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- Record of 3,853 tonnes of copper in concentrate produced in month of June 2012
- Concentrate grade of 26.2% exceeds nameplate capacity
- Stage 1 HMS plant on track to achieve production level of 35,000 tonnes per annum
PERTH, Western Australia, July 25, 2012 /CNW/ - Tiger Resources Limited (ASX/TSX: TGS, "Tiger") is pleased to provide an update on the recent production performance of the Stage 1 HMS (heavy media separation) plant at its Kipoi Copper Project in the Democratic Republic of Congo (DRC).
During the month of June 3,853 tonnes of copper was produced in concentrate, exceeding the previous record production achieved in March of 3,506 tonnes. Copper produced in concentrate for Q2 2012 was a record 10,233 tonnes.
|Kipoi Copper Project||April||May||June||Q2 2012||Q1 2012|| YTD
The production performance represents a significant step-up in the quarterly production statistics.
Tiger believes that earlier teething issues experienced during the HMS plant's ramp-up phase have now been successfully resolved.
Consistency in the plant's operational performance has enabled management to focus on process enhancement and efficiency, as evidenced by the improvement in the copper concentrate grade in June to 26%.
Mr Brad Marwood, the Managing Director of Tiger said: "The HMS plant produced 17,966 tonnes of copper in the first half of 2012, and at this rate is well on track to meet its expected annual average production level of approximately 35,000 tonnes".
"The HMS plant is demonstrating levels of performance and product consistency that have made it possible for us to commit to export sales. Our team is now focussing on driving cost efficiencies to maximise cash generation from the plant."
Tiger plans to use cash flows generated from the Stage 1 HMS operations to construct a Stage 2 SXEW (solvent extraction electro-winning) processing plant at Kipoi with a capacity to produce 50,000 tonnes per annum of copper cathode. The definitive feasibility study (DFS) for the Stage 2 SXEW processing plant is progressing well. Tiger has appointed a Project Manager to commence the Stage 2 tender process and project implementation planning, to run in parallel with the completion of DFS activities, in anticipation of an early commitment to the Stage 2 development.
The Kipoi Project (Tiger: 60%) 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
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Tel: (+61 8) 6188 2000
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Chief Financial Officer
Tel: (+61 8) 6188 2000
Email: [email protected]