White Tiger Announces Filing of Second Quarter 2012 Financial Results
TORONTO, ONTARIO -- (Marketwire) -- 08/14/12 -- White Tiger Gold Ltd. ("White Tiger" or the "Company") (TSX: WTG) today announced the filing of its interim financial statements and management's discussion and analysis for the three and six month periods ended June 30, 2012 which are both available on White Tiger's website at www.whitetigergold.com and have been filed on SEDAR at www.sedar.com.
Century Default
On May 25, 2012, the Company announced that its wholly-owned subsidiary, Century Mining Corporation ("Century"), received a notice from Deutsche Bank AG, London Branch ("Deutsche Bank"), advising that Deutsche Bank had elected to terminate its forward gold purchase agreement (the "Forward Agreement") with Century as a result of the occurrence of an event of default (the "Default"). In connection with the Default, Deutsche Bank enforced its security on the properties of Century, including Century's Lamaque project in Val d'Or, Quebec and its San Juan project in Arequipa Department, Peru, and these projects were placed under the control of a receiver. Century determined to accept and not take steps to remedy the Default, following a review of the viability of the Lamaque project in light of ongoing operating losses and continued lower than anticipated gold production, combined with Century's continuing obligations to deliver gold and/or make cash payments under the Forward Agreement. As a result of these events, the Company concluded that it ceased to have the ability to exert control over, and has effectively disposed of, Century. Accordingly, the Company's investment in Century has been deconsolidated from the Company's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2012, and presented as discontinued operations on the statements of comprehensive loss and cash flows.
Key Milestones for 2012/2013
For the remainder of 2012 and through 2013 the Company is planning to achieve a number of key milestones as part of the strategy of production growth to a medium term production target of 130,000 ounces of gold per annum.
At its Savkino mine the Company plans to complete the Savkino phase 2 expansion project and bring a new pit into operation in 2013. In addition, in 2013 the Company plans to complete construction of the crushing and screening unit 2, install pump stations, complete the expansion of heap leaching pads and finish the construction of new accommodation facilities for 116 people. Concurrently, the Company plans to expand the gold recovery plant and to start the installation of additional equipment. Savkino remains on target to produce the planned 20,000 ounces of gold in 2012.
At its Nasedkino project the Company plans to complete, in the third quarter of 2012, metallurgical tests of one bulk sample and an updated National Instrument 43-101 ("NI 43-101") compliant technical report. Depending on the results of the updated technical report, the Company may start construction design of a mine and preparatory work on supplying grid power to the site. In addition, in conjunction with its activities at the Nasedkino license area, the Company intends to continue prospecting on the areas adjacent to the Nasedkino license area that form part of the Uryum license area.
About White Tiger
White Tiger Gold Ltd. is a TSX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation.
Caution Concerning Forward-Looking Information
This news release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") relating, but not limited to, the Company's expectations, intentions and beliefs (including, without limitation, statements regarding, the Company's mines, projects and licence areas, exploration and development plans (including the timing thereof) and potential, anticipated gold production, future plans and objectives of the Company, plans with respect to the completion of design work on a new processing facility at the Nasedkino project and plans with respect to the preparation of an updated NI 43-101 compliant technical report on the Nasedkino project (including the timing thereof)). Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements. Such statements are based on assumptions, estimates, opinions and analysis made by the management of the Company in light of their experience, current conditions and their expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements.
Risks and uncertainties that may cause actual results to vary include but are not limited to: changes in equity and debt markets; inflation; uncertainties relating to the availability and costs of financing needed to complete exploration, development and production activities; failure to establish estimated mineral resources or mineral reserves (the Company's mineral resource and mineral reserve figures are estimates and no assurances can be given that the indicated levels of gold will be produced); exploration costs varying significantly from estimates; delays in the exploration and development of, and/or commercial production from, the properties in which the Company has an interest; unexpected geological or hydrological conditions; the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties, including the failure of major mining and/or milling equipment; the availability to the Company of suitable financing alternatives; the ability of the Company to service its existing debt facilities; fluctuations in gold and other commodity prices; the existence of undetected or unregistered interests or claims, whether in contract or in tort, over the property of the Company; success of future exploration and development initiatives; competition; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability to, or delays in, obtaining necessary permits and approvals from government authorities; risks relating to labour; and other exploration, development and operating risks; changes to and compliance with applicable laws and regulations, including environmental laws; political, economic and other risks arising from the Company's activities in Russia; fluctuations in foreign exchange rates; and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Contacts:
White Tiger Gold Ltd.
Jim McBurney
Chief Executive Officer
info@whitetigergold.com
www.whitetigergold.com