PERTH, Western Australia, April 30 /CNW/ - Tiger Resources Limited (ASX/TSX: TGS) ("Tiger" or the "Company") advises that the activities report for the quarter ended 31 March 2010 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
During the quarter the Company made significant progress towards bringing the Stage 1 copper mining operation at Kipoi into production before the end of 2010.
Important milestones that were achieved include:
- Granting by the Minister of Mines in the DRC of the mining permit for
development of Kipoi Central deposit.
- Approval by the relevant authorities of the Environmental impact
statement and Environmental management plan.
- Approval by Gecamines of the Stage 1 development plan.
- Appointment of Mr Marwood, a qualified Mining Engineer, as a Joint
Managing Director. Mr Marwood has responsibility for all operational
aspects of bringing the Kipoi Project into production.
- Successful completion of independent technical review of Stage 1
development plan commissioned by Nedbank. The Company is targeting
final Nedbank and ECIC approvals for US$16 million debt facility in
- Proposed US$27 million debt funding package with Trafigura Beheer B.V.
approved by shareholders at meeting held on 21 April 2010.
- Notice of Intent to Award Mining Contract for Stage 1 development
issued to MCK Trucks sprl.
- Provision of a Lump Sum Turnkey proposal for the capital works by DRA.
- Key project management and senior financial personnel successfully
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, completion of an equity and debt funding package with Trafigura Beheer B.V., and obtaining a project debt facility with Nedbank Limited, 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 the conditions precedent to the equity and debt funding package with Trafigura Beheer B.V., will be satisfied, that an agreement will be reached with Nedbank Limited for a project debt facility, 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 8) 9240 1933, Email: firstname.lastname@example.org; Brad Marwood, Joint Managing Director, Tel: (+61 8) 9240 1933, Email: email@example.com; Reg Gillard, Chairman, Tel: (+61 8) 9240 1933, Email: firstname.lastname@example.org; Company website: www.tigerresources.com.au