/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
PERTH, Western Australia, July 2, 2012 /CNW/ - Tiger Resources Limited
(ASX/TSX:TGS, "Tiger") is pleased to announce it has entered into an
export sales agreement to deliver copper oxide concentrate from its
Kipoi Copper Project in Katanga Province, Democratic Republic of Congo
(DRC) to the Chambishi Copper Smelter in Zambia.
The contract with Chambishi is for a minimum of 30,000t of copper
concentrate at an average grade of 25% copper content from Tiger's
Stage 1 heavy media separation (HMS) plant.
The export sales are on favourable commercial terms and will be
facilitated through the existing offtake arrangements in place with
Tiger's major shareholder Trafigura Beheer B.V.
Tiger plans to export up to 60% of the annual concentrate production
from Kipoi, with a higher proportion of the export sales to occur
during the dry season. During the wet season, which starts in October
and finishes in March, domestic sales will be increased to ensure
supply of concentrate to the local market while small-scale operators
stop working due to the rain.
Managing Director Brad Marwood said the off-take deal gave Tiger added
security in terms of marketing its Stage 1 product.
"This export agreement opens our product up to a wider market - enabling
us to sell copper concentrate both domestically and as an export. We
expect this to reduce the seasonal payability of sales. " he said.
"The Kipoi HMS plant is now consistently producing at above nameplate
capacity, giving us confidence that we will achieve our annual
production target of 35,000t copper in concentrate. We are typically
seeing reported grades of the daily production in June at or above 25%
copper in the DMS concentrate, which is highly suitable for export
The Kipoi Project covers an area of 55 square km and is located 75km
north‐north‐west of the city of Lubumbashi in the Katanga Province of
the DRC. The project contains a 12km sequence of mineralised Roan
sediments that host at least five known deposits: Kipoi Central, Kipoi
North, Kileba, Judeira and Kaminafitwe.
The Company has reported JORC-compliant resources at three of the
deposits: Kipoi Central, Kipoi North and Kileba. The principal deposit
is Kipoi Central, which contains a zone of high grade copper
mineralisation within a much larger, lower grade global resource.
The Company has adopted a staged development approach at the Kipoi
Project. The high grade zone of mineralisation at Kipoi Central is
being exploited during the Stage 1 development. During the three-year
operation of Stage 1,900,000tpa of 7% Cu is planned to be processed
through the HMS plant with a recovery rate of 55%, to produce the
equivalent of approximately 35,000tpa of copper.
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 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 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.
The information in this report that relates to Exploration Results,
Mineral Resources or Ore Reserves is based on information compiled by
Mr. Brad Marwood, who is a Fellow of The Australasian Institute of
Mining and Metallurgy. Mr Marwood is a Director and Full-time employee
of the company.
Mr Marwood 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'. Mr Marwood
consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
SOURCE Tiger Resources Limited
For further information:
For further information in respect of the Company's activities, please contact:
Tel: (+61 8) 6188 2000
Chief Financial Officer
Tel: (+61 8) 6188 2000
Tel: (+61 0)420 582 887
Company website: www.tigerresources.com.au