2 July 2012
Perth, Western Australia: Tiger Resources Limited (ASX/TSX:TGS, “Tiger”) is pleased to announce it has entered into an export sales agreement to deliver copper oxide concentrate from its Kipoi Copper Project in Katanga Province, Democratic Republic of Congo (DRC) to the Chambishi Copper Smelter in Zambia.
The contract with Chambishi is for a minimum of 30,000t of copper concentrate at an average grade of 25% copper content from Tiger’s Stage 1 heavy media separation (HMS) plant.
The export sales are on favourable commercial terms and will be facilitated through the existing offtake arrangements in place with Tiger’s major shareholder Trafigura Beheer B.V.
First export load of +25% Cu concentrate leaves Kipoi for Zambia, transported in 1.2t bags
Tiger plans to export up to 60% of the annual concentrate production from Kipoi, with a higher proportion of the export sales to occur during the dry season. During the wet season, which starts in October and finishes in March, domestic sales will be increased to ensure supply of concentrate to the local market while small-scale operators stop working due to the rain.
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Managing Director Brad Marwood said the off-take deal gave Tiger added security in terms of marketing its Stage 1 product.
“This export agreement opens our product up to a wider market – enabling us to sell copper concentrate both domestically and as an export. We expect this to reduce the seasonal payability of sales. ” he said.
“The Kipoi HMS plant is now consistently producing at above nameplate capacity, giving us confidence that we will achieve our annual production target of 35,000t copper in concentrate. We are typically seeing reported grades of the daily production in June at or above 25% copper in the DMS concentrate, which is highly suitable for export sales.”
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 copper.
For further information in respect of the Company’s activities, please contact: Brad Marwood Stephen Hills Nathan Ryan
Chief Financial Officer
Tel: (+61 8) 6188 2000
Tel: (+61 8) 6188 2000
Tel: (+61 0)420 582 887
Email: firstname.lastname@example.org Company website: www.tigerresources.com.au
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.http://stocknessmonster.com/news-item?S=TGS&E=ASX&N=594968
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