Mr. Brad Marwood reports
TIGER RESOURCES LIMITED - JUNE PRODUCTION AT KIPOI SETS NEW RECORDS
Tiger Resources Ltd.
has released an update on the recent
production performance of the Stage 1 HMS (heavy media separation)
plant at its Kipoi copper project in the Democratic Republic of Congo
(DRC).
Highlights
- Record of 3,853 tonnes of copper in concentrate produced in month of
June, 2012;
- Concentrate grade of 26.2 per cent exceeds nameplate capacity;
- Stage 1 HMS plant on track to achieve production level of 35,000 tonnes
per year.
During the month of June, 3,853 tonnes of copper were produced in
concentrate, exceeding the previous record production achieved in March
of 3,506 tonnes. Copper produced in concentrate for second quarter 2012 was a
record 10,233 tonnes.
KIPOI COPPER PROJECT
Second First Year to
quarter quarter date
April May June 2012 2012 2012
Ore processed Tonnes 88,637 89,036 87,173 264,866 230,805 495,671
Head grade (%) 6.30 6.44 7.79 6.83 6.57 6.71
Recovery (%) 54.1 58.5 56.8 56.5 51.0 54.0
Concentrate produced Tonnes 14,205 13,216 14,680 42,101 37,506 79,607
Copper produced Tonnes 3,020 3,360 3,853 10,233 7,733 17,966
Concentrate grade (%) 21.3 25.4 26.2 24.3 20.6 22.6
The production performance represents a significant step up in the
quarterly production statistics.
Tiger believes that earlier teething issues experienced during the HMS
plant's production-increase phase have now been successfully resolved.
Consistency in the plant's operational performance has enabled
management to focus on process enhancement and efficiency, as evidenced
by the improvement in the copper concentrate grade in June to 26 per cent.
Brad Marwood, the managing director of Tiger, said: "The HMS plant
produced 17,966 tonnes of copper in the first half of 2012, and at this
rate is well on track to meet its expected annual average production
level of approximately 35,000 tonnes. The HMS plant is demonstrating levels of performance and product
consistency that have made it possible for us to commit to export
sales. Our team is now focusing on driving cost efficiencies to
maximize cash generation from the plant."
Tiger plans to use cash flows generated from the Stage 1 HMS operations
to construct a Stage 2 SXEW (solvent extraction electro-winning)
processing plant at Kipoi with a capacity to produce 50,000 tonnes per
year of copper cathode. The definitive feasibility study (DFS) for
the Stage 2 SXEW processing plant is progressing well. Tiger has
appointed a project manager to commence the Stage 2 tender process and
project implementation planning to run in parallel with the completion
of DFS activities in anticipation of an early commitment to the Stage
2 development.
Background
The Kipoi project (Tiger: 60 per cent) covers an area of 55 square kilometres and is
located 75 kilometres north-northwest of the city of Lubumbashi in the Katanga
province of the DRC. The project contains a 12-kilometre sequence of
mineralized Roan sediments that host at least five known deposits:
Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.
The company has reported Joint Ore Reserves Committee-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
mineralization 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 mineralization at Kipoi Central is
being exploited during the Stage 1 development. During the three-year
operation of Stage 1, 900,000 tonnes per year of 7 per cent Cu is planned to be processed
through the HMS plant with a recovery rate of 55 per cent, to produce the
equivalent of approximately 35,000 tonnes per year of copper.
We seek Safe Harbor.
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