PERTH, Western Australia, April 21 /CNW/ - (ASX and TSX: TGS): Emerging Perth based copper producer Tiger Resources Limited ("Tiger" or the "Company") is pleased to provide an update on developments towards bringing the 35,000tpa Stage 1 copper mining operation at Kipoi into production:
- Update on timing of financing arrangements for Stage 1 development
- Issue of notice of intent to award Mining Contract for Stage 1
Nedbank Limited ("Nedbank") is acting as exclusive arranger of an Export Credit Insurance Corporation of South Africa Limited ("ECIC") supported US$16 million debt facility. As previously advised, Snowden Mining Industry Consultants ("Snowden") have completed an Independent Technical Review of the Kipoi Stage 1 project for Nedbank and ECIC. Snowden did not identify any significant issues which may prevent the project continuing. The ECIC board and technical committee have met and requested certain additional technical information of the Kipoi Stage 1 project. It is proposed that the final ECIC board approval will be sought through a round robin Board process. Tiger and Snowden has provided the additional information requested, and Nedbank advises it anticipates the round robin approval will be finalised in May 2010.
Tiger has issued a notice of intent to award the Mining Contract to MCK Trucks sprl. MCK Trucks sprl is a Congo-registered company with a demonstrated track record of successfully providing mining contracting services to similar operations in the Katanga Copper Belt. The indicated mining cost is within the cost parameters of the Kipoi Copper Project Revised Definitive Feasibility Study.
Tiger's intention remains to start development and construction at Kipoi from June with first copper production expected towards the end of the year.
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, obtaining a project debt facility with Nedbank Limited, and completion of a mining contract with MCK Trucks sprl, 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 an agreement will be reached with Nedbank Limited for a project debt facility, that a mining contract with MCK Trucks sprl will be completed, 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