21:40:43 EDT Tue 21 May 2024
Enter Symbol
or Name
USA
CA



Tiger Resources Ltd
Symbol TGS
Shares Issued 669,035,549
Close 2011-07-28 C$ 0.53
Market Cap C$ 354,588,841
Recent Sedar Documents

Tiger Resources' Esperanza report attracts BCSC heat

2011-07-28 19:57 ET - News Release

Mr. Patric Barry reports

43-101 REPORT - ESPERANZA GOLD PROJECT (EXPA 0006) JULY 28, 2011

As a result of a review by the British Columbia Securities Commission, Tiger Resources Ltd. is issuing the following news release to clarify its disclosure.

The National Instrument 43-101 report dated May 28, 2011, and filed on SEDAR on July 25, 2011, may have some elements that are not NI 43-101 compliant under the new rules that were implemented on July 1, 2011, and therefore should not be relied upon. The company will arrange for the report to be revised and filed on SEDAR.

The British Columbia Securities Commission has identified the following areas of interest, namely:

  1. Neither the current author, Jaime C. Zafra, nor the previous author, Ian S. Cooper, appear to be qualified persons as currently defined in NI 43-101. In particular, they do not have a foreign professional membership designation that meets the test in Subsection (e) of the definition because the MAusIMM designation is no longer accepted under NI 43-101.
  2. Mr. Zafra does not appear to be independent, based on his relationship with the property vendor and his shareholdings.
  3. The company did not file the certificates of qualified person required by Section 8.1(2) of NI 43-101.
  4. The company did not file the consents of qualified persons required by Section 8.3(1) of NI 43-101.
  5. The report appears to disclose historical estimates as exploration targets without providing the information required by either Section 2.4 or Section 2.3(2) of NI 43-101.
  6. The report attributes statements and opinions to Mr. Cooper even though he is not an author and has not signed the Report or provided certificates and consents.

Tiger International Resources' management will travel to the Philippines this week for discussion with the author of this report from which the company anticipates modification of the report. The securities commission relies in some of the areas outlined in the preceding points on the change in the rules of the Canadian securities regulators on July 1, 2011, although the report was signed on May 28, 2011. Since a major change to these rules regards the designation of a qualified person, the company understands that should the author of the report become a fellow of the Australian Institute of Metals and Metallurgy, upgraded from his prior status as a member, that this will bring his qualification into compliance with the new regulations. The company will discuss this with the author. Regarding the independence of the author, the company states that the author is an independent contractor and meets the requirements that he is independent; he holds no beneficial interest in the company or its subsidiary other than his responsibility as a contractor; and management plans to further discuss this aspect with the commission at a later date.

Questions pertaining to this news release may be directed to Patric Barry, president of Tiger International Resources, at 949-362-1600.

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