TORONTO, Jan. 30, 2013 /CNW/ - White Tiger Gold Ltd. ("White Tiger" or the "Company") (TSX: WTG) today announced that it has installed a new power line and commissioned a new crushing and screening unit for the Phase 2 expansion of its Savkino Mine.
Commenting, Jim McBurney, CEO of White Tiger, said, "We continue to progress with the expansion of our Savkino Mine. The completion of the new power line and commissioning of the crushing and screening unit for Phase 2 are important milestones for the Company. The power line will provide the Savkino Mine with more reliable electricity supply and the crushing and screening unit will increase the Savkino Mine's current crushing and screening capacity from 4,000 tonnes per day to more than 9,000 tonnes per day. The next important operational milestone will be the commissioning of the agglomerator in late April/early May, which will enable us to significantly increase production in May 2013 and more than double gold production this year."
Savkino Phase 2
The Savkino Mine is the Company's existing open-pit, heap leach gold mine that produced 18,261 ounces in 2012. The commissioning of the Phase 2 expansion of the Savkino Mine will increase plant capacity from 650,000 tpa to 1.7m tpa, utilizing two separate but identical production streams. This will allow for both significantly expanded production capacity and reliability and continuity of output to enable gold production to increase from the existing level to 48,000 oz in 2013. The Company also continues to conduct on-going exploration work at Savkino to replenish reserves and extend the life of mine.
Installation of Power Line and Commissioning of Crushing and Screening Unit
A new power line has been installed to serve the Savkino Mine. The power line extends 8km from the Mikhailovka substation to a new substation on site and in turn connects to the new crushing and screening unit and other facilities at the Savkino Mine. Transmission capacity has increased from 2.2MW to 4.2MW and will provide sufficient continuous power supply to sustain operations through for the life of mine.
The commissioning of Crushing and Screening Unit 2, to include a cone crusher, jaw crusher and three screeners, has been successfully completed. In addition, Unit 2 comprises a receiving bunker and conveyor lines. The Savkino Mine will now have the ability ability to handle two ore stockpiles of 400,000 tonnes each.
About White Tiger
White Tiger Gold Ltd. is a TSX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation.
Caution Concerning Forward-Looking Information
This news release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") relating, but not limited to, the Company's expectations, intentions and beliefs (including, without limitation, statements regarding, the Company's mines, projects and licence areas, exploration and development plans (including the timing thereof) and potential, anticipated gold production and future plans and objectives of the Company. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements. Such statements are based on assumptions, estimates, opinions and analysis made by the management of the Company in light of their experience, current conditions and their expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that may cause actual results to vary include but are not limited to: changes in equity and debt markets; inflation; uncertainties relating to the availability and costs of financing needed to complete exploration, development and production activities; failure to establish estimated mineral resources or mineral reserves (the Company's mineral resource and mineral reserve figures are estimates and no assurances can be given that the indicated levels of gold will be produced); exploration costs varying significantly from estimates; delays in the exploration and development of, and/or commercial production from, the properties in which the Company has an interest; unexpected geological or hydrological conditions; the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties, including the failure of major mining and/or milling equipment; the availability to the Company of suitable financing alternatives; the ability of the Company to service its existing debt facilities; fluctuations in gold and other commodity prices; the existence of undetected or unregistered interests or claims, whether in contract or in tort, over the property of the Company; success of future exploration and development initiatives; competition; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability to, or delays in, obtaining necessary permits and approvals from government authorities; risks relating to labour; and other exploration, development and operating risks; changes to and compliance with applicable laws and regulations, including environmental laws; political, economic and other risks arising from the Company's activities in Russia; fluctuations in foreign exchange rates; and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE: White Tiger Gold Ltd.
For further information:
White Tiger Gold Ltd. Jim McBurney, Chief Executive Officer [email protected]