Tiger Resources Limited: Strikes Alliance with MCK Trucks
14.04.2014 | ABN Newswire
Perth, Australia (ABN Newswire) - Tiger Resources Ltd. (ASX:TGS) ("Tiger") is pleased to welcome MCK Trucks sprl ("MCK") as a shareholder of the Company.MCK has been the mining contractor at Tiger's Kipoi Copper Project in the Democratic Republic of Congo ("DRC") since the Company started producing copper concentrate at Kipoi in May, 2011. MCK, a local DRC-based company, approached Tiger about becoming a shareholder.
Tiger issued 35.6 million shares to MCK at $0.36 per share, with proceeds to be settled through the provision of mining services for the Stage 2 solvent extraction electro-winning (SXEW) operation at Kipoi.
The SXEW plant is on schedule to commence production of copper cathode in Q2 2014. The plant is expected to produce 25,000 tonnes of copper cathode in its first full 12 months of operation and 50,000 tonnes per annum in subsequent years.
Managing Director Brad Marwood said: "Having MCK on our share register demonstrates the confidence and support we've got from the local community and strengthens our in-country relationships.
Our alliance with MCK will reduce the development cost for the next phase of works whilst maintaining a presence at site of a key contractor who has been an integral part our success story to date."
About Tiger Resources Limited:
Tiger Resources Ltd. (ASX:TGS) has established itself as a producing copper/cobalt company with excellent growth potential after making the transition from an explorer. We have a highly-rated portfolio of properties, all strategically located on the world renowned Katanga Copperbelt in the Democratic Republic of the Congo (DRC), central Africa.
Contact:
Tiger Resources Ltd.
Brad Marwood, Managing Director
Tel: (+61 8) 6188 2000
Email: bmarwood@tigerez.com
Stephen Hills, Finance Director
Tel: (+61 8) 6188 2000
Email: shills@tigerez.com
Nathan Ryan, Investor Relations
Tel: (+61 0)420 582 887
Email: nryan@tigerez.com