TSXV : TGR
TIGER INTERNATIONAL RESOURCES INC (TGR.V)
NEWS RELEASE - 10 November 2016
US OTC: TGILF
Tiger International Philippine Project Update
Patric Barry, President of Tiger International Resources, wishes to provide an update on its Philippine operations.
Prior company announcements have indicated that political changes in the Philippines have had a strong impact on mining in that country, and with our Danglay Project in particular. Media reports and media videos of announcements by Gina Lopez, the recently appointed Philippine Secretary of Mining, indicate that she will not allow any new mines or the issuance of Exploration Permits. Our EP006 is not a new issuance, but is a renewal, and while we assume that the renewal document will arrive one day, we have no information or indication as to when. Shareholders need to make their decisions based on an assumption that it may not be until after the next election (in five years) when a new administration is introduced and repairs the damage being done to the Philippine mining industry by this recently appointed administration.
Tiger's project partner, ECR Minerals, based in the United Kingdom, withdrew from the project. They are claiming that their expenditure to the date of their withdrawal entitles them, under the agreements, to 25% equity in the project, yet ECR has not complied with some provisions in the agreements and Tiger will not acknowledge ECR's claim of equity until the conditions have been met. Specifically, but not limited to, ECR must provide all data to Tiger, and so far has only provided summaries and final reports. The summaries do not include any of the modelling surfaces and interpretations that were employed to derive mineral Resource calculations and their reporting. These models and
interpretations were required to make submissions to the Philippine DENR by ECR immediately prior to their abandonment, for permit renewal and commitment future guaranteed expenditures - which must be paid to DENR regardless of ability to conduct field work over the proscribed renewal period. Failure to provide this full dataset, with documentation, would behoove TGR to deny ECR their claimed earn-in as this work would need to be redone by another third party consultant as it is a maiden Resource .
ECR has been notified and we are waiting for it to comply.
Under the circumstances, Tiger's directors feel it is unjustified to commit further capital to the Danglay Project. Should, or when, the Philippine Government elects to renew EP006 we will move forward. Our position is that the project is on hold, pending clear determination by the Philippine government of its future mining industry plans. Since the Philippines is one of the most prospective resource locations on the planet the present industry contraction should be temporary.
Tiger management is energetically reviewing other projects.
FOR FURTHER INFORMATION PLEASE CONTACT:
Patric Barry, President, Tiger International Resources, at (949) 362.1600 or by email to [email protected]
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