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PERTH, Western Australia, March 27, 2013 /CNW/ - Tiger Resources Limited (ASX/TSX: TGS, "Tiger") is pleased to announce its Annual Report for the financial year ended 31 December 2012.
Managing Director Brad Marwood said 2012 had been very successful one for Tiger, with the Company meeting and exceeding its targets.
"We achieved production of 36,966 tonnes of copper in concentrate during 2012, exceeding the nameplate capacity of 35,000 tonnes of copper per annum at Kipoi. We did this at a cash cost of $0.76/pound of copper produced in concentrate. Looking forward we expect to produce 37,000 tonnes of copper in concentrate during 2013, at a cash cost of $0.48/lb of copper produced," Mr Marwood said.
Revenue for the year was $146.6 million, and the Company's operating cashflow, excluding exploration and feasibility study expenditure, was $62.2 million. Cash on hand, trade receivables and concentrate inventory available for immediate delivery at 31 December 2012 was $45.2 million.
Development of the $161 million Kipoi Stage 2 solvent-extraction and electro-winning (SXEW) plant commenced in January 2013, with first production anticipated in the second quarter of 2014.
SOURCE: Tiger Resources Limited
For further information:
For further information in respect of the Company's activities, please contact:
Brad Marwood Managing Director (+61 8) 6188 2000 email@example.com
Stephen Hills Finance Director (+61 8) 6188 2000 firstname.lastname@example.org
Nathan Ryan Investor Relations (+61 0) 420 582 887 email@example.com
Company website: www.tigerresources.com.au