Tiger Resources Issues September 2008 Quarterly Report

    PERTH, Western Australia, Oct. 31 /CNW/ - Tiger Resources Limited (ASX /
TSX: TGS) ("Tiger" or the "Company") advises that the activities report for
the quarter ended 30 September 2008 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

    The September Quarter has seen the Company make considerable progress in
certain key areas which will go a long way in underpinning the corporate goal
of becoming a Copper ("Cu") producer by the end of 2009, and a 100,000tpa Cu
producer by 2016:

    -   Completion of Definitive Feasibility Study into the Stage 1 mining
        operation at Kipoi Central. The results of the study using a base
        case Cu price of USD2.50/lb gave an IRR of over 51% and a project
        cash flow of USD138 million over the life of a 3 year mining project,
        producing 95,000t of copper metal. Due to the recent dramatic change
        in market conditions the Company is in process of completing an
        optimisation study. The study considers the production of a +20% Cu
        concentrate, with significantly lower capital and operating costs.
    -   Progress in resolution of Democratic Republic of the Congo ("DRC")
        mining contract review. Meetings were held with Gecamines and
        representatives of the DRC Ministry of Mines for the purpose of
        discussing the existing contractual terms covering the Kipoi Project.
        The results of the discussions, which are not expected to result in
        any significant changes to existing contractual terms, have been
        documented and will be forwarded to the Minister of Mines in Kinshasa
        for final review. The Company anticipates the mining contract review
        process will be finalised by the end of the 2008.
    -   Restructuring of Aurum JV. The Company reached agreement with Aurum
        sprl to restructure the existing joint venture between the two
        companies. The terms of the joint venture with Aurum sprl has been
        renegotiated with the result that Tiger will hold 100% of the Lupoto
        Project (PR2214) and Aurum will retain 100% of the Kolwezi Project.
        Among other things this will enable Tiger to focus its activities
        within a 25km radius of Kipoi Project.

    The Company maintained an aggressive exploration programme during the
quarter with up to 5 rigs operating. The drilling programmes were all aimed at
adding value to the Company by increasing resource inventory. A Measured and
Indicated Resource of 2.86Mt @ 8.1% Cu, containing 232,000 tonnes of copper
for the high grade section the Kipoi Central ore body was reported. The
resource will support the Stage 1 development at Kipoi Central.
    Resource drilling has now been completed at both Kileba and Kipoi North
deposits with JORC standard resource estimates expected towards the end of the
year. Resource drilling was undertaken at Kipoi Central targeting extensions
of mineralisation along strike to the south of the existing delineated

    Significant drill intersects at Kileba included:

    -   KLBDD009: 136.5m @ 3.1% Cu, including 7m @ 11.8% Cu and 9.0m
        @ 8.5% Cu
    -   KLBDD011: 48.5m @ 2.7% Cu and 35.3m @ 2.5% Cu, including 6.0m
        @ 7.2% Cu
    -   KLBDD012: 17.0m @ 1.8% Cu, 28.0m @ 1.6% Cu and 28.0m @
        1.2% Cu

    The Company appointed qualified civil engineer Rhett Brans to the board
as a Non-Executive Director. Mr Brans' experience, expertise and commitment
will greatly assist the Company advance the Kipoi project from the feasibility
stage through development and into production as quickly and efficiently as
    At end of September the Company had AUD17.68 million in cash. In response
to the current difficult fund raising conditions Tiger is scaling back its
exploration activities and has reduced the number of drill rigs to just one,
and is in process of reviewing its cost structures in Australia and in the

    Additional Notes:

    The Information in this report that relates to Mineral Resources of the
Kipoi Project 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 of Cube
Consulting Pty Ltd. Mr Hansen and Mr Adams have sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to resource estimation to qualify as 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 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 news release 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 news release 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 news release 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 the Kipoi Project and the results of the DRC mining contract review
process, 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.
    Assay results in this report were prepared by the independent laboratory,
ALS Chemex, Western Australia.

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:
dyoung@tigerez.com; Nathan Ryan, Investor Relations, Tel: (+61 8) 9240 1933,
Email: nryan@tigerez.com; Reg Gillard, Chairman, Tel: (+61 8) 9240 1933,
Email: gillardr@crcpl.com.au, website: www.tigerresources.com.au

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