Business
Tiger Resources Issues September 2009 Quarterly Report
Tiger Resources Issues September 2009 Quarterly Report
About this update from Alaska Hydro Corp.
[{"type":"text","content":"\n\n\n\nOct. 30, 2009 (Canada NewsWire Group) -- PERTH, Western Australia, Oct. 30 /CNW/ -- Tiger Resources Limited (ASX/TSX: TGS) (\"Tiger\" or the \"Company\") advises that the activities report for the quarter ended 30 September 2009 has been issued today. Highlights of the report are set out below, and the full text of the report is available on the Company's website www.tigerresources.com.au and under the Company's profile at www.sedar.com.HIGHLIGHTSKIPOI PROJECTSignificant progress made during the quarter towards the development ofthe proposed US$30 million Stage 1 copper mining operation at the Kipoiproject:- Mandate of leading South African bank to arrange US$16 million debtfacility.- Receipt of indicative proposals for offtake arrangements inconjunction with subordinated debt facility for up to US$15 million.Company anticipates finalising negotiations for subordinated debtfacility in November.- Further progress made to bring Kipoi project into production by mid2010. Engineering group appointed to design, construct and commissionthe Stage 1 facilities.- Potential for significantly enhanced project economics as a result ofincreased copper price (estimates on 100% project basis and excludefinance costs):----------------------------------------------------------------------Copper Price US$/Lb Cu----------------------------------------------------------------------US$3.00 US$2.50 US$2.00----------------------------------------------------------------------Project cash flow US$209M US$146M US$97.5M----------------------------------------------------------------------Project NPV (@10%) US$152M US$96.5M US$54M----------------------------------------------------------------------IRR (after tax and royalties) 190% 130% 80%----------------------------------------------------------------------Payback 7 months 10 months 15 months----------------------------------------------------------------------- Payment of total of US$8.14 million to increase interest in the KipoiProject and resolve potential contract dispute.- Metallurgical testwork investigating (a) ways to upgrade cobalt richore (for Stage 1 development) and (b) copper recoveries via acidleaching (for Stage 2 development) continuing.Additional Notes:Caution Regarding Forward Looking Statements and Forward Looking Information: This report contains forward-looking statements an...