Tiger Int'l unit gains Philippine area clearancesTiger Int'l unit gains Philippine area clearances
2008-02-20 03:28 MT - News Release
Mr. Patric Barry reports
GOVERNMENT CLEARANCES RECEIVED FOR ESPERANZA GOLD PROJECT
Tiger International Resources Inc.'s subsidiary, Cordillera Tiger Gold Resources Inc., has been granted the required Philippine governmental area clearances for its flagship exploration project known as the Esperanza gold project. These clearances are a review of the company's technical capability to conduct an exploration and development project, as well as environmental clearances. Esperanza is 340 hectares in size near Ampucao in the northern Philippines, situated along the Baguio gold belt, an established region of gold mineralization and active mining including the Philex copper and gold mine three kilometres from Esperanza. The site was actively mined by Benguet Exploration Inc. prior to World War II, and several small-scale miners presently are seen mining the site.
Tiger has retained expert local legal and geological consultants to complete the last round of clearances, known as NCIP clearances, which involve hearings with surface rightsholders and tribal elders. These hearings have commenced and are typically completed in 90 days. The NCIP process does require the consent of the indigenous people and since the Esperanza gold project will create significant employment and social benefits for those concerned their consent is anticipated.
The Esperanza gold project was obtained by Tiger in 2002 through an agreement with a Philippine joint venture partner which later defaulted on government payments and was accordingly denied its application. Tiger acquired 100 per cent of the project from a subsequent applicant on commercial terms, and is required to obtain area clearances and NCIP clearances as a condition of obtaining permits for further underground exploration. The area clearances have been completed and the NCIP clearances have been commenced.
Since much of the known data are not NI 43-101 compliant, Esperanza is described as an advanced exploration project, and since the plan is to drill the project with the purpose of defining an orebody the work will commence as soon as practical after exploration permits have been obtained.
We seek Safe Harbor.