Director, Tel: (+61 8) 9240 1933, Email: email@example.com; Reg Gillard, Chairman, Tel: (+61 8) 9240 1933, Email: firstname.lastname@example.org; Company website: www.tigerresources.com.au