MANAGEMENT DISCUSSION AND ANALYSIS
TIGER INTERNATIONAL RESOURCES INC.
MANAGEMENT DISCUSSION AND ANALYSIS
Interim Report – October 31, 2009
This Management Discussion (M.D. and A) for Tiger International Resources Inc. (“The
Company”) provides analysis of the Company’s financial results for the three month period
ended October 31, 2009. The following information should be read in conjunction with the
accompanying unaudited financial statements and the notes to the unaudited financial statements
as at October 31, 2009.
1.1 Date of Report December 23, 2009
1.2 Overall Performance
Nature of Business and Overall Performance
Tiger International Resources Inc. (the "Company") is a public company which is primarily
engaged in exploration and development of mining properties. The Company is incorporated
under the provision of the Province of British Columbia Company Act with its shares traded on
the Canadian Venture Exchange under the code TGR .
Tiger International Resources Inc. is a resource company that has in the past been active in oil
and gas production and development of petroleum assets, and mineral exploration in the
particular endeavors of platinum group metals in Myanmar, gold and silver in the United States,
Canada, the Philippines and Myanmar, base metals and petroleum in Canada, and diamonds in
Australia.
The present business of the company is the acquisition and exploration of resource properties
through claiming, purchase or partnership with vendors. The company’s strategy is to locate
advanced exploration properties where mineralization has been identified and where the
investment of capital may advance the status of the property to the point of feasibility where a
feasibility study can be conducted which may prove the property to be commercially viable.
Operations
Philippine Operations
Tiger commenced an active gold exploration project in the Philippines, known as the Esperanza
Gold Project where Pan Asia Exploration Services Inc., a Philippine Corporation, in 2003 entered
into an agreement (MOU) with Tiger International. As a subsequent item to the April 30, 2007
year end Pan Asia Exploration Services was eliminated from the Application with the Philippine
Government for non-payment of fees, and the title was applied for by Wolfland Resources Inc.
Tiger obtained an assignment of the project, now formally described as Expa 086, on commercial
terms from Wolfland, and now Tiger, through its subsidiary named Cordillera Tiger Gold
Resources Inc. is the Applicant under Expa 086 and has 100% of the mineral rights under this
Application. The previous obligations to Pan Asia Exploration Services (where Pan Asia had a
carried interest of 10% equity and the right to earn up to US$4 million from initial exploration)
have been eliminated through the default by Pan Asia under its MOU with Tiger, and there are no
obligations of any kind to Pan Asia by Tiger. The gain to Tiger is considerable under this new
arrangement since the elimination of a contingent $4 million obligation is significant, and the
Increase in equity from 90% to 100% is significant.
Reserves of gold have been identified on the property through prior exploration. Tiger learned
that the property was an active gold mine of Benguet Exploration prior to World War ll when the
Japanese occupied the Philippines and mining ceased. Further work is necessary to prove that the
deposit is economic. Tiger is proceeding on the expectation that the reserve is economic since
mineralization has been identified through surface sampling, observing indigenous miners
recovering gold, and the prior drilling program in 1990 which identified numerous gold seams.
The workings in 1990 were conducted prior to the introduction of the Canadian Securities Code
section 43-101 which introduced reporting standards for resource companies, but it is referred to
in the 43-101 compliant report conducted by Ian Cooper, Senior Geologist as having been
conducted under 43-101 rules nonetheless. Management of Tiger International has the report(s)
created at that time and uses them as reference, although the Ian Cooper compliant report is
described on Tiger International’s website should the public wish to view location information,
and in the charts displayed is a chart which shows the vein distribution and drill grades learned at
that time. An important feature of the 1990 report, and the assays derived from the work program,
is that the vein structures in the area are commonly known to be faulted at an angle of some 75
degrees to 80 degrees, and consequently would have largely been missed by the vertical drilling
program which was conducted in 1990. Professional advice is that by redrilling the property using
the angle drilling method a three dimensional profile will be created and greater knowledge of the
true sizes of the vein formations will be learned, and from that work program we intend to project
a grade and reserve analysis as part of a comprehensive feasibility study.
No accurate resource estimate has been conducted to date, and Tiger will seek to do work which
will culminate in there being a resource estimate and feasibility study created which will be 43-
101 compliant The dimension and grades of mineralization will be confirmed through an
exploration program through a combination of drilling and trenching. Old adits used before
World War II have been located and will be reopened for inspection. Tiger did commence a work
program in February 2004 on the project comprised of site inspection, data recovery and
surveillance but was unable to obtain underground exploration permits since Pan Asia was the
Applicant being recognized at that time by the Government – this has been rectified by Tiger now
being the sole Applicant through its Philippine subsidiary. Tiger will pull permits and commence
an intensive geophysical and geochemical program and a diamond drilling program to determine
deeper grades and dimension from which tonnages may be determined. An exemption from the
watershed restriction that restricted mining on the property was obtained in 2004, clearing the
way for further work. Tiger’s subsidiary, named Cordillera Tiger Gold Resources Inc., is the
Applicant.
We understand that all dealings with the Indigenous Peoples have been successful, clearing the
way for permits to be issued and the work program commenced. The company is awaiting
confirmation from the National Commission of Indigenous Peoples of this aspect.
Cordillera Tiger Gold Resources Inc., our Philippine subsidiary, was officially granted the
mineral rights from the Philippine Government in January 2008 after a lengthy application
process. The rights were granted subject to consultation with, and obtaining the full and implied
consent of, the Indigenous Peoples in the area of the project. Now that the agreement has been
signed by the Indigenous Peoples and countersigned with the Government of the Philippines,
there are no further impediments to our proceeding with 100 ton per day mining or the referenced
exploration program, other than normal permits and respecting environmental rules as are normal
in any country. These permits have been applied for, yet while numerous obstacles cropped up
they are being dealt with in cooperation with the relevant bureaucracies in the Philippines.
The project is on the side of a sloping valley in an area of large established gold and copper mines
and known gold mineralization, with electricity, water and a rough road to the property, which is
11.5 kms south of Baguio City in the north of the Philippines on the island of Luzon. The zone of
mineralization is known as the Baguio Gold Belt, and is a known area of gold veins running north
and south and runs underneath the City of Baguio, a mountain city at 5,000’ elevation.
Of some interest to shareholders might be that our project is in a direct line 3 kms. from the
Philex Gold and Copper Mine, the largest producing gold and copper mine in the Philippines.
Between Philex and our project area is Omico Mines project which was reported to us as recently
farmed into by Ivanhoe, as advised to us by Government staff. Ivanhoe was said
to be examining the Omico property for a copper porphyry. Ivanhoe announced in South
East Asia a confirmation of this participation but recently announced its withdrawal since the
holders of the original title declined to novate Ivanhoe into the original title. To the immediate
north of Expa 086 is another land holding which has recently been farmed into by Indophil, the
largest mining company in the Philippines. The four projects (Philex, Omico, Tiger, Indophil) lie
on the same confluence of two trends, and are regarded as highly prospective.
Tiger has retained Philippine legal counsel to ensure compliance with local laws and protocol.
Canadian Operations
While Tiger has conducted operations in Canada in past years, it is presently concentrating on the
Esperanza Gold Project in the Philippines and there are no Canadian operations presently
contemplated. This could change depending on analysis of various opportunities.
Press releases are made to announce work updates from time to time, as well as significant
changes in the assets of the company as projects are acquired. We encourage shareholders and
interested parties to call Patric Barry, the President of Tiger International Resources, at (949)
362.1600 and to visit the company’s website at www.tigerresources.com, or email the company at
26981@sbcglobal.net.