Tiger Resources Issues September 2009 Quarterly Report

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.

    
                                 HIGHLIGHTS

    KIPOI PROJECT

    Significant progress made during the quarter towards the development of
the proposed US$30 million Stage 1 copper mining operation at the Kipoi
project:

    -  Mandate of leading South African bank to arrange US$16 million debt
       facility.

    -  Receipt of indicative proposals for offtake arrangements in
       conjunction with subordinated debt facility for up to US$15 million.
       Company anticipates finalising negotiations for subordinated debt
       facility in November.

    -  Further progress made to bring Kipoi project into production by mid
       2010. Engineering group appointed to design, construct and commission
       the Stage 1 facilities.

    -  Potential for significantly enhanced project economics as a result of
       increased copper price (estimates on 100% project basis and exclude
       finance 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 Kipoi
       Project and resolve potential contract dispute.

    -  Metallurgical testwork investigating (a) ways to upgrade cobalt rich
       ore (for Stage 1 development) and (b) copper recoveries via acid
       leaching (for Stage 2 development) continuing.
    

Additional Notes:

Caution Regarding Forward Looking Statements and Forward Looking Information: This report contains forward-looking statements and forward looking information, which are based on assumptions and judgments of management regarding future events and results. Such forward-looking statements and forward looking information, including but not limited to those with respect to the development of a Stage 1 mining, HMS and spiral system operation, a Stage 2 SXEW plant at Kipoi Central, the earning by Tiger of its interest in the Kipoi Project, and its plans to secure project finance for the Stage 1 Project, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual market prices of copper, cobalt and silver, the actual results of current exploration, the availability of debt financing for a company that does not have any producing properties, the volatility currently being experienced in global financial markets, the actual results of future mining, processing and development activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's Annual Information Form, under the heading "Risk Factors". The Company's Annual Information Form is available under the Company's profile on SEDAR at www.sedar.com.

For further information: in respect of the Company's activities, please contact: David Young, Managing Director, Tel: [phone], Email: [email protected]; Reg Gillard, Chairman, Tel: [phone], Email: [email protected]; Company website: www.tigerresources.com.au