23 Jan Tigris Newsletter January 2014
Welcome to 2014, and to a big year for Tigris.
I am very pleased to be taking up a full time position as Tigris’s new Managing Director. Hugh Devlin, who has been interim Managing Director will move back to Operations Director and is busy preparing for the 2014 exploration field programme.
Building a business and returning value to shareholders and stakeholders is always a challenge but Tigris has had a healthy head start with a good chance for major gold and copper discoveries at Kolonkaya and Bingöl and with a portfolio of priority areas ready for acquisition in upcoming license tender rounds.
Hot off the press is the news that we have now appointed Mr Peter Mullens to the seat of Chairman. We are most pleased with Peter’s decision to join the Company. I know Peter is well known to many of you but to those of you who do not know him, he is an accomplished geologist with over 30 years experience in mining and exploration. Peter has worked as a mine and development geologist in Australia and in exploration throughout Australasia and the Americas. He has been instrumental in a number of successful junior exploration companies including Aquiline Resources, where he identified and secured their major projects in Argentina before the company was acquired by Pan American Silver and Laramide Resources and Lydian International. Peter’s remarkably good judgement and project generation skills are well known throughout the industry. While at Mt Isa Mines Peter was District Manager of exploration for Argentina and was responsible for acquiring the Cerro Negro project located in Santa Cruz. As many of you will be aware, Cerro Negro was eventually purchased by Gold Corp and currently has a resource of approximately 8 million ounces Gold. In 1997 Peter worked with Taylor Wall & Associates in China and was part of the team that discovered the Chang Shan Hao deposit which is 4 million ounces Gold and currently in production. He was responsible for identifying and acquiring Laramide’s Uranium assets in 2004 before a spectacular rise in share price between 2004 and 2007 and together with other members of the Tigris team, was a founding member of Lydian International prior to its discovery of the 4 million ounce Amulsar Gold project in Armenia. Peter is currently a Director of Laramide Resources (LAM) and Terreno Resources (TNO) both listed on the Toronto stock exchange and President of DPG Resources a private exploration company owned by GPM Metals (GPM) listed on the Toronto venture Exchange. During the last 10 years Peter has been involved with companies that have raised over $250 million for exploration and development.
We are also pleased to announce that Mr Eric Lowy of Irwin-Lowy LLP, Toronto, Canada, has joined the Company in the capacity of Company Secretary and internal counsel. Eric is also well known to many of you as the partner in one of Toronto’s better known mining focused legal firms. Eric serves on the Board and acts as corporate secretary for several public and private companies and has been involved in many well-known corporate finance, merger and acquisition transactions for both public and private companies. Eric has participated in a number of take-over bids, acquisitions, Capital Pool Company formations and qualifying transactions. He advises public companies on corporate governance, continuous disclosure obligations and regulatory matters, and provides on-going securities law compliance advice to TSX and TSXV listed issuers.
On the operations side of things we have some good news from winter metallurgical tests conducted on sulphide mineralisation from Kolonkaya. Testwork has been undertaken by Wardell Armstrong International on a bulk composite drill sample which returned 10m at 6.44g/t gold, 0.32% copper and 2.48g/t silver. Gravity recoverable gold was 41.1%, at a concentrate grade of 22.86g/t gold and flotation of a bulk sulphide concentrate recovered a very significant 93.5% gold and 85.9% copper in the feed to a rougher concentrate. These results are deemed very positive supporting further drill testing of sulphide targets at Kolonkaya (outlined in geophysics) and suggesting a combined gravity-flotation flow sheet. Whole ore cyanidation leach tests were also conducted and recovered 47.9%Au (P80 of 75µm) and 64.2% (P80 of 53µm), with cyanide consumption ranging from 3.52kg/t to 4.71kg/t.
Ionic-leach soil sampling over Bingöl is now complete and has identified two coherent and anomalous hill-top areas indicating the possibility of buried porphyry-style copper and gold mineralisation. Detailed mapping of these newly identified anomalous areas will now be conducted in preparation for drill-testing.
The Company has enough treasury to complete all of its planned 2014 exploration and license acquisition activities and is exploring various future financing alternatives and opportunities for a public listing.
2014 means challenge and excitement for Tigris; we have the right team to take it on.
Respectfully Yours, Dr Tim Coughlin, Managing Director
About Tigris Resources Limited
Tigris is an exploration and development company focused on the search for gold and copper deposits in the highly prospective Tethyan Metallogenic Belt in southeast Turkey.
Tigris’s ‘Comprehensive Development Strategy’ is designed to enable the exploitation of a range of opportunities with the aim of developing a focussed ground acquisition programme. Running concurrently, the components of the strategy integrate Tigris’s ability to acquire ground via tender, greenfield target generation and joint venture partnerships.
Tigris’s board and management team have a proven record in building companies, discovering, acquiring and developing resource in emerging environments, especially along the Tethyan Metallogenic Belt.