newsreleaseTiger Int'l signs MOU for Philippines project
Tiger International Resources Inc (TSX-V:TGR)
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Last Close 7/5/2005 $0.295
Thursday July 07 2005 - News Release
Mr. Patric Barry reports
TIGER ANNOUNCES ADDITIONAL PHILIPPINE COPPER/GOLD PROJECT
Tiger International Resources Inc. has signed a memorandum of agreement to develop a new project in the Philippines that is prospective for copper and gold.
The project totals 2,385 hectares in Kitcharao, province of Agusan del Norte, known as the Honey Gold and Norman copper claims. The agreement provides for Tiger to extend its technical expertise in consideration for 90-per-cent interest in the mineral rights held by Oscar C. Ranario with Mr. Ranario retaining 10-per-cent carried interest, with Tiger investing 100-per-cent of the capital and expertise for the 90-per-cent interest. Tiger is the manager and operator of the project. Conditions of the agreement are that Tiger commence a preliminary work program within six months of the signing of the agreement dated July 2, 2005, and it is the intention of the parties to execute a joint venture agreement to expand the July 2, agreement by Oct. 30, 2005, and while the signing of this joint venture agreement is a condition of the memorandum of agreement, the memorandum of agreement states that approval of the joint venture agreement is not to be unreasonably withheld.
The property has a long history, including the mining of gold by artisinal miners in past years. Records are being obtained that state historic grades of copper and gold on the project. Tiger's research indicates that one side of the project area is more prospective for gold, and the other side for copper, although it is likely that good grades of gold and copper will be encountered in both areas. The property is located in a known belt of mineralization and the prospectivity is supported by the general location of the project. As the historic copper and gold assays are located they will be announced to the market.
Normal due diligence has already commenced, and Ian Cooper, geologist, of Brisbane, Australia, is being invited to prepare a 43-101 compliant report on the project.
Tiger previously announced that it is seeking additional projects in the region. The announcement of this project does not end the quest for additional projects, and announcements are expected within a month regarding an application that Tiger has pending for an additional project in Southeast Asia.
© 2005 Canjex Publishing Ltd.