PERTH, Western Australia, Jan. 29 /CNW/ - Tiger Resources Limited (ASX / TSX: TGS) ("Tiger" or the "Company") advises that the activities report for the quarter ended 31 December 2009 has been issued today. Highlights of the report are 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 at www.sedar.com.
- US$33.9 million (approximate) financing package from Trafigura
pursuant to conditional agreement, comprising:
- Placement of 50 million shares at an issue price of A$0.15 for
proceeds of A$7.5 million (approximately US$6.9 million) -
completed in November 2009.
- Loan note debt facility for US$12 million - scheduled for
completion in March 2010.
- Subordinated debt facility for US$15 million - scheduled for
completion in April 2010.
- Financing package will secure Tiger's ability to meet payment
obligations to acquire its 60% interest in the Kipoi Project and
together with the Nedbank proposed senior debt facility will provide
funds to bring the US$30 million Stage 1 copper mining operation at
Kipoi into production.
- Nedbank facility due diligence in progress. Targeting receiving final
approvals in late March / early April 2010.
- Stage 1 mine works continue in accordance with development plan.
Mining tenders issued. Confirmation received that treatment plant and
infrastructure can be completed within the 6 month ramp up period.
Targeting commencement of production for early fourth quarter 2010.
- Measured & Indicated JORC resource reported for the high grade Cobalt
mineralisation. Results from preliminary metallurgical test work to
identify a process able to produce marketable cobalt product
- Highly favourable metallurgical test results confirm suitability of
the oxidized ore at Kipoi to be treated by the planned Stage 2 SXEW
The information in this report that relates to the Mineral Resource estimate for the cobalt resource is compiled by Mr. David Williams who in a member of the Australasian Institute of Mining and Metallurgy ("MAusIMM") Mr. Williams is a full time employees of CSA Global Pty Ltd and 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 Persons 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. Williams consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.
Caution Regarding Forward Looking Statements and Forward Looking Information: This report contains forward-looking statements and forward looking information, which are based on assumptions and judgments of management regarding future events and results. Such forward-looking statements and forward looking information, including but not limited to those with respect to the development of a Stage 1 mining, HMS and spiral system operation, a Stage 2 SXEW plant at Kipoi Central, the earning by Tiger of its interest in the Kipoi Project, and its plans to secure project finance for the Stage 1 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 availability of debt financing for a company that does not have any producing properties, the volatility currently being experienced in global financial markets, 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 Annual Information Form, under the heading "Risk Factors". The Company's Annual Information Form is available under the Company's profile on SEDAR at www.sedar.com.
SOURCE Tiger Resources Limited
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; Brad Marwood, Director, Tel: (+61 8) 9240 1933, Email: firstname.lastname@example.org; Reg Gillard, Chairman, Tel: (+61 8) 9240 1933, Email: email@example.com; Company website: www.tigerresources.com.au