(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 todayÂs 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.
ÂThis 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,Â 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.
ÂThe Kabolela ore body was the subject of small scale mining between 1939 and 1945 and at todayÂs prices the value of the extracted minerals would be worth nearly US$500 million dollars,Â 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.
ÂWeÂre 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,Â 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.
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 companyÂs first investment in the world renowned Kolwesi/Likasi Copper Cobalt Belt.
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.
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