NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
PERTH, Western Australia, Sept. 28, 2012 /CNW/ - Tiger Resources Limited (ASX/TSX:TGS, "Tiger") advises that the
Company's ordinary shares and warrants held by Trafigura Beheer BV have
been placed, through a book-build, to local and offshore institutional
Trafigura provided a public notice of its intention to dispose of
173,798,416 shares and 24,216,577 warrants, representing approximately
28% of Tiger's issued ordinary share capital on a fully diluted basis,
on Friday 21 September, 2012.
The book-build was managed by global investment bank Canaccord Genuity
under an exclusive mandate from Trafigura.
Tiger's Managing Director Brad Marwood said that Trafigura had been a
strong supporter of Tiger and was instrumental in helping the Company
finance and develop the Stage 1 heavy media separation (HMS) operation
at Kipoi, in the Katanga Province of the Democratic Republic of Congo
"We would like to acknowledge Trafigura's important role in establishing
Tiger as a fully-fledged producer of copper concentrate," Mr Marwood
"Trafigura's managed exit has provided the opportunity for local and
offshore institutional investors seeking meaningful exposure to the
next phase of Tiger's growth story to join our share register."
Tiger is currently completing a definitive feasibility study ("DFS") for
the development of a Stage2 solvent extraction electrowinning (SXEW)
plant at Kipoi, capable of producing 50,000 tonnes per annum of
LME-grade copper cathode.
The DFS is scheduled to be completed by the end of 2012. Tiger intends
to complete the development of the SXEW infrastructure by mid-2014, to
allow production of copper cathode to commence immediately after the
scheduled finish of production of copper concentrate from the existing
Stage1 HMS plant.
The Kipoi Project covers an area of 55 square km 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-compliant resources at three of the
deposits: Kipoi Central, Kipoi North and Kileba. The principal deposit
is Kipoi Central, which contains a zone of high grade copper
mineralisation within a much larger, lower grade global resource.
The Company has adopted a staged development approach at the Kipoi
Project. The high grade zone of mineralisation at Kipoi Central is
being exploited during the Stage 1 development. During the three-year
operation of Stage 1,900,000tpa of 7% Cu is planned to be processed
through the HMS plant with a recovery rate of 55%, to produce the
equivalent of approximately 35,000tpa of payable copper.
The Company is currently undertaking a feasibility study to evaluate the
economic viability of constructing a SXEW plant (Stage 2), targeted to
come on-stream in 2014. 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 during
the Stage 2 phase.
The northern boundary of the Lupoto Project is located approximately
10kms to the south of the Kipoi Project and the project area can be
accessed by a road that leads directly to Kipoi. The Company holds a
100% interest in the Lupoto Permit (PR2214) and Aurum Sprl has the
right to a 1% NSR from any production on the permit.
The Sase deposit is situated within the Lupoto Project in an area of
intersecting splay structures associated with a major project-scale
fault system, the Sase fault zone. Fault breccias related to the fault
systems represents important exploration targets. Several analogous
geological settings have been identified in other parts of the Lupoto
Project area. Mineralisation at Sase is hosted in intensely brecciated
sedimentary rocks, mainly carbonaceous siltstones, shales and dolomites
of the lower Kundelungu group. These stratigraphic units are known to
host one of the world's largest Pb-Zn-Cu deposits at Kipushi, 50km west
SOURCE: Tiger Resources Limited
For further information:
For further information in respect of the Company's activities, please contact:
Tel: (+61 8) 6188 2000
Chief Financial Officer
Tel: (+61 8) 6188 2000
Tel: (+61 0)420 582 887
Company website: www.tigerresources.com.au