TIGER RESOURCES LIMITED 
By 21 January 2014
Tiger boosts Kipoi NPV 100% to US$755M for Stage 2 Perth, Western Australia: Tiger Resources Limited (ASX: TGS) is pleased to announce updated economics for Stage 2 production at its 60%-owned Kipoi Copper Project in the Democratic Republic of Congo (DRC).Tiger has updated the figures from its definitive feasibility study (DFS), released on 9 January 2013 ("DFS"), following the recently announced 112% increase in the estimated Ore Reserve for Kipoi Central Stage 2 open pit to 30.14Mt at 1.31% Cu for 394,500 tonnes of contained copper (ASX release dated 15 January 2014 refers).
Highlights for Stage 2 solvent extraction electro-winning (SXEW) operation
- After-tax net present value (NPV) of US$755million; 100% increase from DFS (excluding sunk capital expenditure of US$121 million incurred on the SXEW development to date)
- Production of 532kt1 copper cathode over 11 years; 41% increase
- After-tax internal rate of return (IRR) of 107%; 143% increase
- Life of mine (LOM) cash operating costs of US$1.04/lb; 8.7% decrease
- Cash operating costs unchanged at US$0.72/lb during first two years of production
- Mine life extended two years to 11
- Production guidance of 39,000 tonnes copper in concentrate
- Direct cash operating cost of US$0.30/lb of copper
- Operating cash flow of US$114m at current copper price of US$7,300/t
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: "The numbers speak for themselves - Kipoi is a world-class
copper project."
1 The SXEW project economic update is based on total Ore Reserves of 653,500t (Kipoi Central stockpiles
137,000t; Kipoi Central Ore Reserves 394,500t; Kileba Ore Reserves 98,000t; and Kipoi North Ore Reserves
24,000t)
Tiger is currently producing copper in concentrate from its Stage 1 HMS plant. Production guidance for Kipoi for 2014 is 39,000 tonnes of copper in concentrate at an average operating cost of US$0.30/lb of copper produced, and 12,000 tonnes of copper cathode from the SXEW plant.
Tiger has reviewed all key assumptions in the DFS released on 9 January 2013 and has confirmed there are no changes to the key assumptions or financial parameters, with the exception of the addition of sulphide ore recoveries at 60%. The headline parameters used are:
