Tiger Resources Limited Plans to Acquire Copper/Cobalt Projects in World Class Zambia-Congo Copper Belt in The Democratic Republic of Congo Says David Zukerman
Tiger Resources Limited (ASX: TGS), an Australian junior explorer based in Perth, plans to complete a bankable feasibility study on its newly acquired 3.7 million tonne copper/cobalt resource at Kabolela in the Democratic Republic of Congo having contained metal worth up to US$1.2 billion at today’s metal prices according to Executive Director, David Zukerman. The resource acquisition follows from an agreement to acquire copper/cobalt projects in the Congo/Zambian Copper Belt located in the southern region of the Democratic Republic of Congo (DRC) in a joint venture with Groupe Orgaman, a large Belgium owned Congolese trading house.
(PRWEB) May 21, 2005 -- Tiger Resources Limited (ASX: TGS), an Australian
junior explorer based in Perth, plans to complete a bankable feasibility study
on its newly acquired 3.7 million tonne copper/cobalt resource at Kabolela in
central Africa having contained metal worth up to US$1.2 billion at today’s
metal prices.
The resource acquisition follows from an agreement to
acquire copper/cobalt projects in the Congo/Zambian Copper Belt located in the
southern region of the Democratic Republic of Congo (DRC) in a joint venture
with Groupe Orgaman, a large Belgium owned Congolese trading house.
“This
is a very advanced project with a big tonnage and importantly we will be able to
quickly and easily process around 440,000 tonnes of mine tailings and waste
dumps which are in addition to the 3.7 million tonne resource to provide early
cash flow for the company. The value of contained metal in the dumps is
approximately US120 million dollars,” said Tiger Resources Executive Director,
David Zukerman.
The Kabolela deposit is located two hours drive
north-west of the city of Lumbumbashi, which hosts an international airport with
scheduled flights from Johannesburg in South Africa as well as Lusaka and
Kinshasa in the DRC. Access is by a well-maintained gravel road and rail
link.
“The Kabolela ore body was the subject of small scale mining
between 1939 and 1945 and at today’s prices the value of the extracted minerals
would be worth nearly US$500 million dollars,” Mr Zukerman said.
Sampling
of the tailing dumps has returned just over one per cent copper and between 1.1
and 0.6 per cent cobalt.
“We’re planning the possibility of production
start-up in the short term because of the mining infrastructures already in
place such as former mine works, roads and concentrators as well as the
availability of a trained labour force and mining contractors,” Mr Zukerman
said.
About Tiger Resources Limited
Tiger Resources Limited is an
early identifier of world-class mining deposits in emerging resource provinces
around the globe.
About Orgaman
Groupe Orgaman has been operating in
the Congo for over 70 years and has extensive interests in farming, agriculture,
food production and distribution, transport, shipping, property development and
resources. They are also the Congolese partners of ASX listed MOTO Gold Mines
Limited (ASX:MTO) and the Tiger Resources Limited partnership represents the
company’s first investment in the world renowned Kolwesi/Likasi Copper Cobalt
Belt.
About Kabolela
The Kabolela deposit is located 45 km NW of
Likasi in the middle of the Zambia Congo Copper belt of the Katanga Province of
the DRC. It is a sulphide-hosted stratiform Cobalt-Copper deposit and its upper
geological units hold supergene enrichment mineralisations. Historical mining
has produced nearly 440,000 tonnes of ore grading 4.84 per cent copper and 2.38
per cent cobalt.
Contact: Thomas Murrell, 8M Media & Communications
+61 417 984 996 or e-mail protected from spam bots or Executive Director, David
Zukerman on T: +61 8 9481 7833, M: +61 401 285 571 or E: e-mail protected from
spam bots
# # #
Source : http://www.prweb.com/releases/2005/5/prweb242805.htm