Tiger Resources Ltd.
Contractual Arrangements - Kipoi Project, DRC
Balcatta, Western Australia, Australia. September 11, 2007. Tiger Resources Ltd. (ASX: TGS, Frankfurt: A0CAJF):
As previously announced, Tiger Resources is acquiring an interest in the Kipoi Project, located in the Katanga Province in the south east of the Democratic Republic of Congo. The Kipoi Project is currently owned by SEK sprl, a company jointly owned by Congo Minerals sprl and Gecamines, a DRC State-controlled mining company.
Pursuant to its contractual arrangements with Gecamines, Congo Minerals is required to fund completion of a feasibility study at the Kipoi Project. Pursuant to its contractual arrangements with the owners of Congo Minerals, Tiger Resources has undertaken to complete a feasibility study at the Kipoi Project by 31 January 2009.
Congo Minerals has advised Tiger Resources that the contractual arrangements and activities of Congo Minerals at the Kipoi Project have recently been the subject of a review by the DRC Government Commission currently reviewing all contracts entered into by DRC State-controlled mining companies, including Gecamines. Congo Minerals has indicated that the Government Commission's initial report on its contractual reviews is expected to be presented to the DRC Parliament later this year.
As noted above, Tiger Resources' contractual arrangements with the owners of Congo Minerals require the completion of a feasibility study at the Kipoi Project by 31 January 2009. Congo Minerals has advised that Gecamines has written to it seeking to clarify the timing of completion of the feasibility study, with an expectation that the study be completed in the near future. It is understood that similar requests have been made to other partners of Gecamines exploring for and developing resource projects in the Katanga Province. Representatives of Congo Minerals and Tiger Resources are to meet with Gecamines' senior management to clarify Gecamines' expectations and ensure that the Kipoi Project is developed as quickly as possible in accordance with an agreed timeframe that is in the interests of all stakeholders.
Tiger Resources will advise the market of future developments in respect of the review by the Government Commission and the timing for completion of the feasibility study as and when factual information is available.
For further information in respect of the Company's activities, please contact:
Tiger Resources Ltd.
D. J. Young, Managing Director dyoung@tigerez.com
Richard Taylor, Investor Relations rtaylor@tigerez.com
Reg Gillard, Chairman gillardr@crcpl.com.au
30 Ledgar Road, Balcatta, Western Australia 6021 Australia Tel. +61 (8) 9240 1933 Fax +61 (8) 9240 2406 tiger@tigerez.com http://www.tigerez.com/ http://www.tigerresources.de/
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