NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
- Record 2Q production of 10,233t copper in concentrate
- Copper produced in concentrate for 1H2012 above target at 17,966t
- Export sales commenced to Zambia
- Kipoi Central JORC M&I resources upgraded to 525,000t Cu
- High grade copper mineralisation from Kileba DD programme
- Darryll Castle appointed to the Tiger board
- Cash and trade receivables balances increased to $26.8 million
PERTH, Western Australia, July 27, 2012 /CNW/ -
|Kipoi Copper Project||Q2 2012||Q1 2012||YTD 2012|
|Corporate||Q2 2012||Q1 2012|
|Cash at bank||$14.4m||$9.6m|
|Concentrate available for sale (at sales value)||$4.2m||$4.5m|
|Trafigura Loan Note facility||$10.5m||$10.5m|
Tiger Resources Limited (ASX/TSX code: TGS) ("Tiger" or "the Company") is pleased to report its activities from the Company's projects in the Democratic Republic of Congo (DRC) for the June 2012 quarter.
Full details are available in a release that has been filed with SEDAR and is posted on the Company's website at www.tigerresources.com.au
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 payable copper.
The Company is currently undertaking a feasibility study to evaluate the economic viability of constructing a SXEW plant (Stage 2), targeted to come on-stream in 2014. It is envisaged that ore from Kipoi Central, Kipoi North and Kileba South and the other deposits within the Kipoi Project and within the nearby Lupoto Project would be processed during the Stage 2 phase.
The northern boundary of the Lupoto Project is located approximately 10kms to the south of the Kipoi Project and the project area can be accessed by a road that leads directly to Kipoi. The Company holds a 100% interest in the Lupoto Permit (PR2214) and Aurum Sprl has the right to a 1% NSR from any production on the permit.
The Sase deposit is situated within the Lupoto Project in an area of intersecting splay structures associated with a major project-scale fault system, the Sase fault zone. Fault breccias related to the fault systems represents important exploration targets. Several analogous geological settings have been identified in other parts of the Lupoto Project area. Mineralisation at Sase is hosted in intensely brecciated sedimentary rocks, mainly carbonaceous siltstones, shales and dolomites of the lower Kundelungu group. These stratigraphic units are known to host one of the world's largest Pb-Zn-Cu deposits at Kipushi, 50km west of Lubumbashi.
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