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PERTH, Western Australia, April 4, 2013 /CNW/ - Tiger Resources Limited (ASX/TSX: TGS, "Tiger") is pleased to announce that it has set a new record for monthly production at its Kipoi Copper Project in the Democratic Republic of Congo (DRC).
Tiger produced 4,007 tonnes of copper in concentrate in March from its heavy media separation (HMS) plant, 37% above the HMS plant's nameplate capacity and 4% higher than the previous monthly record of 3,853 tonnes achieved in June 2012.
The Company produced 9,488 tonnes of copper in concentrate for the March 2013 quarter, 8.5% above nameplate capacity. Full production results and operating costs will be detailed in the March 2013 Quarterly Report to be released later this month. In 2012, Tiger produced 36,966 tonnes of copper in concentrate, exceeding market guidance by 6%.
"The record performance in March highlights the efficiency of the plant and the high calibre of operating staff we have in the DRC," Managing Director Brad Marwood said.
"After exceeding guidance in 2012, it's pleasing to continue that trend with such a positive start to this year."
The full copy of the announcement is 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.
Tiger is undertaking a phased development at Kipoi, where the Stage 1 heavy media separation (HMS) plant is in production and is expected to process 2.7Mt of ore grading approximately 7% Cu to produce a total of 113,000 tonnes of copper in concentrate over its 39 month1 life.
The Stage 2 solvent-extraction electro-winning (SXEW) plant under development is targeted to come on-stream in 2014. Ore reserves from the Kipoi Central, Kipoi North and Kileba deposits within the Kipoi Project area will be processed during the Stage 2 operations.
It is envisaged that ore from Judeira and other deposits within the Kipoi Project area, and within the nearby Lupoto Project, will also be processed during the Stage 2 operations, providing additional returns and increasing the mineral resources available as feedstock to the Stage 2 SXEW plant. Increased resources will potentially increase the nine-year mine life demonstrated in the DFS and/or annual plant throughput.
Caution Regarding Forward Looking Statements and Forward Looking Information: This report contains forward looking statements and forward looking information, which are based on assumptions and judgments of management regarding future events and results. Such forward-looking statements and forward looking information, including but not limited to those with respect to the Stage 1 mining, HMS and spiral system operations and the development of a Stage 2 SXEW plant at Kipoi Central, 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 availability of debt financing, the volatility in global financial markets, the actual results of future mining, processing and development activities and changes in project parameters as plans continue to be evaluated. There can be no assurance that the Stage 1 HMS plant will operate in accordance with forecast performance, that anticipated metallurgical recoveries will be achieved, that future evaluation work will confirm the viability of deposits identified within the project, that future required regulatory approvals will be obtained, that the Stage 2 expansion of the Kipoi Project will proceed as planned and within expected time limits and budgets or that, when completed, the expanded Kipoi Stage 2 project will operate as anticipated.
1Stage 1 Kipoi Central HMS ore processed average recovery is estimated at 60%, as per the Kipoi HMS Feasibility Study
SOURCE: Tiger Resources Limited
For further information:
For further information in respect of the Company's activities, please contact:
(+61 8) 6188 2000
Chief Financial Officer
(+61 8) 6188 2000
(+61 0) 420 582 887
Company website: www.tigerresources.com.au