PERTH, Western Australia, Sept. 30 /CNW/ - Tiger Resources Limited (ASX /
TSX: TGS) ("Tiger" or the "Company") is pleased to announce the issuance today
of the Company's annual report for the year ended 30 June 2008, including the
Company's consolidated audited financial statements and related management's
discussion and analysis. The Operations Review Summary from the annual report
is 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 on
SEDAR at www.sedar.com.
Operations Review Summary
Tiger Resources continued to make remarkable progress during Financial
Year 2007-2008, and has taken considerable steps in advancing its goal of
commencing copper production in 2009.
Tiger has built up an interest in a large portfolio of projects, through
its joint venture agreements with Congo Minerals sprl, Aurum sprl and
Afrimines Resources sprl, covering more than 1,800 square kilometres. The
Company's principal asset is the Kipoi Project with an area of 55 sq km and
where the Company has a multi stage development strategy designed to achieve
copper production of 100,000tpa by 2016.
Highlights of the year include the release of a maiden inferred resource
for Kipoi Central in March 2008 of 13.4 million tonnes at 3.3% Cu, followed in
May 2008 by an update to the high grade area of the inferred resource to a
measured and indicated category. Significantly, Kipoi Central hosts a high
grade core in the measured and indicated category of 2.86 million tonnes at an
exceptionally high average grade of 8.1% Cu. It is proposed that this high
grade component will provide feed for the first three years of production.
In September 2008, the Company announced positive results from a
Definitive Feasibility Study ("DFS") into the Stage 1 development at Kipoi
Central. The Company is initially targeting annual production of 32,000 tonnes
of black/blister copper from a conventional open pit mining operation at Kipoi
Central, commencing in late 2009. The Company has commenced discussions with
potential financiers in relation to the provision of debt funding to support
the Stage 1 development, and is targeting securing funding by the end of the
2008 calendar year. Construction and development is expected to take 12
The start of resource drilling programmes at both the Kileba and Kipoi
North deposits (also located within the Kipoi Project), where mineralisation
was delineated over a strike of 550 metres and 650 metres respectively was
another highlight for the Company. The strike remains open at both deposits.
Other achievements included major grassroots copper and cobalt
discoveries at the Pumpi and Sase prospects.
Tiger also entered into an agreement with DRC-registered company
Afrimines Resources sprl to earn an interest in a group of four permits
located in the Katanga Copperbelt.
On the corporate side, in March and April 2008 Tiger raised a total
(before costs) of AU$35 million. AU$6 million was raised through the exercise
of options exercisable at AU$0.45 each and expiring 31 March 2008,
AU$22.7 million was raised through the placement of 50,444,444 shares at
AU$0.45 (pursuant to underwriting agreements with RBC Capital Markets and
Tolhurst Ltd in respect of options exercisable at AU$0.45 each and expiring 31
March 2008) and AU$6.3 million through the placement of 12.6 million shares at
AU$0.50 to Macquarie Bank Limited.
Tiger also completed a listing on the Toronto Stock Exchange (the "TSX")
with trading of the Company's ordinary shares on the TSX starting on 2 July,
2008. The TSX listing is a key part of the corporate strategy as Tiger moves
from explorer to emerging producer status. Increased exposure in the North
American market will offer Tiger additional options to achieve its financial
objectives for development of its projects in the DRC.
The Company negotiated a contract with the Orgaman Group to acquire their
entitlement to a 9% interest in the Kipoi Project, increasing Tiger Resources'
earn-in interest to 60%. Completion of this contract is subject to
finalisation of the DRC Government mining contract review.
In respect of the DRC Government mining contract review, discussions have
been held with representatives of the Ministry of Mines and Gecamines. Tiger
is confident that the matters raised by the DRC Government will be
satisfactorily resolved in the near future and is looking forward to the
successful development of the Kipoi Project.
At board level, in June 2008 Patrick Flint took on the role of Executive
Director after previously being a non-executive director. In July 2008, Rhett
Brans joined the board as a Non-Executive Director. Mr Brans, a qualified
engineer, has operated a consultancy providing project management services to
the international mining industry for the past 14 years.
Company website: www.tigerresources.com.au
The Information in this report that relates to Mineral Resources is based
on a resource estimate compiled by Mr Ted Hansen and Mr Rick Adams, both of
whom are members of the Australasian Institute of Mining and Metallurgy
("AusIMM"). Mr Hansen and Mr Adams are directors and full time employees of
Cube Consulting Pty Ltd. Mr Hansen and Mr Adams each has sufficient experience
which is relevant to the style of mineralisation and type of deposit 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 Hansen
and Mr Adams consent to the inclusion in this report of the matters based on
their information in the form and context in which it appears.
Scientific or technical information in this report other than that
relating to mineral resources of the Kipoi Project has been prepared by or
under the supervision of Mr David Young, Managing Director and a full-time
employee of the Company and a member of the 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 JORC Code and to qualify as a "Qualified
Person" under NI 43-101. Mr Young 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 Young consents to
the inclusion in this report 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 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 Company's
plans to develop 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.
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:
email@example.com; Nathan Ryan, Investor Relations, Tel: (+61 8) 9240 1933,
Email: firstname.lastname@example.org; Reg Gillard, Chairman, Tel: (+61 8) 9240 1933,