TGS 0.00% 4.9¢ tiger resources limited

media release

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    Heres that media release Richard Taylor was talking about this morning on the phone.....

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    Tiger Resources Welcomes results of DRC Government review of Kipoi Project contract
    Media Release 22 February 2008

    Tiger Resources Limited Managing Director David Young has welcomed official notification from the Government of the Democratic Republic of the Congo that its flagship Kipoi Project falls into the B category within the Government’s recently conducted mining review and is now looking forward to moving the project into early production.

    In 2007 the DRC Government established a commission to review the DRC State’s interest in various mining projects.

    The Company understands that more than 60 joint venture contracts governing mining projects were reviewed. All companies whose contracts have been reviewed are now being advised by the Minister of Mines of the conclusion of the review process.

    The Company understands that of the three categories used, A – contract in good standing, B – contracts should be reviewed and C – contracts that should be cancelled; no companies fell into A, while a majority of companies were placed in category B.

    The Minister of Mines has advised that the following matters are to be addressed for the SEK sprl contractual arrangements which govern the Kipoi Project:

    • Submit a feasibility study to the Government that, amongst other things, identifies and assesses the actual contributions made by the parties in the joint venture in order to ensure an equitable allocation of the ownership of SEK sprl;

    • Develop the deposits as soon as possible;

    • Gecamines must be actively involved in the day to day management of SEK sprl; and

    • Submit to the Government a plan for social programs that will have a visible impact.

    Tiger is confident that the matters raised by the Government will be positively resolved and is looking forward to the successful development of the Kipoi Project.

    SEK sprl has the rights to the Kipoi Project and is a DRC registered company jointly owned by Congo Minerals sprl (60%) and Gecamines (40%), a DRC State-controlled mining company. Tiger Resources is is acquiring a majority interest in the Kipoi Project under an agreement with the shareholders of Congo Minerals sprl.

    Since becoming involved in the project in late 2006 Tiger Resources has carried out aggressive drilling and exploration programmes in order to rapidly confirm a substantial resources of copper mineralisation. The initial resource statement for the first of several identified deposits at Kipoi, Kipoi Central, is due for release this month.

    “Tiger was the first Company to undertake any serious exploration work on the Project. Before we became a partner in the project there had been no modern exploration or drilling and there was no real appreciation of the significant potential of the Project,” according to David Young.

    “We have now completed substantial exploration and development work on the project, including drill testing of each of the main areas of historical workings, and we will be releasing an initial JORC resource estimate next week for the outstanding high grade Kipoi Central copper oxide deposit within this Project.

    A feasibility study for the Kipoi Central deposit, incorporating the initial JORC resource estimate, is expected in the second quarter of 2008.

    “Based on our current information, we anticipate mining at Kipoi will commence in the second half of this year and take place as a staged development beginning with open pit mining and a HMS concentrating facility with capacity to treat 800,000tpa of high grade copper ore,” Mr Young said.

    “Ultimately, we will aim to set up an SXEW facility that would produce cathode copper within three to four years of the start of the initial mining operation.

    “We recognise the importance of engaging the Congolese people, particularly those communities close to the Kipoi Project and work has recently commenced on the development of social programs for their benefit.”

 
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